Barclays; how many people will be fired to pay this fine?

[Mich the Tester]

BBC News - Barclays' $453m fine for US energy market-rigging upheld

WTF is the point of fining the company? They just go on a cost cutting exercise and a load of innocent people get fired. Fine the perpetrators (which seems to have happened happily) AND the directors personally; give the directors the accountability that goes with their pay, but don't fine an entity that employs lots of honest people.

[DimPrawn]

Honest people in a bank?

[Mich the Tester]

Honest people in a bank?

OK, I know it requires a leap of imagination, but there might be a few.

[DimPrawn]

OK, I know it requires a leap of imagination, but there might be a few.

Are they hiding in the stationery cupboard?

[MyUserName]

Are they hiding in the stationery cupboard?

If so they are probably just nicking pens

[bobspud]

BBC News - Barclays' $453m fine for US energy market-rigging upheld

WTF is the point of fining the company? They just go on a cost cutting exercise and a load of innocent people get fired. Fine the perpetrators (which seems to have happened happily) AND the directors personally; give the directors the accountability that goes with their pay, but don't fine an entity that employs lots of honest people.

More importantly at what point did the yanks become so clean they had the right to fine a UK owned company for competing? I wonder how many regulatory issues we would find if we started kicking the stones around a few if the US banks UK subsidiaries... I guess everyone forgot about the fact that Lehmans was rotten to the core...

[eek]

More importantly at what point did the yanks become so clean they had the right to fine a UK owned company for competing? I wonder how many regulatory issues we would find if we started kicking the stones around a few if the US banks UK subsidiaries... I guess everyone forgot about the fact that Lehmans was rotten to the core...

They aren't. They just fine foreign banks as an example (and for the economic benefit) of theirs.

[AtW]

WTF is the point of fining the company?

It's fine measure, but should not be the only one - criminal prosecutions of people who rigged the market shoudl have also happened, as well as mass firings of top directors who had such poor controls that allowed rigging to take place.

[d000hg]

Don't be silly Mich, they'll just apply an account charge of £5 to all their hundred million UK customers to cover it - that's what AtW would do anyway.

[Martin@AS Financial]

BBC News - Barclays' $453m fine for US energy market-rigging upheld

WTF is the point of fining the company? They just go on a cost cutting exercise and a load of innocent people get fired. Fine the perpetrators (which seems to have happened happily) AND the directors personally; give the directors the accountability that goes with their pay, but don't fine an entity that employs lots of honest people.

This fine is on top of the £60m they have to pay for rigging LIBOR last year