Today I read that Barclays have confessed to carrying out certain illicit activities to manipulate the LIBOR, the interest rate which banks lend to each other.
I wonder how long this has been going on at all banks, since 2005 "apparently". I imagine Barclays aren't the only financial powerhouse to abuse its position in the markets to their own financial gain.
But at the expense of who? House buyers, businesses, loan customers. The respected person who gets up and goes to work everyday to provide for their family in these difficult times.
This is the person who is out of pocket, unaware that the rate he is paying on his mortgage or loan doesn't reflect a fair market.
This is a criminal offence and these crimes should be fully investigated and any parties involved should be punished to the full extent of the law.
Then there is only compensation to be mitigated.
On a personal note, my business banks with Barclays and am considering my custom with them. For now I will wait and see what other banks have disgraced a once Great Britain.
http://www.thediscussion.co.uk/viewtopic.php?f=5&t=23