tag:blogger.com,1999:blog-2948538160252327076.post7914224197741892666..comments2023-11-02T15:48:50.381+00:00Comments on UK Bubble UK Economy: It might be time for Barclays to get lawyered upAlice Cookhttp://www.blogger.com/profile/05753570123987780947noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2948538160252327076.post-1365552555872396792012-07-04T19:57:03.814+01:002012-07-04T19:57:03.814+01:00"Since Barclays fixed the LIBOR for its own i..."Since Barclays fixed the LIBOR for its own interests...": now there you're wrong. Just this afternoon Diamond Bob assured the nation that it wasn't done in Barclay's interest but in the personal interest of 14 naughty traders. Indeed, he, D Bob, knew naff all about it.deariemenoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-15213869334587397772012-07-04T13:43:17.621+01:002012-07-04T13:43:17.621+01:00It's not clear what liabilities might be here:...It's not clear what liabilities might be here: for a start, Barclays had no influence on LIBOR when their quote was excluded from calculation. Secondly, how do you apportion liability among the 8 banks whose quotes did count? Thirdly, for every 10 losers there was probably 9 winners with the bank taking the margin on the net position: are the winners going to compensate the losers?<br /><br />As we have yet to have much insight into the activities of other banks it's questionable whether Barclays will wind up being the prime loser from litigation. Clearly, the only real winners will be lawyers.<br /><br />Sense would deny lawyers their bounty, and find a better way to handle this. Best would be to see those involved in bad practice lose their jobs, and perhaps do a little time.It doesn't add up...noreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-84918874897165532672012-07-04T08:11:09.163+01:002012-07-04T08:11:09.163+01:00And probably not just Barclays. The whole system i...And probably not just Barclays. The whole system is potentially screwed, with deflation eventually followed by the meaningful opposite.<br /><br />Given your piece on European over-regulation stifling entrepreneurialship and causing serious youth unemployment - and given the trend towards global levelling of wages - altogether it's not exactly a sunny outlook for the West. In fact I can't see why I'm still even remotely bullish long-term - and just maybe that's the only reason I still should be - a miraculous deus ex machina must be in the offing...er..but not just yet perhaps..Stevie b.https://www.blogger.com/profile/11427759744381570329noreply@blogger.com