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Keyword: barclays

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  • Chinese Bank to Buy Giant London Gold Vault

    05/16/2016 6:44:24 PM PDT · by BenLurkin · 8 replies
    WSJ ^ | 05/16/2016
    ICBC Standard Bank PLC said on Monday it is buying a precious-metals vault from Barclays PLC’s, in the latest move by the Chinese bank to increase its role in the market’s infrastructure. The move makes parent ICBC, the world’s biggest bank by assets, the first Chinese lender to own a vault in London and extends its influence in precious metals from pricing to storage. With China the largest consumer of many metals, the country’s banks have increasingly bid to own or help run the infrastructure in these markets. China accounts for more than a quarter of global gold demand, but...
  • US says banks won't be punished for lawful business in Iran

    05/12/2016 6:57:30 AM PDT · by Olog-hai · 13 replies
    Associated Press ^ | May 12, 2016 5:06 AM EDT | Josh Lederman
    U.S. Secretary of State John Kerry tried Thursday to reassure European banks they won’t be penalized for conducting or facilitating business with Iran, as he worked to address Tehran’s grievance that businesses are still staying away despite the nascent nuclear deal. At an unusual meeting in London, the top U.S. diplomat joined Britain’s top commerce official to challenge what Kerry called “misinterpretations or mere rumors” about U.S. sanctions on Iran, the most sweeping of which were lifted in exchange for Iran rolling back its nuclear program. The list of banks whose leaders attended was a Who’s Who of powerful financial...
  • UBS Is About To Blow The Cover On A Massive Gold-Rigging Scandal

    09/28/2015 5:06:30 PM PDT · by SkyPilot · 83 replies
    Zero Hedge ^ | 28 Sep 15 | Tyler Durden
    With countless settlements documenting the rigging of every single asset class, it was only a matter of time before the regulators - some 10 years behind the curve as usual - finally cracked down on gold manipulation as well, even though as we have shown in the past, central banks in general and the Fed in particular are among the biggest gold manipulators. That said, we are confident by now nobody will be surprised that there was manipulation going on in the gold casino. In fact, ever since Germany's Bafin launched a probe into Deutsche Bank for gold and silver...
  • Jeb Bush: As president, I'll end crony capitalism

    10/19/2015 6:47:21 AM PDT · by jimbo123 · 66 replies
    Washington Examiner ^ | 10/19/15 | GOV. JEB BUSH
    -snip- As president of the United States, I will use all the powers of my office to disrupt the political culture of a dysfunctional Washington, D.C. We need to clean house and it must start by eliminating the crony capitalism that is pervasive throughout the federal government. There are tens of billions of dollars of corporate welfare subsidies tucked into the federal budget. -snip- The influence peddling industry in Washington will fight every step of the way to defend their fiefdoms and special favors. It is going to take a president with a stiff spine and a proven record of...
  • 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

    05/14/2015 6:40:23 AM PDT · by Theoria · 16 replies
    The New York Times ^ | 13 May 2015 | BEN PROTESS and MICHAEL CORKERY
    For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...
  • New York AG slaps Barclays with securities fraud suit

    06/25/2014 5:47:35 PM PDT · by Citizen Zed · 2 replies
    Euro News ^ | 6-25-2014 | Karen Freifeld and John McCrank
    Barclays told customers who chose to trade in its dark pool that they would be protected from “predatory traders,” which use their speed advantage to deprive other investors of small profits on every trade. But in fact, customers were not protected at all, and the bank in fact courted predatory high-frequency traders in part by charging them virtually nothing, New York Attorney General Eric Schneiderman alleged. “Barclays grew its dark pool by telling investors they were diving into safe waters,” Schneiderman said. “Barclays’ dark pool was full of predators – there at Barclays’ invitation.” Barclays said in an emailed statement,...
  • Regulator Fines Barclays for Gold Manipulation: Permanent Price Suppression?

