Fixing LIBOR - Surely a crime?

I can't work out if the fixing of LIBOR by Barclays and others has had any real impact on the actual cost of borrowing at the retail level, for you and I.  I suspect little or no real effect but no doubt the 'ambulance chasers' sorry, class action lawyers, will get to the bottom of that (and claim their large fees)

What does bother me though, is the lack of actual police action. 

It seems that the 'regulatory authorities' (that wasn't a joke, I will try to slip one in later) on both sides of the Atlantic, have managed to find sufficient evidence to force Barclays to cough-up $450 million in fines.  I can't imagine that this was done unless there was compelling evidence.  No bank willingly pays that sort of money unless they are truly in a corner.

So....

Why no criminal charges?

Surely fraud has been committed (but please, please, let's not get the incompetent SFO involved, please).  Also a conspiracy to defraud?  Assuming someone lost out on this fixing, that would suggest theft as well.

I don't count myself among those bank bashers or people that negatively harp on about banker's bonuses but for the sake of our society and the only known effectivesystem of business (the capitalist one) none of us can allow such behaviour to go unpunished. 

The criminal people carrying out these actions are the same people who would be screaming from the roof-top that last summer's rioters  or welfare cheats should be locked up but they really think the law doesn't apply to them.  Where are the Bank of England and other financial institution leaders in all of this?  Why are they not clamouring for a house cleaning and criminal charges?  Surely they must realise that failure to speak out, says volumes about where there moral compass is set.    Same applies to politicians. 

I am not talking about any kind of public inquiry, we need criminal charges to be brought - dawn raids, doors smashed in, these criminals 'banged-up' with no bail.  Such crooks need to be embarrassed and shamed in front of family and friends.  By all means alert the press - local and national - for maximum effect!

Right now, the clear message, as far as financial fraud is concerned is - do it and don't get caught, but if you do get caught, you can use part of your criminally achieved gains to make the problem go away and, just for good measure, we will get the shareholders of the company (who might actually be taxpayer-owners) to foot the bill.  Doing time?  Sorry that is so not for us, it's not as if we are common thieves!

Oh!  Bob Diamond - of course he should go.  As should the chairman of Barclays.  How can there be any question.  Same should apply for any other banks that are found to have been partaking.  Those activist shareholders and financial institutions MUST demand this on behalf of the pension fund investors that they represent.  To do otherwise gives a nod and a wink to the criminals that operate, seemingly with impunity.  I don't suggest that Diamond committed any criminal act but such acts seem to have taken place while he was in charge.  Anyone with a shred of honour or integrity would have already resigned. 

Just for good measure and as a boost to the economy - pass a law, with retro-active effect, such that these fines, say any imposed since the start of this fiscal year, should not be allowed to be offset against corporate taxes, in fat go one better and dis-allow such fines by a factor of 2 - so a fine of £290 million means that Barclays costs are raised by a further £290 million and its taxable profits by a further £580 million.

Since it seems the police aren't acting, it is up to you to do so:

• If you are a shareholder in Barclays, send a letter to the board and demand Diamond's resignation and that of the chairman.
• Otherwise write to your pension company and demand they take action. 
• Don't forget to also write to your MP.  This isn't a party political issue.  This is about criminality and decency.  No party has the monopoly on this!
• Write to your local council and ask them to divest from Barclays until appropriate action is taken.

Privatising the English police

Expect the usual clap-trap from the Left and anti-business lobby to the proposals that are being tendered and implemented surrounding the 'privatization' of police services in some English forces.

Consider though

Why does the person on the front desk (or reception, if you will) need to be a police officer?  Hospitals manage without a doctor or nurse in A&E.

Why does the person answering the 999 calls have to be a police officer?  I don't suggest that this is outsourced to India (though the English would likely be better spoken!) but we have call centres in the UK!

I hear tales that some police stations have a business improvement department.  I kid you not.

We need police to do the policing not secretarial and administrative tasks.

Stephen Lawrence - Not yet justice

No one seems to doubt or question that it was 5 persons that attacked and murdered Stephen Lawrence, 18 years ago.

Now we have finally had two men (Gary Dobson and David Norris) convicted of his murder.  Though they have been sentenced based on them being youths when they committed the offence.  They have life sentences and will serve a minimum of 14 and 15 years.  In the UK, a life sentence doesn't always mean life, except for the families of the victims!

It seems that there are three others roaming the streets who cannot be convicted or even tried, for lack of evidence.  Such a shame!

What is galling, on top of all other things is that at least two of these are living off of state benefits!  What a crazy world we live in.

I don't suppose there is any chance that the two convicted will now come clean and tell the truth and stand as witnesses against the others?  Some chance for any kind of noble act from such racist thugs.

The family of Stephen Lawrence have behaved with great dignity and his mother Doreen, has been indomitable in her pursuit of justice for her boy.  Now she has this, in part at least.  I hope she can move on and find some peace.

The original police investigation was seriously flawed but the latest one may have gone some way to revive the reputation of the 'Met'.

Stephen Lawrence - RIP

English Police and the August Riots

The tactics employed by the police, during the riots that swept England in August 2011 have come in for much criticism, from various study reports. 

Today it was suggested that the police should have used water cannon and rubber bullets/baton rounds and even possibly live ammunition. 

Like many I was horrified at the lawlessness that was allowed to occur and at the inaction of the police. 

I don't really need long-winded studies to tell me that by standing back and doing nothing the police encouraged the rioters who quickly came to the conclusion that their actions would have no consequences and the benefit of cheap purloined goods.

The robust sentencing that was practised, disabused the rioters of the latter but the hands-off approach of the police still hangs as a likely outcome for any future disturbances unless the police and the government state, in the strongest possible terms, that should any such outbreaks occur, we will deal with them very severely.

That is, the police will use water cannon (maybe with an indelible dye?) and will use baton rounds and if required will use firearms to protect life.

The police need to know that such use will not then be subject to 20:20 hindsight review because some poor rioter got injured.  If you are on the streets during a riot, the chances are you are part of that riot and I make no apologies to say that if you are there and you get hurt - tough!

Incidentally, my conspiratorial mind wonders if the police stood back to try and send a message to the Government along the lines of ' this is why you need us and don't even think about trying to reform us because this could happen again'.

Comments?