Stung by criticism - and £290 million in fines for manipulating Libor rates - Barclays has decided to create a culture of openness and honesty in the way it does business.
As well as Bob Diamond and a few of his cronies (who knew nothing of what was going on, of course) waiving their bonuses, the bank has decided to change its logo to more accurately reflect the way it does business.
Gone is the Barclays' eagle. It has been replaced by the Barclays' vulture.
The slogan for 2012 "Quietly conquering the world of finance" will also be replaced by the more honest slogan "filling our pockets out of yours."
7 comments:
I reckon some of the soft old farts at the FSA should be kicked out, and denied their pensions too!
What on earth were they doing when this was going on!
The FSA represent a dreadful waste of money and that's presumably why Barclays didn't need a public bailout when all the other failures did - they had it in the bag all the time!
This all really stinks, and there's much more to come, despite the feeble Ed Balls denying it was his fault. The 'gurner' just did what he said of course.
You misunderstand what the FSA is for, Scrobs. It was precisely there to do nothing at all. It was neutered and had its teeth pulled out from the beginning; it was to show some token response to the mis-selling scandals of the 80s and 90s.
If you've ever seen its complaints procedure - which requires you to go back to the bank first, then the ombudsman, then maybe they'll do something if the ombudsman says they can (which could take two years), you'll see why it was a crock.
Imagine being told by the police to go back and negotiate with the burglar for the return of your property. That's all the FSA is.
In fairness to them, they were never given any power so there is bugger-all they could do - but they will now be used as a scapegoat, which is another handy thing for the politicians.
We looked in your Tat catalogue, but could not find any culture vultures created by the world's finest craftsmen from exclusively Canary Wharf river mud.. Ah well...
Glad we stayed away from Barclays; never had anything to do with them - apart from one day many years ago just after these things started to appear on the market, when an unrequested credit card from them dropped on to our doormat. No idea how they got our details, but we just put it in an envelope and sent it back with a note saying no thanks. It came back again a few days later with a letter saying they were sure we would like to reconsider. That letter also went back, but this time annotated with: What is it you don't understand about 'no thank you'? Plus, this time our envelope also contained their card cut neatly into 8 little pieces. We have never heard a peep from them since.
1.) The Political establishment, the Media and the Financial Sector have either actively or through wilful neglect conspired with foreign nationals against the interests of the English Citizens to deprive said citizens of the following:-
a. Free and fair elections :-
i. through selective media manipulation.
ii. through demographic manipulation
b. An appropriate and modern education system to provide maximum availability of contemporary and where needed traditional skills to assist citizens in making the maximum contributions to society.
c. Gainful Employment so that the maximum number of citizens may contribute constructively to the society.
d. The Financial rewards of the application of the skills through unfair and dishonest manipulation of the citizens finances as a result of a failure to ensure good governance throughout society.
Lady Raft - hat is an interesting post you have made, and thank you!
The only time I ever came up against them, was when we were trying to find ways of funding housing developments for people with limited means, and they showed some interest during a big chat once. Nothing came of this in the end.
That was at the other end of the spectrum presumably, but I always thought that they were supposed to be poking around in all this mire of corruption.
Some time ago, a poster with a connection with Yorkshire
(totally forgotten the name), explained in about two paragraphs, what really stinks about banks and their role. I tried to Google it all, and never could find the quote, much to my eternal grief...
But I still think the FSA should take the blame for something...
Scrobs: I think everyone on the inside knew what had been going on for a long time. It was in all their interests to keep the status quo while we paid for it.
WOAR: I agree. Private Eye has referred to them as the Feeble Supine Authority for years.
GG:My father has recently closed down an account with Barclays and has had a similar experience. The other day it was 3 new paying books. Strange!
Anonymous: I have been at an investment briefing today by a couple of very well respected people. Some of the stories they came out with about the power of the EU were downright scary. It's not all conspiracy theories by a long way.
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