    05/25/2014 8:55:15 AM PDT · by Kaslin · 2 replies ^ | May 25, 2014 | Mike Shedlock
    A couple of readers asked me to comment on the news Regulator Fines Barclays Over the Pricing of Gold. A British financial regulator has fined Barclays $43.9 million after accusing a former trader at the bank of improperly influencing gold prices at the expense of a customer. The F.C.A. also fined the former Barclays trader, Daniel James Plunkett, £95,600 and barred him from participating in any regulated financial activity. The authority said Mr. Plunkett, who settled with it, had profited at the expense of a customer, who was later fully compensated by Barclays. Mr. Plunkett’s improper conduct occurred on June...
  • Jeb Bush’s rush to make money may be hurdle

    04/23/2014 6:51:44 AM PDT · by jimbo123 · 9 replies
    NY Times CNBC ^ | 4/21/14 | Michael Barbaro
    As it sought to recruit well-heeled investors, an untested and unprofitable Miami company named InnoVida brought aboard a trusted Florida figure in 2007: Jeb Bush, the former governor and the brother of a sitting president. For potential stockholders, the imprimatur of Mr. Bush, who joined InnoVida as a paid consultant and a member of the board of directors, conferred credibility on the young start-up. That credibility did not last long. It turned out that the leaders of InnoVida, a manufacturer of inexpensive building materials, had faked documents, lied about the health of the business and misappropriated $40 million in company...
  • Barclays Latest To Exit Commodity Trading, Layoff Several Thousand Staff

    04/20/2014 4:28:28 PM PDT · by SeekAndFind · 6 replies
    Zero Hedge ^ | 04/20/2014 | Tyler Durden
    With JPMorgan and Deutsche Bank having exited the commodities business (and numerous other banks discussing it ahead of the Fed and regulators' decisions over banking rules of ownership), it appears a few short months of regulatory scrutiny is enough to warrant more broad-based cuts across bulge-bracket banks historically most manipulated and profitable business units. As The FT reports, Barclays, one of the world’s biggest commodities traders, is planning to exit large parts of its metals, agricultural and energy business in a move expected to be announced this week. This comes on the heels of Barclays shuttering its power-trading operations...
  • Barclays to shake up investment bank: Thousands of jobs cuts expected

    03/13/2014 12:42:38 PM PDT · by SeekAndFind · 4 replies
    Fiscal Times ^ | 03/13/2014 | By Martin Arnold, Patrick Jenkins and David Oakley
    Barclays is preparing a radical overhaul of its troubled investment bank in a move which is expected to result in thousands of job cuts, adding to pressure on the division’s two heads. The shake-up comes amid growing investor disquiet about the bank’s decision to increase bonus payments by 10 per cent to a total of £2.4bn last year in spite of a one-third fall in its pre-tax profits. Shareholders are also unhappy about rising costs and falling profits at the investment bank, which is jointly run by Tom King in the US and Eric Bommensath in Europe. The new strategy...
  • 481 Barclays Employees Were Paid Over 1 Million Pounds In 2013, Despite Losses, Mass Layoffs

    03/05/2014 9:30:05 AM PST · by SeekAndFind · 42 replies
    Zero Hedge ^ | 03/05/2014 | Tyler Durden
    It was less than a month ago when Barclays announced it would fire 12,000 workers after posting abysmal earnings with Q4 banking income crashing 37% and overall income sliding 9%. So, one would think, its employees would be punished with lower pay - those that are lucky enough to keep their jobs of course. One would be wrong. Reuters just reported that 481 of Barclays employees were paid 1 million pounds ($1.7 million) or more last year, 53 more than in the year before, and most of them were based in the United States.The headscratcher continues: Barclays said 57...
  • Barclays Fires 12,000; Reports Horrible Earnings, Awards Itself Bigger Bonuses

    02/11/2014 8:27:14 AM PST · by SeekAndFind · 14 replies
    Zero Hedge ^ | 02/11/2014 | Tyler Durden
    It is not easy for one bank to anger more people with one announcement than what Barclays did in the past 24 hours. In one fell swoop, the British bank infuriated shareholders after announcing dismal earnings (an adjusted Q4 profit of about 200 million pounds and a statutory profit of less than 100 million as investment banking income slumped 37% as income fell 9% to 10.7 billion due to a fall in fixed income, and it took further charges related to a cleanup of the banking industry in the wake of the 2008 financial crisis) which sent the share...
  • Barclays account details for sale as 'gold mine' of up to 27,000 files is leaked

