Barclays turns to Sullivan as backlash over Libor scandal intensifies

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  • What about BarCap's supremely confident ex GCs, Jonathan Hughes and Jake Scrivens?

    Why, they went into "the business".

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  • These chaps would never act fraudulently. They're all good eggs, what?

    In my experience, low ranking employees frequently commit fraud without any instructions from management in order that their multinational employer is able to borrow at lower rates. It's a little like dozens of journalists going off and all hacking phones without the knowledge of their editors. All completely plausable.

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  • I think it depends on your definition of the 'low ranking employees' which you say are frequently committing fraud without instruction from management.
    As far as I am aware, these 'low-ranking employees' do not have the means to alter such significant data, such as the Libor Rate. Moreove, I seriously doubt that 'low-ranking' journalists would benefit from having a casual phone-hacking kit at their disposal.
    In conclusion, it's certainly not the case that 'low-ranking employees' are involved in this in anyway. I think perhaps Ben has forgotten what 'low-ranking' means from up there in his Ivory Tower...
    I am not saying that this is some sort of fraudulent scheme set up by the full cohort of upper-management at the firm (as I am aware that certain high-ranking individuals would be unaware of the manipulation), I simply maintain that those with the means to manipulate the financial market in such ways are unlikely to end up being a sneaky little 'low-ranking' Customer Services Assistant, while his manager remains oblivious.

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  • Dan, I think Ben might have been joking.

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  • Sarcasm alert, Dan.

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  • Er, Dan, I was being (rather obviously) sarcastic.
    The chances of upper-managment not knowing this is absurdly small, as I am sure we will soon discover unless there is a massive settlement package on the table.

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  • Oops. I went back after I had sumbitted and realised my error. I failed to register the sarcasm due to being so outraged that anyone could suggest such a thing haha.
    My mistake Ben, sorry about that!

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  • Ben, correction, plausible*

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  • In today’s culture of public scrutiny, organisations can ill afford to be complacent when it comes to addressing compliance issues. It is vital that those who fall under public scrutiny for perceived wrong doing to not only take corrective action and are able to demonstrate that they are taking the right corrective action that will deliver long-term, effective change. Although a failure in process or technology is often blamed, in many cases a deeper analysis reveals culture to be the underlying issue. Failure to address the underlying culture risks the same issues arising again in another format and this applies to companies, business programmes or projects.

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  • ^ so endeth the sermon
    "organisations can ill afford to be complacent when it comes to addressing compliance issues
    and are able to demonstrate that they are taking the right corrective action that will deliver long-term, effective change."
    Doesn't that depend on how much you make compared to what you pay in fines and whether or not you really care what the public think....

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