STOP the grilling.....pls save golf

Watching the grilling of mr.diamond whose company help to sponsor and bank roll one of the marquee event in sentosa.

Leave the financial folks alone...let them do what they want,,,,,they will then pump into golf....


Is my logic rite?

Yes, pretty much....but you might want to add, rip everyone else their money along the way...

Bob diamond and his lackeys are giving financial services a bad name
There is enough money to be made but greed made them do crazy stuffs to make more money

And they are blatant / stupid enough to leave an audit trail of messages proving their misdeeds.

Honestly. I am not so sure Bod D has a clue about what's going on in the trading room. The traders basically have a lot of leeways and that's how their jobs were, given that they have to make quick decisions every time, there isn't any possibility to check with bosses first etc.. But that was before cos the landscape of banking is changing...

I would look at the traders instead. Not kill Bob even though he walks home £18m pay last year... The traders are the one driven by big bonuses and quick fixes..

how do you actually proof LIBOR fixing in the money market??

nientsu wrote:

how do you actually proof LIBOR fixing in the money market??

Mate, the authorities traced the quick chats n emails records...

I mean, isnt it the bank's parogative if they want to raise/lower their interbank rates due to market forces?

Was reading something about Diamond working with other banks to corner LIBOR. Not that i think its wrong, it would be interesting to know how he does it

Shit, this is distracting me from my work....

nientsu wrote:

I mean, isnt it the bank's parogative if they want to raise/lower their interbank rates due to market forces?

Was reading something about Diamond working with other banks to corner LIBOR. Not that i think its wrong, it would be interesting to know how he does it

Shit, this is distracting me from my work....

Bob's words against BOE's.. More stories to be revealed..

nientsu wrote:

I mean, isnt it the bank's parogative if they want to raise/lower their interbank rates due to market forces?

Was reading something about Diamond working with other banks to corner LIBOR. Not that i think its wrong, it would be interesting to know how he does it

Shit, this is distracting me from my work....

from what i read, i think the methodology is asf:

traders get their trades from counter banks and the interest rates for overnight loans.
submitters take the interest rates from the trades and submit what they think they can get from other banks.
the banks that BOE get the submission from then prunes the top 25% and bottom 25% and averages the middle 50% of submissions to get LIBOR.

so if that's the case then you need more than 25% of the submitters to collude to affect the LIBOR. if affecting LIBOR just by a little bit is enough then even the 5 percentage point in that 50 percentage point can start moving the LIBOR.

bob's mistake is to settle earlier than the bus load of banks who are also accused of colluding. He could have taken part in a mass settlement and hide among the many banks who actually quote the libor rate and are in their own way "invovled". This story is actually pretty complicated. I personally would love them to continue sponsoring.... got a lobang for complimentary round etc.....

I want to think Barclays as Robin Hood.

They make money....for bank and themselves....but they sponsor golf tourney and do charity.

I just feel that we shouldn't mix up Bob Diamond's multi million dollar remuneration (cos that was what the Scottish MP was harping about in yesterday's hearing) / or their various sports sponsorship (eg Premier League, golf tournament), with this Libor fixing case.

Don't just lynch Bob to make an example or to get back at him for making millions of dollars a year.

As CEO of 2nd largest bank in the UK, they have made money for shareholders, created jobs, given back to the community. What we probably should focus is the internal controls and accountability.

But emotions tend to get in the way at times. Btw, I don't work for Barclays, nothing in it for me!

Barclays bankrolled the Brooklyn Nets' new arena, prolly at the expense of Singapore Open and Scottish Open. Basketball and Football got more viewers

we talking about golf? i am lost in all the chatter above.

I see ball, i whack ball. I see diamond, i keep it away from wife.

what we see is just a the tip of the ice berg and hardly the reality on most cases.
It was said that Barclays is actually asked by English goverment to help lower the LIBOR rates !! All part of high level political games just like how Sadam and Khadafi was branded evil where in not so distant past there were friends of the west.

I think it's all possible and at the moment news paper is more interested to print what people want to see and hear which generally run along the most current public sentiment trend of which bashing banking industries is one of them.