    02/08/2014 5:31:13 PM PST · by dynachrome · 12 replies
    Daily Mail ^ | 2-8-14 | Ian Gallagher and Stephanie Condron and Simon Watkins
    Barclays Bank is reeling from an unprecedented security breach after thousands of confidential customer files were stolen and sold on to rogue City traders. In the worst case of data loss from a British High Street bank, highly sensitive information, including customers’ earnings, savings, mortgages, health issues and insurance policies, ended up in the hands of unscrupulous brokers. The data ‘gold mine’ - also containing passport and national insurance numbers - is worth millions on the black market because it allowed unsuspecting individuals to be targeted in investment scams.
  • (UK) Our Government must stop abandoning our companies to American wolves

    11/08/2013 11:03:12 PM PST · by Olog-hai · 3 replies
    Daily Telegraph (UK) ^ | 7:35PM GMT 31 Oct 2013 | Katherine Rushton
    Over the past few years, British businesses operating in America have learned the hard way exactly how brutal the US can be when things go wrong. British banks have had to pay billions of dollars in fines to settle investigations by US regulators, ranging from allegations that Barclays rigged LIBOR to claims that Standard Chartered breached US sanctions against Iran. … The US Department of Justice has hardly given JP Morgan an easy ride of late. Last week, America’s biggest bank was fined $5.1 billion, most of which related to wrongdoing at Bear Stearns and Washington Mutual, companies JP Morgan...
  • U.S. Government Investigation Of Gold Price Manipulation

    03/16/2013 7:13:07 AM PDT · by blam · 17 replies
    TMO ^ | 3-16-2013 | Midas Letter
    U.S. Government Investigation Of Gold Price Manipulation Commodities / Gold and Silver 2013March 15, 2013 - 04:16 PM GMT By: Midas Letter Yesterday, the Commodity Futures Trading Commission, the regulator who ostensibly regulates the banks and major financial institutions who participate in the futures and commodities trading business, announced they were going to examine whether prices are being manipulated in the “world’s largest gold market”, according to a story in the Wall Street Journal. For long time observers of the gold price and the fundamental and not-so-fundamental influences on its price movements, the announcement might have elicited a gasp of...
  • Barclays May Cut 40,000 Jobs

    03/07/2013 1:04:25 PM PST · by SeekAndFind · 3 replies
    Business Insider ^ | 03/07/2013 | Telegraph Staff
    Barclays chief executive Antony Jenkins has suggested that up to 40,000 jobs could be cut at the bank as customers switch to automated banking, according to reports. In meetings with shareholders of the bank, Mr Jenkins has said that he saw a future in which the bank employed 100,000 staff, Sky News has reported. Barclays currently hires roughly 140,000 people. It is understood that Mr Jenkins has discussed with investors the possibility of Barclays will become a self-service-oriented company, thereby allowing the remaining staff to focus on delivering "added value" to its customers. However, one insider at the bank told...
  • Barclays' Disgraced COO Gets £8.75 Million Golden Parachute Instead Of Jail Time

    07/25/2012 3:10:09 PM PDT · by SeekAndFind · 3 replies
    Zero Hedge ^ | 07/25/2012 | Tyler Durden
    The guy who openly admitted he was getting notification from the BOE to manipulate Libor, and was advising his traders appropriately, Barclays' COO Jerry del Missier, and who quit the same day as his boss Bob Diamond, has finally had his pay package revealed. The payoff to get him out and shut him up? £8,750,000. From SKY: The Barclays executive who presided over the falsification of the bank's Libor submissions is to receive a cash pay-off worth almost £9m in a move that will spark a political outcry. I can exclusively reveal that Jerry del Missier, who resigned as Barclays’...
  • Geithner & Libor: What Did He Know about the LIBOR manipulation scandal and When?

