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This is starting to get a little scary • Page 364

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  • whatfruit 28 Sep 2012 12:10:51 402 posts
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    @LeoliansBro I love that sentence "They merely stretched their interpretation" get the fuck out of town bro.

    They knew what they were doing was fraudulent they just didn't care. The FSA is a limp dick regulator finaiced by their friends in the city the fine they imposed is laughable.
  • LeoliansBro 28 Sep 2012 12:15:13 35,019 posts
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    Lazy response :p

    LB, you really are a massive geek.

  • LeoliansBro 28 Sep 2012 12:15:57 35,019 posts
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    Where was the fraud again? Sorry if I missed it.

    LB, you really are a massive geek.

  • whatfruit 28 Sep 2012 12:27:11 402 posts
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    @LeoliansBro The infomation they were submitting to the authority which calculated the LIBOR rate was false. They were doing this in collusion with other banks to keep the LIBOR rate low. I know that this is not fraud in the traditional sense but it is illegal market manipulation. Playing the system to benifit themselves knowing what they were doing was well outside of the meaning and spirit of the regulations.

    The FSA are idiots for not catching but they do not have the best track record. There is a crime here but like most of the underhanded stuff that happens in FSI it is going to take an entire army of lawyers and an expensive, labourous legal investigation to work out what it is and who is at fault.

    As is usual its a case of banks asking themselves these questions

    can we do it? yes
    will doing this be damaging to the market in the long run? yes
    should we do it? no, but as long as we don't get caught we will make/save a metric fuckton of money.
    Edited by whatfruit at 12:31:32 28-09-2012

    Edited by whatfruit at 12:41:33 28-09-2012
  • LeoliansBro 28 Sep 2012 12:38:30 35,019 posts
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    It wasn't illegal. It was immoral, regulations were both too weak and not sufficiently supervised, it intentionally misinterpreted the intention of the system, but it was not against the law.

    A fine is appropriate because it benefits the economy, matches the wrongdoing and offers a strong disincentive given the whole point of the initial act was to make money.

    And here's the kicker - one of the major beneficiaries of the distortion was the UK taxpayer. Are you happy with calling this a crime and yourself an accessory?

    LB, you really are a massive geek.

  • sport 28 Sep 2012 12:40:37 10,903 posts
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    So in a way, bankers are kinda like a modern Robin Hoods ;-P
  • mcmonkeyplc 28 Sep 2012 12:41:05 35,774 posts
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    Touche Sport Touche

    Come and get it cumslingers!

  • Khanivor 28 Sep 2012 12:42:37 38,672 posts
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    ReallyLB? That last lines screams "I know my argument is piss weak but fuck you that's why".
  • LeoliansBro 28 Sep 2012 12:44:59 35,019 posts
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    Just trying to offer a more measured viewpoint, I'm thoroughly sick of the tabloid fueled witch hunts we see everywhere these days.

    If I wanted to offer a balanced parallel, I'd say it's like driving through a built up area at 59mph when the speed limit is 60mph. It may be dangerous, it may not be the right thing to do, but it didn't break the law and nobody got hurt. And the car got where it was going a bit quicker.

    LB, you really are a massive geek.

  • LeoliansBro 28 Sep 2012 12:46:14 35,019 posts
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    Khanivor wrote:
    ReallyLB? That last lines screams "I know my argument is piss weak but fuck you that's why".
    I'm not making a case, because I don't need to. What these bankers did was wrong, I totally agree. I just pointed out it's a bit difficult to send them to prison when there is no crime.

    LB, you really are a massive geek.

  • whatfruit 28 Sep 2012 12:49:49 402 posts
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    @LeoliansBro Yes I would be happy to call myself an accessory and take the short term knock if it meant restoring some moral fibre to the FSI.

    It gives out the entirely wrong message, it says you can carry on with this kind of behaviour as long as you pay a (relatively) small fine, rap on the knuckles you cheeky scamps. Sending whoever it was for instigating this scandal down for 20 years in prison would be a far greater disincintive no?

    Just because you can do something doesn't mean you should. I could pad out my invoices with made up expenses that would be 99.1% impossible to prove were false and make alot more money but I don't do that because I am not a cunt.
  • sport 28 Sep 2012 12:50:30 10,903 posts
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    LeoliansBro wrote:
    Just trying to offer a more measured viewpoint, I'm thoroughly sick of the tabloid fueled witch hunts we see everywhere these days.
    Well you're a goddamn hero in my eyes LB!!!
  • LeoliansBro 28 Sep 2012 12:55:17 35,019 posts
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    whatfruit wrote:
    I could pad out my invoices with made up expenses that would be 99.1% impossible to prove were false and make alot more money but I don't do that because I am not a cunt.
    The difference is this is illegal.

    LB, you really are a massive geek.

  • whatfruit 28 Sep 2012 13:05:19 402 posts
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    LeoliansBro wrote:
    whatfruit wrote:
    I could pad out my invoices with made up expenses that would be 99.1% impossible to prove were false and make alot more money but I don't do that because I am not a cunt.
    The difference is this is illegal.
    Only if they can prove that I have committed a crime, I could easily convince a tribunal that it was an oversight a simple mistake no harm done and the worse I would probably get is a fine.

