Like what you've read?

On Line Opinion is the only Australian site where you get all sides of the story. We don't
charge, but we need your support. Here�s how you can help.

  • Advertise

    We have a monthly audience of 70,000 and advertising packages from $200 a month.

  • Volunteer

    We always need commissioning editors and sub-editors.

  • Contribute

    Got something to say? Submit an essay.


 The National Forum   Donate   Your Account   On Line Opinion   Forum   Blogs   Polling   About   
On Line Opinion logo ON LINE OPINION - Australia's e-journal of social and political debate

Subscribe!
Subscribe





On Line Opinion is a not-for-profit publication and relies on the generosity of its sponsors, editors and contributors. If you would like to help, contact us.
___________

Syndicate
RSS/XML


RSS 2.0

Barclays in hot water: the Qatar connection

By Binoy Kampmark - posted Friday, 23 June 2017


The heads at Barclays could certainly point out the fate of the Royal Bank of Scotland. The RBS, having accepted the government as virtual majority owner after the bailout run, saw decisions made on its investment bank. The battle between financial-driven desire and taxpayer directed interests persists as an ideological hallmark of the modern market system.

A considerable problem in this affair is whether the SFO is up to the task. The body's record on keeping financial deviancy in check is patchy, even lamentable. Attempts to prosecute alleged manipulations of the Libor system, the benchmark interest rate, have shown it up as a body with less than sharp teeth.

The office will have to assess whether the regulatory bypassing by the Barclays executives was tantamount to illegality, or something short of it. Was this merely exotic round tripping, with transactions that were not entirely connected? The pudding has yet to be baked, but evidence is strong.

Advertisement

The SFO will also have to convince such figures as Jonathan Pickworth of the law firm White & Case, who argues that prosecuting a former management team over decisions made "years ago" would merely "hurt the current shareholders and today's hardworking employees."

The spin in such arguments turns banking organisations into noble toilers who defend, rather than undermine, the public interest. Having crossed their Rubicon, the SFO will test the viability of a system that may well have legislative backing, but has, thus far, failed to yield much by way of results.

  1. Pages:
  2. 1
  3. Page 2
  4. All


Discuss in our Forums

See what other readers are saying about this article!

Click here to read & post comments.

5 posts so far.

Share this:
reddit this reddit thisbookmark with del.icio.us Del.icio.usdigg thisseed newsvineSeed NewsvineStumbleUpon StumbleUponsubmit to propellerkwoff it

About the Author

Binoy Kampmark was a Commonwealth Scholar at Selwyn College, Cambridge. He currently lectures at RMIT University, Melbourne and blogs at Oz Moses.

Other articles by this Author

All articles by Binoy Kampmark

Creative Commons LicenseThis work is licensed under a Creative Commons License.

Article Tools
Comment 5 comments
Print Printable version
Subscribe Subscribe
Email Email a friend
Advertisement

About Us Search Discuss Feedback Legals Privacy