    07/12/2012 1:32:52 PM PDT · by SeekAndFind · 6 replies
    New York Post ^ | 07/12/2012 | Charles Gasparino
    The latest development in the Libor-manipulation scandal is that the banks weren’t really fixing the price of the key interest rate in total secret — US regulators were aware of the sleazy activities at the time, and seemed to have done nothing. Which should surprise no one. I can’t tell you how much federal officials knew about the activities of Barclay’s, JPMorgan, Citigroup and the other big banks at the center of the maelstrom. In coming weeks, both Federal Reserve chief Ben Bernanke and Treasury Secretary Tim Geithner will inevitably discuss the mess when they appear before Congress. Bernanke testifies...
  • The British, at Least, Are Getting Tough (Barclays rigging of LIBOR)

    07/08/2012 1:42:13 PM PDT · by neverdem · 12 replies
    NY Times ^ | July 7, 2012 | Gretchen Morgenson
    THE unfolding story of how Barclays — and, in all likelihood, other big banks — rigged interest rates is full of telling tidbits about the way Wall Street works. It also represents yet another teachable moment. By now the world knows that Barclays manipulated the most widely used benchmark rate, the London interbank offered rate. But Barclays is just one member of the cozy club that sets the Libor, which is supposed to be based on the average rate at which large banks can borrow money overnight. It’s not based on actual transactions, however — and that leaves room for...
  • 20 more banks were rigging interest rates: Scandal kept secret for years

    07/07/2012 2:15:35 PM PDT · by SeekAndFind · 22 replies
    Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job. As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of other financial institutions across the world were under investigation. At least 20 banks are believed to be under suspicion, with growing demands for a criminal investigation. Barclays’ shares crashed by 15.5 per cent in a day as the implications sank in, wiping £3.7billion from its value, with other banks also hit. Barclays has been fined £290million after devastating...
  • Obama’s Swiss Banker

    04/24/2012 4:00:35 PM PDT · by Brad from Tennessee · 3 replies
    The WASHIGTON FREE BEACON ^ | April 24, 2012 | By Andrew Stiles
    One of President Obama’s largest financial backers is a key executive at the largest Swiss bank in the world, complicating his criticism of presumptive Republican nominee Mitt Romney. Robert Wolf is president of Swiss financial giant UBS Investment Bank and chairman of UBS Americas. He has been one of Obama’s most prolific fundraisers dating back to 2006, when the former Senator from Illinois initiated his run for the White House. Wolf has bundled more than $500,000 for the president’s reelection, campaign records show. He is but one of many wealthy bankers Obama has turned to in an effort to win...
  • The Biggest Financial Scandal In History?

    07/05/2012 2:00:45 PM PDT · by blam · 6 replies
    TEC ^ | 7-5-2012 | Michael Snyder
    The Biggest Financial Scandal In History?Michael SnyderJuly 5, 2012 We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those...
  • Bob Diamond: banks across the world were fixing interest rates in run-up to the financial crisis

    07/04/2012 11:54:14 PM PDT · by Jyotishi · 6 replies
    Belfast Telegraph ^ | Thursday, July 5, 2012 | Oliver Wright and James Moore
    Banks across the world were fixing interest rates in the run-up to the financial crisis but regulators failed to take action to stop it, the former head of Barclays claimed yesterday. Giving evidence to Parliament Bob Diamond said Barclays had raised the issue of banks ‘under-reporting’ the true amount they were having to pay to borrow money but were ignored. He declined to say that the regulators “were asleep at the wheel” but added: “There was an issue out there. (It) should have been dealt with”. But Mr Diamond denied that the Bank of England told him specifically to ‘fix’...
  • Barclays Chairman Agius Resigns

    07/02/2012 5:48:13 AM PDT · by Kartographer · 7 replies
    WSJ Online ^ | 7/2/12 | JESSICA HODGSON
    Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association, using quotes that are submitted by banks on a panel, based on the banks' estimated borrowing costs. More than $800 trillion in securities and loans are linked to Libor, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans, according to the CFTC. No other banks or individuals have been charged with wrongdoing. Banks that have disclosed they are being investigated include Citigroup Inc., C +3.72% Deutsche Bank AG, DBK.XE +2.02% HSBC Holdings HBC +1.00% PLC, J.P. Morgan...
  • Barclays CEO Diamond quits over rate rigging

