The Trouble With Barclay’s

What does it take these days to get a bank operating within its mandate, and in an honest and efficient way? This week revealed yet another scandal involving Barclay’s bank after the doubtful practices unearthed with many others over the past year. CEO’s have been falling like leaves in an autumn gale this last year and yet they never learn. Now the clock has finally ticked down to zero for Barclay’s, a British bank that has faithfully served the public since 1690, and resulted in a whole flurry of resignations by its top staff.

Chairman Marcus Agius – What Say You Marcus?

First to go was the Chairman Marcus Agius, followed by chief operating officer Jerry del Missier, and now the CEO Bob Diamond is quitting. Its fine to hear that those ultimately responsible are losing their jobs, but is it enough? Firstly, even though they are leaving the bank under a cloud, I am sure they will all collect substantive bonuses running into millions of pounds, and secondly, which one of them will go to jail? Not one I’ll bet!

If we ordinary citizens carried out such a massive fraud, like fixing bank lending rates in an international market, we would be hung, drawn, and quartered and thrown to the dogs! But then again, this crew have money and influence so the chances of any of them ending up in jail are infinitesimal to zero.

CEO Bob Diamond – Hang Your Head In Shame!

It is a prime indication that the current generations are obsessed by money, and even those among us who have more than we could spend in two lifetimes, are gripped by a never-ending drive to make more and more. The banks were institutions where ordinary people like you and I could put our money to be held safe until we need it, but not any more. Like most other things, it has become a money-making machine without an ‘off’ switch.

Since 1763 there have been 39 different banking crisis across the world affecting many major banks, 11 of these have happened since 2002, although if you include the current Spanish bank crisis the total is 12, and all that in just ten years! Of course everyone knows that the banks were bailed out with public money in 2008 and 2009, so why are we still having scandals hitting the banking sector. Do these people never learn!

Jerry del Missier – Explain Your Way Out Of This One!

I have to say, that if I were a Barclay’s customer I would take out every cent I have with them and put it somewhere else. I do not wish to be associated with any bank that is knowingly ‘cooking the books’ and manipulating market interest rates for their own benefit.

One Of The Oldest Structures That Once Housed Barclay’s Bank – 1872

It is past time when governments should step in with very strict controls on all banking practices and carry out regular inspections of the books to make sure they get back to following the straight and narrow. When banks play silly games they are doing it with our money and if it should go badly wrong we are the ones that lose our life savings or pensions, not them. They just collect their massive bonuses and retire. Its enough that the last person on Earth you would trust is a lawyer, but now the banks come a very close second. Enough is enough I say, and send the perpetrators of this latest scandal to jail for a good few years as a lesson to all those other shady individuals who wish to gamble with our money.

Roy.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: