New York Times
Barclays Settles Regulators’ Claims Over Manipulation of Key Rates:
Barclays has agreed to pay more than $450 million to resolve accusations that it attempted to manipulate key interest rates, the first settlement in a sprawling global investigation targeting many of the world’s biggest banks.
This is some very serious money for the British Bank to come up with. To settle for a fine of 450 million to keep it out the courts certainly tells a lot. Barclays must have really swindled it’s customer out of a very big piece of change.
I often wondered where all of this settlement money goes? After the attorneys take their gigantic cuts there isn’t much left for the poor slobs that lost in the first place.
Who can a person trust anymore? Years ago there were certain individuals that were looked up to in the community. Bankers, priest, Boy Scout leaders, cops, judges, camp counselors and coaches; they were the backbone of society. The moral of the story is “we can’t trust anyone”.
Now a days with everyone a person deals with; they have to wear a bullet proof vest and metal plate on their back when they go into anyone’s office to make sure they come out in one piece.
With the interest rates being what they are, maybe we have to resort back to what grandpa did in the old days and put our money in a tin can and bury it in the back yard and hope the dog doesn’t dig it up.