    07/03/2012 7:53:23 AM PDT · by Perdogg · 1 replies
    Barclays Plc Chief Executive Bob Diamond quit on Tuesday under fire from politicians and regulators, the highest-profile casualty of an interest rate-rigging scandal spanning more than a dozen big banks across the world. "The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen," said Diamond, 61. The terms of his severance were not announced.
  • 'Real Rebound' in World Economy: Barclays' CEO

    02/29/2012 6:53:08 PM PST · by lbryce · 13 replies · 3+ views
    CNBC ^ | February 29, 2012 | Margo D. Beller Special to
    Once again the world economy has proved the naysayers wrong and there's been a "real rebound" so far this year, Barclays CEO Robert Diamond told CNBC Wednesday. "One of the lessons we’ve learned in the last couple of years is every time it’s doom and gloom ... the economy is far more resilient," he said. "We see China at 8 percent to 9 percent growth, and reduction in unemployment [cnbc explains] in the U.S. So we’ve seen a real rebound." That even extends to Europe, which was stabilized by the European Central Bank's [cnbc explains] second liquidity injection. President Mario...
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Foreclosure 'robo-signers' appear to be widespread

    10/12/2010 2:57:13 PM PDT · by Fred · 11 replies
    Palm Beach Post ^ | 111210 | Kimberly Miller
    Florida foreclosure law firms were using the same "robo-signer"-type practices to repossess homes that tripped up the nation's major lenders, a signal, defense attorneys argue, that should lead to a larger foreclosure moratorium. Banks that have not pulled back on foreclosure sales and evictions, such as lender CitiMortgage, gave firms power of attorney to sign documents on their behalf. In turn, some firms created assembly-line signing systems to keep up with bank deadlines on foreclosure cases.
  • Woods Plays His Best Round of the Year (let the womanizing commence)

    08/26/2010 9:52:37 AM PDT · by OldDeckHand · 11 replies
    AP via ^ | 08/26/2010 | DOUG FERGUSON
    New Tiger shows at Barclays; Woods shoots 65 in 1st tournament since his divorce Tiger Woods finally looked like the No. 1 player in the world. In his first tournament since his divorce, Woods played by far his best round of the year Thursday at The Barclays, missing only one fairway and two greens in a round of 6-under 65. It was his lowest round of the year.
  • Barclays' network glitch causes nationwide chaos [No ATM Cash or Online Banking]

    08/23/2010 9:19:13 PM PDT · by DeaconBenjamin · 9 replies
    Reuters ^ | Mon Aug 23, 2010 10:57am EDT
    LONDON (Reuters) - Thousands of Barclays customers in Britain were unable to access their bank accounts or withdraw money from cash machines on Saturday after a system crash caused chaos nationwide. The problems, which began at around 1230 GMT, hit telephone and online banking services and caused frustration at retail outlets as embarrassed shoppers were forced to abandon purchases at the till. Barclays' telephone banking centers were inundated with calls from customers, many of whom were angry at the lack of information. A Barclays spokeswoman was unable to elaborate on the cause of the problems. "We became aware of a...
  • Lehman downfall triggered by mix-up between London and Washington

    09/04/2009 9:24:31 AM PDT · by lowbuck · 4 replies · 412+ views
    Guardian (London) ^ | 3 September 2009 | Larry Elliott and Jill Treanor
    A breakdown in communications at the highest level between the US and the UK led to the shock collapse of the investment bank Lehman Brothers in September last year, a Guardian/Observer investigation has revealed. The downfall of Lehman, which triggered the biggest banking crisis since the Great Depression, came after a rescue bid by the high street bank Barclays failed to materialise.
  • Wall Street profits from trades with Fed

    08/02/2009 5:37:23 PM PDT · by Cheap_Hessian · 9 replies · 702+ views
    Financial Times ^ | August 2, 2009 | Henny Sender
    Wall Street banks are reaping outsized profits by trading with the Federal Reserve, raising questions about whether the central bank is driving hard enough bargains in its dealings with private sector counterparties, officials and industry executives say. The Fed has emerged as one of Wall Street’s biggest customers during the financial crisis, buying massive amounts of securities to help stabilise the markets. In some cases, such as the market for mortgage-backed securities, the Fed buys more bonds than any other party. However, the Fed is not a typical market player. In the interests of transparency, it often announces its intention...
  • The Money and Connections Behind Al Gore’s Carbon Crusade

