Barclays turns to Sullivan as backlash over Libor scandal intensifies By Margaret Taylor 2 March 2009 00:00 17 December 2015 12:51 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 28 June 2012 at 19:26 What about BarCap’s supremely confident ex GCs, Jonathan Hughes and Jake Scrivens? Why, they went into “the business”. Reply Link Ben 29 June 2012 at 10:37 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. Reply Link Dan 29 June 2012 at 11:08 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. Reply Link Alf 29 June 2012 at 11:36 Dan, I think Ben might have been joking. Reply Link Anon 29 June 2012 at 11:37 Sarcasm alert, Dan. Reply Link Ben 29 June 2012 at 12:03 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. Reply Link Dan 29 June 2012 at 12:17 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! Reply Link Anonymous 29 June 2012 at 12:23 Ben, correction, plausible* Reply Link James Keenan 29 June 2012 at 14:33 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. http://www.locconsulting.co.uk Reply Link Anonymous 29 June 2012 at 16:43 ^ 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…. Reply Link Anonymous 2 July 2012 at 13:07 And lets see the executives trot out their ‘ ‘I am a dumb ass defense’ – ‘we didn’t know the underlings were doing it’ – meanwhile looking for someone to throw over the railing. Reply Link Sean 13 August 2012 at 06:58 Barclays has total lack of honesty, they have ripped everyone off and yet they continue to practice the game of pressure in there collection process for passed due credit card accounts. Can anyone point me in the direction of a group going after them for there equally criminal credit card interest rate and APR manipulations? I wish to join in such a suit that is happening in California. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.