Full marks to Andy Wightman who has posted this on his blog:
This evening I submitted the following report to the Tower Hamlets Division of the Metropolitan Police.
“I am contacting you as the police authority responsible for the area in which Barclays PLC, 1 Churchill Place, London has its HQ. From press reports today and, in particular on the basis of the Final Notice issued by the Financial Services Authority today, 27 June 2012 (FSA Reference No. 122702), I have reason to believe that a crime of fraud has been committed by Barclays Bank PLC and hereby report this alleged crime to the Metropolitan Police.”
Section 4 of the Fraud Act 2006 would seem to cover matters nicely.
I look forward to their response.
I'm not a lawyer, but as an accountant it looks to me that he has a good argument.
And I rather hope that's the case. The culture of unaccountability has to be broken.
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Bob Diamond in the inaugural Today Business Lecture (http://news.bbc.co.uk/today/hi/today/newsid_9630000/9630673.stm)
“…the evidence of culture is how people behave when no-one is watching.”
“Our culture must be one where the interests of customers and clients are at the very heart of every decision we make; where we all act with trust and integrity.”
I suspect that the crime Barclays has committed is that of market abuse and that the FSA as the prosecuting authority will have come to an agreement that the £65m penalty that it is imposing will be in in full settlement of that claim – and so they will argue that no further action is necessary. A disgrace it may be but I fear that is what has happened.
What I find interesting is how the US penalty for rigging what is largely a London market is so much larger than that levied by the FSA – proof positive as to how soft we are on the City of London.
The FSA and the Government need to forced to justify why they still consider the Barclays directors and managers concerned to be fit and proper persons to continue to hold their positions.
How much do Barclays donate to the Conservative Party?
With regards to Paul Wightman’s letter I am not going to hold my breath whether the police will take any action, but it seems that this is potentially bigger than phone hacking. Except in this case most of the people who have been affected are ordinary depositors,savers and investors.
I’m not holding my breath either.
Meanwhile, other news sites:
http://newsthump.com/2012/06/28/latest-banking-scandal-arrests-expected-to-total-0/
and:
http://newsthump.com/2012/06/28/bobs-diamond-used-car-sales-seeks-to-distance-any-association-with-barclays/
If I tell you lies and you give me money that’s fraud.
This is clearly what Barclays and, allegedly, other banks (JPM, Citi, RBS etc, the usual suspects) have been up to in distorting the interbank lending rates for their own financial gain.
All these events confirm what many of us believe when we take a closer peek at the finance industry. The truth is a long way from the myths peddled politicians and their financial paymasters.
1. Markets are not free but rigged.
2. Regulation is not overbearing but lax and ineffective
3. The City is not ‘an honourable place to do business’ but the epicentre of widespread financial crime
4. The City of London is not an economic engine of the economy but a huge blood-sucking parasite crippling the country
For those who may be found guilty under any head of fraud is there also a ‘proceeds of crime’ element that could be clawed back? Bankers are as bad as drug dealers when it comes to conspicuous consumption so I expect any goods bought with salaries and bonuses tied to this fraud should be impounded and in time sold off.
On a separate note: it’s hilarious to see all these city types appearing on BBC News 24 saying that this was the saddest day of their lives or that they had no idea how bad this all was. It’s funny because this is not a new story. Libor manipulation has been a slow-burning story for at least a year and they all KNOW this. Utter hypocrites. But never mind the biggest circus of all is going to start soon and this story will soon be forgotten as we cheer on our brave boys and girls and laugh at Boris’s antics. Still keeping my hand on my wallet through all this.
It’s most disappointing to watch our elected representatives — from all parties — blabbing on about why new, specific legislation should be enacted to criminalise the sort of wrongdoings exposed in Barclays. This is a typical British establishment tactic of ‘let’s change the law’ (in the meantime the present culprits get away scot free). It’s terrible that the Labour MPs that spoke this afternoon followed this line. THERE IS NO NEED FOR SPECIFIC LEGISLATION BECAUSE SUCCESSFUL PROSECUTION CAN BE BROUGHT ON THE BASIS OF THE FACTS THE FSA HAVE DISCLOSED ALREADY (LET ALONE THE DYNAMITE THEY WOULD HAVE HELD BACK) FOR BREACHES OF THE FRAUD ACT AND INDEED THE COMMON LAW OFFENCE OF CHEATING. STOP THIS NONSENSE ABOUT NEW LEGISLATION!
I agree re Fraud Act
Any good references on common law offence of cheating?
The common law offence of cheating, except in relation to cheating the public revenue, was abolished in England and Wales by the Theft Act 1968, which in turn was substantially abolished by the Fraud Act 2006. So the Fraud Act is spot on.
Thanks
I knew it was still a tax offence
Andy is a very astute and brave campaigner. (He supports LVT too:o) )
I wonder what foreigners that we have conned into relying on LIBOR for years will make of our ministers and other politicians gliby claiming that there is no law in the UK that criminalises rigging the LIBOR. If that is the case, then cleary the UK is not fit for the purpose of hosting such a system!
I’m not a lawyer, but as far as I can see prosecutions under Section 4 of the 2006 Fraud act would have to be against individuals, not against a company.
The Treasury and the FSA are still considering whether to bring criminal proceedings against individuals, and I’d guess Section 4 would be one of the options. I doubt if they will proceed against anyone until they have completed their investigations into other banks, though.
I have today signed Ann Pettifor’s petition for a full public enquiry into the activities of UK banks and the BBA, and would encourage others to do the same. Link here: https://submissions.epetitions.direct.gov.uk/petitions/35421
I am also calling for there to be an international body to investigate worldwide financial malpractices (of which this is clearly one), for international financial crimes to be brought within the remit of the International Criminal Court, and for establishment of an international regulatory body for systemically-important financial institutions. I would appreciate your support in this. Finance is an international industry. The rules by which it operates must also be international.
Individuals have clearly been identified by the FSA….the problem is?
Agree re Ann’s petition
And yes – do a blog on the last point and I’ll promote it – send the link
I wrote this before the Libor issue broke, but it makes the points that I think should be made:
http://coppolacomment.blogspot.co.uk/2012/06/financial-nuremberg.html
At 0942 this morning I received a call from the Metropolitan Police to confirm that my report report has been received. It has been allocated Crime Reference Number CHS20120629002017. Since (as far as I am aware) I am not a victim of this alleged crime, the Police are unable to discuss the matter further with me but have stated that investigations are underway and that any developments will be reported in due course.
Great work Andy
I plugged the idea on air yesterday
Seconded, well done Andy.
Metropolitan Police have closed my incident report and refused to record it as an alleged crime because I, personally, am not a victim. See updates at http://www.andywightman.com/?p=1304 I have submitted a formal complaint. Quite how I as a citizen am supposed to go about making such a complaint thus eludes me.
Interesting.
There is no concept of a crime against society?
Nor the idea that a crime can be committed without a specific victim being identified?
This seems like wilful blindness
I guess someone will have to claim that they paid excess interest on a loan/mortgage ?