    10/13/2007 4:35:26 PM PDT · by calcowgirl · 69 replies · 3,134+ views
    Human Events ^ | 10/03/2007 | Deborah Corey Barnes
    Al Gore’s campaign against global warming is shifting into high gear. Reporters and commentators follow his every move and bombard the public with notice of his activities and opinions. But while the mainstream media promote his ideas about the state of planet Earth, they are mostly silent about the dramatic impact his economic proposals would have on America. And journalists routinely ignore evidence that he may personally benefit from his programs. Would the romance fizzle if Gore’s followers realized how much their man stands to gain? Earlier this year Gore experienced a notable public relations debacle. The Tennessee Center for...
  • Britain's a world-leader in sharia banking - sinister and dangerous implications

    02/11/2009 6:58:09 PM PST · by Sammy67 · 6 replies · 1,025+ views
    DailyMail ^ | 2/10/09 | MELANIE PHILLIPS
    MELANIE PHILLIPS, WRITING EXCLUSIVELY FOR MAIL ONLINE Worried that Britain is going bankrupt? Cheer up – we’re about to be bought up by the Islamic world. A report by International Financial Services London reveals that Britain’s Islamic banking sector is now bigger than that of Pakistan. The study says that the UK has by far the largest number of banks for Muslims of any western country. The UK now has five fully ‘sharia-compliant’ banks – providing products which prohibit interest payments and investment in alcohol or gambling firms in accordance with Islamic sharia law – while another 17 leading institutions...
  • Barclays' representative to return to Sark for jobs talks

    12/14/2008 3:46:32 PM PST · by bruinbirdman · 3 replies · 359+ views
    The Telegraph ^ | 12/14/2008 | Stephen Adams
    The Barclay brothers' representative is to return to Sark to open talks on safeguarding jobs in the wake of their decision to withdraw their investment from the Channel island. Sir David Barclay (left) and his twin brother Sir Frederick Barclay after receiving their knighthoods in 2001 Kevin Delaney, of Sark Estate Management, the company which administers the Barclays' properties on Sark, is due to return this week to see if the islanders still want them to be involved in some way in its affairs. The brothers decided to withdraw their £5 million-a-year investment after Sark's residents failed to back their...
  • London bloodbath after panic selling sweeps Asia

    10/10/2008 1:10:44 AM PDT · by Eurotwit · 11 replies · 954+ views
    Times Online ^ | October 10, 2008 | Times Online and Jane Macartney in Beijing
    London shares dropped more than 400 points in early trading this morning after a seventh day of devastating falls on Wall Street triggered panic selling across Europe and Asia. Within minutes of opening, the FTSE 100 index fell almost 10 per cent to its worst level since 2002, but within 30 minutes shares staged a mild rally which left the index of Britain's leading companies off 253 points at 4050. Bank shares took the brunt of the pain as markets gyrated with Barclays off 15.6 per cent, and HSBC down 4.3 per cent. BP fell 8 per cent and Royal...
  • Fury at $2.5bn bonus for Lehman's New York staff

    09/21/2008 9:08:36 PM PDT · by Tulsa Ramjet · 55 replies · 431+ views
    Time Online ^ | September 21, 2008 | John Waples and Danny Fortson
    STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza. The bonus, which has been described by London staff as a “scandal” has been pledged by Barclays Capital, the British-based bank that last week acquired Lehman’s American operation and took on 10,000 staff. The $2.5 billion (£1.4 billion) pot, which has been ring-fenced as part of the acquisition, has caused huge resentment among the 5,000 staff in the firm’s European and Middle Eastern operations who are not guaranteed to be paid after this month. There are, however,...
  • $ 2.5 BILLION Bonus at Lehman (OMG !!)

