RBS LIBOR fine

[Palfrem]

BBC News - Libor scandal: RBS fined £390m

So, 21 wrong-doers responsible.

I wonder how many will be charged with anything?

 

[Gollom]

BBC News - Libor scandal: RBS fined £390m

So, 21 wrong-doers responsible.

I wonder how many will be charged with anything?

And the thing that infuriates me? It will be US that suffer from increased charges and no doubt the bankers will get increased bonuses!!

And PLEASE don't tell me the fine will come totally out of profits

 

[Palfrem]

Quite right.

As a State owned bank this one has interested me since day 1 of the fan being hit.

I await more developments

 

[jpwilliams]

And the thing that infuriates me? It will be US that suffer from increased charges and no doubt the bankers will get increased bonuses!!

And PLEASE don't tell me the fine will come totally out of profits

I am at loss to understand why Organisations are often punished instead of the individuals who act beyond their remit or contrary to the required professional standards. In my view the offending individuals, if not acting under duress or undue influence, should be dismissed,fined personally,imprisoned, and struck off their professional register ( if they have one).
I have not heard/read of one Banker having been struck of their professional register, although that does not mean that none have.

And today we learn that no individual is to be blamed for what happened at Staffordshire Healthcare Trust !
My observations lead me to conclude that Organisations are inanimate objects which act through a collection of individuals who are keen to accept responsibility and accountability if it means a pay rise, but not if it means that their job is on the line.

Regards

 

[Red C220]

Who actually gets the £390 Million cash from the fine?

I know it says dept of justice blah blah - the government just stick it in the coffers?

 

[Charles Morgan]

£87million will go the UK FSA, to offset their running costs I assume, the rest goes to US authorities who are somewhat less tolerant of malefactors.

The organisation is always held responsible for failures by its employees like this - it is supposed to manage them and put systems in place to stop it.

Unfortunately manipulation of Libor was not a specific offence at the time the offences were committed in the UK, I suspect the US might well have a more punitive approach and some may well be off in an orange jumpsuit.

 

[redbaron]

It wont cost them 390m as they will write it off against tax...

 

[grober]

According to the BBC Scottish news the RBS has to pay a £303 million fine in the USA. Of course the exact sum will depend on the exchange rate extant at the time. That in turn might be dependant on the LIBOR rates current at the time--- Know what I mean Squire nudge nudge wink wink

 

[Satch]

Meanwhile, I note that 1200 people die through an endless list of errors and management failings in the NHS Mid Staffs. scandal and... nobody is to blame and nobody has been held to account by any Regulatory or Professional body.

 

[Palfrem]

Meanwhile, I note that 1200 people die through an endless list of errors and management failings in the NHS Mid Staffs. scandal and... nobody is to blame and nobody has been held to account by any Regulatory or Professional body.

This may need a new topic.

I note all the managers at the helm at the time have all secured other, more senior NHS posts.
If they had an ounce of decency, they'd resign from the NHS altogether.

 

[redbaron]

Meanwhile, I note that 1200 people die through an endless list of errors and management failings in the NHS Mid Staffs. scandal and... nobody is to blame and nobody has been held to account by any Regulatory or Professional body.

which rather puts some perspective on Libor or MP penalty points really.

 

[grober]

The man who ran the show just before, forgive the use of medical terminology here , the sh*t hit the fan----literally if the horrific reports are to be believed, is now Chief Executive for the entire English NHS. To infer he must be completely coated in Teflon is surely no small leap of the imagination ? NHS chief Sir David Nicholson faces judgment day over Mid Staffs scandal | Society | The Guardian
But what about the " dedicated"medical professionals - the people at the "coal face" who must have seen what was going on on a daily basis --- the nurses, the doctors, the consultants- were none prepared to put their career on the line for their patients? --- apparently not. They appear to emerge with very little credit from this debacle.failfailfail

 

[jpwilliams]

£87million will go the UK FSA, to offset their running costs I assume, the rest goes to US authorities who are somewhat less tolerant of malefactors.

The organisation is always held responsible for failures by its employees like this - it is supposed to manage them and put systems in place to stop it.

Unfortunately manipulation of Libor was not a specific offence at the time the offences were committed in the UK, I suspect the US might well have a more punitive approach and some may well be off in an orange jumpsuit.

Charles,
I am somewhat out of touch following my retirement 8 years ago ,but if I remember correctly the person responsible for Health& Safety was personally liable for such matters. Certainly the organisation was not without fault, but there was a personal responsibility accruing for what was a Statutory responsibility.
Regards

 

[st13phil]

But what about the " dedicated"medical professionals - the people at the "coal face" who must have seen what was going on on a daily basis --- the nurses, the doctors, the consultants- were none prepared to put their career on the line for their patients? --- apparently not.

There was a piece on exactly that point on the Today program as I was driving to work this morning. The gist of it was that the rest of the organisation made the life of anyone who questioned what was going on or who tried to report it for corrective action untenable through a mixture of bullying and threats. Most, if not all, who were subjected to this treatment ended up either silenced or hounded out of their jobs.

 

[grober]

There was a piece on exactly that point on the Today program as I was driving to work this morning. The gist of it was that the rest of the organisation made the life of anyone who questioned what was going on or who tried to report it for corrective action untenable through a mixture of bullying and threats. Most, if not all, who were subjected to this treatment ended up either silenced or hounded out of their jobs.

Perhaps this is now the time for the victims of such behaviour to step forward and start naming names in the press then. Otherwise it begins to sound like a convenient excuse. The people responsible should be made to pay for what is essentially criminal negligence.

to quote J F Kennedy:-

The only thing necessary for the triumph of evil is that good men do nothing.

 

[st13phil]

Perhaps this is now the time for the victims of such behaviour to step forward and start naming names in the press then.

Some already have. Helene Donnelly (who provided testimony to the public inquiry into the Mid Staffordshire trust) can be heard here.

 

[grober]

The EXECUTIVE SUMMARY of the report available here. http://cdn.midstaffspublicinquiry.com/sites/default/files/report/Executive summary.pdf

I would direct your attention to the Background / Section 4 paragraph and the first of the Analysis of Evidence sections and draw your own conclusions.

As I said:- The only thing necessary for the triumph of evil is that good men [ and women] do nothing.

 

[Palfrem]

Consultants and BMA very quiet

 

[Koolvin]

My RBS stocks are soaring at the moment, 52 week high a few days ago!