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Breakingviews: Barclays sets gold standard in bad culture

Friday, May 23, 2014 - 04:04

May 23 - Barclays has been fined £26 million for rigging gold reference prices. This just a day after its Libor settlement. Barclays may be trying to change, but it has a long way to go, says Breakingviews.

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False police find 26 million pound sign up for rigging and go reference prices the latest a lot of scandals. Plaguing the UK banks I'm Dominic Elliott has been in this one. It -- shouldn't be too surprised by the shipments. Well I mean I think we know the Balkans is -- -- and problems isn't liable I mean you could see that that was a sudden real openness to its culture that. Pervaded the holes to -- and suddenly there was this independent review by the -- until he sold study showed. Howell egregious some of the the operations of Balkans well how much -- was out for -- gain and and this is another example of that they've clearly come down caught on this one died Chase Daniel James politics he's been banned for. It's a scapegoat. A good things -- he was the rogue trading here it's. What he's done is he's put in a false or so that he can make sure with a market means -- that the goal reference price stays alive who. A level at which -- would have had to pay his client three point nine million US dollars so -- actually waste on him is -- manipulated the whole -- can go. What we -- and you encouraged talk about a pack coach. You know we're talking about a alone trade you'll your saying this as you just said this permeates. The bank plus right from. Suburban your question was is -- a scapegoat and -- sir is what he was the one that actually did. This ready you know by the deeds on the other hand he sent an email to lots of his colleagues in commodities. The day before saying you know Gaza -- a real problem with this fixing coming out tomorrow the gold reference right fixing. But the price fixing. If it -- -- I'm going to be in real trouble site. It's amazing and his colleagues thought well this guy is that you know he's in the whole warts and maybe we should just keep an auto industry if you don't something he shouldn't be. Anthony Jenkins was was. Seemingly quite quick to react to this it seems to me just reading. Some of the folks this morning that. That he he's been quite quick to stress this to -- how how promptly. Barclays reacted to some. But well really it's I mean it -- for -- yeah. So what happened at the chronology is that the libel settlement for Balkans IE when they say it's votes which doesn't wanna -- this huge -- -- had just happened that day before. This trader plunking it went to heads hands manipulated prices -- Everyone involved he should -- don't read aloud as it should be doing anything Georgie. You just land an eagle on the he's gone and done this the other thing is you know -- being investigated for awhile before they actually settled. Why default he's -- look at things like the gold's price reference price fixing it's another reference has another benchmark. If fly balls not done properly then of course -- we reflect elsewhere as well. And and I just wanna finish some bite bite from port reference and you'll you'll piece of Casey writes in mall much. Com the door opens talks -- in need of reform. You called them RK laborious. Methadone logic methadone logically weakness is that it's come. Adam. I guess Zorn comes in fourth and now. Well I think. From what I understand is the -- -- in terms of the FCA. May be an isolated case and morsel they found any evidence that any of the four other banks that the other banks managed to -- auction. I Scotiabank. It's -- Deutsche Bank. Did anything wrong thoughts on the other hand Balkans investigating torture thanks in May be Deutsche Bank will be found to dump something. They shouldn't have but we don't know yet there's no reason Israel -- is when I have yes. You know. Having an ever tell you aren't what we said all right no doubt will that will will find a little bit about Lackey Iran breaking news web sites. That's it for me if you're watching you actually told that he students and you've had a bsc. That's the problem sources.

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Breakingviews: Barclays sets gold standard in bad culture

Friday, May 23, 2014 - 04:04