    09/21/2008 3:06:14 PM PDT · by LiveFreeOrDie2001 · 144 replies · 655+ views
    The Times Online ^ | Sept. 21, 2008 | John Waples and Danny Fortson
    Fury at $2.5bn Lehman bonus Nomura and Barclays table bids today for US giant’s London operation as bank’s administrator likens collapse to EnronJohn Waples and Danny Fortson STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza. The bonus, which has been described by London staff as a “scandal” has been pledged by Barclays Capital, the British-based bank that last week acquired Lehman’s American operation and took on 10,000 staff. The $2.5 billion (£1.4 billion) pot, which has been ring-fenced as part of the acquisition, has caused...
  • U.K.'s Brown Wants Lehman To Return Money to London Units

    09/20/2008 7:11:29 PM PDT · by BurbankKarl · 11 replies · 225+ views
    Wall Street Journal ^ | 9/20/08 | ALISTAIR MACDONALD and CARRICK MOLLENKAMP
    U.K. Prime Minister Gordon Brown said Saturday that he is working with U.S. authorities to get billions of dollars returned to Lehman Brothers Holdings Inc.'s London operations from the firm's U.S. business. Responding to questions at the start of his Labour Party's conference, Mr. Brown said he wanted to make sure the money was returned in the interest of the investment bank's U.K. employees. The transfer of $8 billion has become a target of inquiry by Lehman clients as well as PricewaterhouseCoopers LLP, which is overseeing the insolvency proceedings of Lehman units in London. Within the past several days, PricewaterhouseCoopers...
  • U.S. judge approves Lehman asset sale to Barclays

    09/20/2008 5:25:49 AM PDT · by Perdogg · 6 replies · 196+ views
    Yahoo UK ^ | 9.20.08
    A U.S. bankruptcy judge approved a revised version of Barclays' deal to purchase the core U.S. business of Lehman Brothers. In a Manhattan court hearing that started on Friday and lasted past midnight, U.S. Bankruptcy Judge James Peck approved the sale, saying he had found no better alternative for the assets Lehman sought to sell. "This week more than any other week since I was appointed to the bench I have felt the awesome power of this job," Peck told a packed Manhattan court room, at the end of a nearly seven-hour hearing
  • Barclays strikes deal for Lehman spoils

    09/18/2008 3:52:49 AM PDT · by Perdogg · 14 replies · 162+ views
    Financial Times UK ^ | Published: September 16 2008 14:23 | Last updated: September 17 2008 05:17
    Lehman Brothers has agreed to sell its North American investment banking and capital markets businesses for $1.75bn to UK lender Barclays, which will use the acquisition to boost its US investment banking prowess without having to assume Lehman’s crippling liabilities.
  • Bank Collapse Catastrophe Warning

    09/14/2008 7:39:42 PM PDT · by HAL9000 · 92 replies · 350+ views
    Sky News (excerpt) ^ | September 14, 2008
    The possible collapse of one of world's biggest investment banks could be "catastrophic" and lead to the "implosion" of the banking sector, Sky sources say. British bank Barclays had appeared to be the frontrunner to take over the struggling Lehman Brothers but has pulled out of the bidding, a source close to the deal said. And a consortium led by the Bank of America is reported to have also dropped out. ~ snip ~
  • Lehman Heads Toward Brink as Barclays Ends Talks

    09/14/2008 12:51:32 PM PDT · by jimbo123 · 30 replies · 146+ views
    NY Times ^ | 9/14/08 | BEN WHITE and JENNY ANDERSON
    Unable to find a savior, the troubled investment bank Lehman Brothers appeared headed toward liquidation on Sunday, in what would be one of the biggest failures in Wall Street history.
  • Barclays Walks from Lehman Deal

    09/14/2008 12:48:11 PM PDT · by jimbo123 · 12 replies · 122+ views
    The fate of Lehman Brothers Holdings Inc.'s darkened early Sunday afternoon with Barclays PLC, the sole remaining bidder for the 158-year-old Wall Street firm, telling federal regulators that it is walking away from a transaction, people familiar with the matter say. The situation was rapidly evolving, and it's possible Barclays or another bidder would emerge to save Lehman before markets opened Monday. But with the government balking at putting any taxpayer money at risk for Lehman, the likelihood of a transaction was dimming. That would leave an orderly liquidation as the most likely scenario, a dramatic outcome for a once-powerful...
  • Barclays Emerges as a Leader In Talks Over Lehman Brothers

