{"id":30994,"date":"2018-02-14T07:54:39","date_gmt":"2018-02-14T12:54:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30994"},"modified":"2018-02-14T07:54:39","modified_gmt":"2018-02-14T12:54:39","slug":"another-big-british-bank-lands-in-deep-trouble","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30994","title":{"rendered":"Another Big British Bank Lands in Deep Trouble"},"content":{"rendered":"
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Another Big British Bank Lands in Deep Trouble<\/a><\/h3>\n<\/header>\n
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Barclays faces a criminal trial in the UK.\u00a0Last week it was RBS.\u00a0<\/strong><\/p>\n

Now, it\u2019s the UK\u2019s second-largest bank Barclays\u2019 turn to face the music.\u00a0A week ago, it was the UK\u2019s third-largest bank, state-owned Royal Bank of Scotland, that faced one of its biggest scandal yet after whistle-blowers accused the bank of systematically forging customer signatures<\/a>. RBS also faces the prospect<\/a> of a multi-billion dollar fine for the way it sold residential mortgage-backed securities during the lead up to the Financial Crisis.<\/p>\n

On Monday, the UK\u2019s Serious Fraud Office (SFO) announced<\/a> that it was charging Barclays for a second time over a deeply suspicious \u00a32.2 billion ($3 billion) loan it issued in 2008 to Qatar. To avoid a government bailout, Barclays took a \u00a312 billion loan from Qatar Holdings, which is owned by the state of Qatar. Under that deal, Barclays loaned \u00a32.3 billion back to Qatar Holdings, which allegedly was then used to buy shares in Barclays. If true, it would amount to \u201cunlawful financial assistance,\u201d the SFO says.<\/p>\n

Barclays is the first British bank to face a criminal trial in the UK related to its conduct during the Financial Crisis. The fresh charge<\/a> of \u201cunlawful financial assistance\u201d comes after charges were brought against Barclays\u2019 holding company and four former executives last July.<\/p>\n

Founded in 1690, Barclays is one of the world\u2019s oldest banks. As the Financial Times<\/em> notes<\/a>, the original lender was established on a bedrock of honesty, integrity and plain dealing \u2014 a reflection of the sober values of the Quaker families that founded the bank. Today, things could not be more different. The bank now boasts one of the longest rap sheets of any bank in Europe, which \u2014 given the pedigree of the local competition, including Deutsche Bank, HSBC, RBS, UBS, BNP and Credit Suisse \u2014 is no mean feat.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Another Big British Bank Lands in Deep Trouble Barclays faces a criminal trial in the UK.\u00a0Last week it was RBS.\u00a0 Now, it\u2019s the UK\u2019s second-largest bank Barclays\u2019 turn to face the music.\u00a0A week ago, it was the UK\u2019s third-largest bank, state-owned Royal Bank of Scotland, that faced one of its biggest scandal yet after whistle-blowers […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,1838,93,5660,312,820,2080,4255],"class_list":["post-30994","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-barclays","tag-britain","tag-don-quijones","tag-financial-crisis","tag-uk","tag-united-kingdom","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30994"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30994\/revisions"}],"predecessor-version":[{"id":30995,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30994\/revisions\/30995"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}