    I love the it's the regulators fault argument. "It is there fault they should have been supervising us properly we wouldn't have done it if they had been doing their job."

    Edit: Sorry if it sounds like im badgering you. I do know alot of people that do work in the city who are good people and know that not everyone is a snake, grandmother selling asshole, but whenever one of the Big Cartel banks gets caught doing this shit it gets on my goat.

    Edited by whatfruit at 13:10:46 28-09-2012
  • LeoliansBro 28 Sep 2012 13:10:59 35,019 posts
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    No, it's illegal and you have committed a crime, regardless of whether it is proven or not (the only difference there is whether you receive any punishment).

    Or do you seriously believe that I could murder you, and that wouldn't be a crime if they never found your body? They wouldn't be able to prove that either, but I would still have murdered you.

    LB, you really are a massive geek.

  • LeoliansBro 28 Sep 2012 13:17:36 35,019 posts
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    And don't worry about badgering me, I have both the courage of my convictions and a thick skin. I do genuinely welcome differing opinions though, and will readily admit it when I'm wrong.

    Honest.

    LB, you really are a massive geek.

  • whatfruit 28 Sep 2012 13:37:44 402 posts
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    LeoliansBro wrote:
    No, it's illegal and you have committed a crime, regardless of whether it is proven or not (the only difference there is whether you receive any punishment).

    Or do you seriously believe that I could murder you, and that wouldn't be a crime if they never found your body? They wouldn't be able to prove that either, but I would still have murdered you.
    But my billing is not cast in stone I am beholden to certain regulations that I could simply choose to misinterpret or bend. My billing would not be seemingly illegal they would have to prove that I intentionally did so which is 99.9% impossible to prove. Also no one is hurt someone my pay more than was normal but they are not going to be dead or suffer serious harm.
  • LeoliansBro 28 Sep 2012 13:39:01 35,019 posts
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    You said 'made up expenses' though. If you fabricated something that didn't happen, that's fraud.

    LB, you really are a massive geek.

  • Bremenacht 29 Sep 2012 01:59:43 11,116 posts
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    The thing with LIBOR is that it was created by banks for banks, with no more than oversight by banks. So, a bit of fiddling of an unregulated index isn't illegal, although it should be and probably will be.

    So, I agree that the punishment is appropriate. The damage to the reputation of the banking industry is appropriate too.

    This post is unsuitable for those with a high rumour-sensitivity.

  • ResidentKnievel 1 Oct 2012 19:26:40 5,386 posts
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    Greek police send crime victims to neo-Nazi 'protectors'
    Greece's far-right Golden Dawn party is increasingly assuming the role of law enforcement officers on the streets of the bankrupt country, with mounting evidence that Athenians are being openly directed by police to seek help from the neo-Nazi group, analysts, activists and lawyers say.
    Can't see that ending well

    morriss wrote: My actual real opinion is very insulting and unhelpful.

  • Tom_Servo 8 Oct 2012 22:56:25 13,201 posts
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    The IMF's changed its forecast for the British economy this year from +0.2% to -0.4%.

    It says there'll be 1.1% growth in 2013, but considering its previous forecast for this year was growth I'm not too sure that means much.
  • Bremenacht 8 Oct 2012 23:36:45 11,116 posts
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    Better shake-down some poor folk for more money then. They always have something hidden in a sock or down the back of a settee or wherever, I imagine. Rich folk have suffered enough as it is. :/

    This post is unsuitable for those with a high rumour-sensitivity.

  • Tom_Servo 8 Oct 2012 23:44:46 13,201 posts
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    Here's the link to the BBC story on the latest IMF forecasts

    The table looks pretty damning, really. From our perspective, I mean. Brazil and India take larger drops than the UK, but at least they're still in growth.

    Edited by Tom_Servo at 23:45:58 08-10-2012
  • mcmonkeyplc 18 Oct 2012 19:17:13 35,774 posts
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    NYSE has stopped trading...

    Come and get it cumslingers!

  • Aargh. 18 Oct 2012 19:22:32 11,132 posts
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    mcmonkeyplc wrote:
    NYSE has stopped trading...
    ...After google accidentally released it's 3rd quarter results early by mistake.

    DRAMA

    After chasing sunsets one of life's simple joy is playing with the boys

  • mcmonkeyplc 18 Oct 2012 19:52:26 35,774 posts
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    Oh I was in the gym.

    Come and get it cumslingers!

  • Bremenacht 18 Oct 2012 19:56:30 11,116 posts
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    I was having my dinner.

    This post is unsuitable for those with a high rumour-sensitivity.

  • mcmonkeyplc 18 Oct 2012 20:34:38 35,774 posts
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    Was it good for you?

    Come and get it cumslingers!

  • THFourteen 18 Oct 2012 20:38:14 28,996 posts
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    I was watching mad men
  • ResidentKnievel 18 Oct 2012 20:47:11 5,386 posts
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    I was eagerly watching this thread for updates

    morriss wrote: My actual real opinion is very insulting and unhelpful.

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