    09/14/2008 7:27:48 AM PDT · by jimbo123 · 1 replies · 98+ views
    Barclays PLC, the U.K.'s third-largest bank, is emerging as a leading contender for Lehman Brothers Holdings Inc. as discussions continued Sunday in London and New York in what is a highly fluid and pressure-charged environment. A sale of Lehman to either Barclays or Bank of America Corp. remained dependent on government financial support, according to people familiar with the situation. According to these people, Barclays appeared to be moving more aggressively in trying to find a way to complete a deal.
  • BofA, JC Flowers, CIC plan joint Lehman bid

    09/12/2008 10:32:23 AM PDT · by rabscuttle385 · 8 replies · 144+ views
    Financial Times ^ | 2008-09-12 | Henny Sender, Francesco Guerrera, & Peter Thal Larsen
    Bank of America, JC Flowers & Co, the financial investor, and China Investment Co, the Chinese sovereign wealth fund, are considering a possible joint bid for Lehman Brothers, the embattled Wall Street bank. According to people familiar with the matter, the BofA-led group is among those examining a rescue of Lehman, which is racing to find a buyer after shareholders, creditors and counterparties gave a thumbs-down to its efforts to survive as an independent entity. Barclays, the UK bank, is also interested.
  • Qatar: Small state with a big fund buys British

    06/27/2008 9:29:24 PM PDT · by bruinbirdman · 9 replies · 238+ views
    The Telegraph ^ | 6/28/2008 | Helen Power
    There are fewer than a million people in the tiny Gulf state of Qatar and fewer than 200,000 of them are ethnic Qataris. Yet this week a state fund that invests on behalf of the Qatari people and a private fund owned by the country's prime minister and his family agreed to buy nearly 8pc of Barclays, a bank with a market cap of almost £20bn. And for the state fund, a billion or so on Barclays is small change. The Qatar Investment Authority (QIA) already has $60bn (£29bn) of assets and expects to spend billions of pounds more overseas...
  • Barclay's Accused Of Giving Robert Mugabe 'Financial Lifeline'

    06/13/2008 8:40:49 PM PDT · by blam · 5 replies · 71+ views
    The Telegraph (UK) ^ | 6-14-2008 | Maurice Gerard
    Barclays accused of giving Robert Mugabe 'financial lifeline' By Maurice Gerard Last Updated: 3:06am BST 14/06/2008 Barclays Bank is being accused of giving Robert Mugabe's government a "financial lifeline" in the run-up to Zimbabwe's presidential election, it emerged yesterday. A Barclays spokesman said the bank provided essential services to ordinary Zimbabweans Barclays' Zimbabwean subsidiary lent the Mugabe regime $46.4 million (£23 million) last year through its purchase of government and municipal bonds and is one of the main contributors to a government-run loan scheme for farm improvements, the Agricultural Sector Productivity Enhancement Facility (Aspef). At least five ministers have received...
  • Barclays Capital writes off US$2.7B of subprime losses, less than anticipated

    11/17/2007 11:28:49 PM PST · by BGHater · 181+ views
    The Canadian Press ^ | 16 Nov 2007 | Canadian Press
    LONDON - Barclays Group PLC took a US$2.7 billion writedown for losses on securities linked to the U.S. subprime mortgage market collapse - less than the market had expected - in a surprise trading update Thursday. Barclays, which was not due to provide an update until later this month, revealed the loss in its Barclays Capital investment unit following investor criticism over its silence and after market rumors over the past week of a much larger writedown weighed heavily on its share price. Shares in the bank jumped more than six per cent after the update showing a 500 million...
  • Zimbabwe proposes black-run firms

    06/25/2007 8:54:02 AM PDT · by TLI · 37 replies · 1,045+ views
    BBC News ^ | Monday, 25 June 2007 | BBC
    President Robert Mugabe's government has published a bill to move majority control of "public companies and any other business" to black Zimbabweans. The goal is to ensure at least a 51% shareholding by indigenous black people in the majority of businesses. Critics say it could hurt investor confidence in Zimbabwe, suffering from the world's highest inflation and food, fuel and foreign currency shortages. Now the Indigenisation and Economic Empowerment Bill will go to parliament.