Tags: Barclays, confrontations, I will haunt you, men with resources, Olivier Desbarres, phones in asses, Singapore
Have you ever had construction going on nearby your home? Was it loud? Annoying? Did keep it keep you up in the middle of the night? Did you seriously consider opening your window and screaming “Hey! Shut the hell up down there!” or even confronting the people making all that racket face to face? Olivier Desbarres can relate. Or at least he can half relate. Because while most of you were probably talked out of making some sort of scene, either by your significant other or your own impulse control, on October 20th Desbarres decided to go in another direction, the one that involved introducing himself to the construction workers building a house near his own by screaming, “I’m gonna go after you, I will haunt you, I’m gonna burn your fucking house down, I will find your fucking family,” a task he noted would be fairly simple and straightforward (“I can find [them] very easily,” he explained, “I’m a man with resources”), in case there were doubts (a fairly reasonable concern, as there are a lot of people in Singapore and how were these guys supposed to know he had an army of Barclays researchers at his disposal?).
Still worried that the group wasn’t taking his threats seriously on account of the casual look he was sporting that morning– shorts and sandals– Desbarres then picked up some sheet metal and launched it in their direction, presumably to demonstrate he meant business.* Although that would have been a good time to make his exit, at that point Desbarres noticed that one of the men had been recording him without his consent, leading to: Read more »
Tags: Barclays, electricity, FERC, just gonna start day trading with no real thoughts on what the market is doing
What can we make of this Barclays FERC thing? Besides, like, ha ha ha Barclays you sure like manipulating things? Quick version is: the Federal Energy Regulatory Commission has proposed to fine Barclays $470mm for manipulating California electricity markets by uneconomically buying/selling spot physical electricity in order to manipulate up/down the settlement prices it received on its electricity swaps. Barclays disagrees, etc. You can find the FERC order if you look hard enough1 and I am not an energy-trading guy and I will tell you: I found it entirely incomprehensible! So there’s that.
One quick and obvious thing to make of all this is: remember how one problem with Libor is that, though it underlies zillions of dollars of real economic activity (mostly swaps and stuff, some loans), Libor itself has for years been a nearly purely made-up number, not based on any actual transactions, so you can magically manipulate Libor by just pointing and saying “I MANIPULATE THEE”? That is not true of, God, some sort of electricity price or something: Read more »
Tags: Barclays, bummers, Layoffs
Cuts are said to have gone down with more a-comin’. Read more »
Tags: Barclays, people who cover up their crimes by claiming to be hookers, plastic surgery, prison, prostitutes, Rachael Claire Martin
Breathe easy, friends of Bob Diamond and the guy who wrote “Anything for you, Big Boy,” as a response to the request, “Can you manipulate Libor for me today when you’ve got a sec? Thanks a mill.” In this case we speak of Rachael Claire Martin, the ex-Barlcays employee who used customer funds to pay for breast augmentations, dental work, liposuction, drugs, alcohol, shoes, and jewelry, despite initially telling authorities she covered the tricks and treats with money she earned engaging in sex for payment (an excuse anyone else facing questioning for their own alleged misconduct should feel free to test out). Read more »
Tags: Barclays, Bob Diamond, Brits, FSA
The regulator didn’t specifically suspect anything re: propensity for manipulating Libor, just a general feeling it couldn’t necessarily trust the guy, which Barclays chairman Marcus Agius conceded was not entirely off base. Read more »
Tags: Barclays, I decided I needed a complete make-over except this time I'd make-over my soul, Project Transform, quote mistakes unquote, reputational impact
Barclays will take the axe to its controversial tax structuring unit, as the UK lender seeks to clean up its image in the wake of a succession of scandals. The business, which at its peak may have generated as much as three-quarters of profits at Barclays’ investment banking operation, will be shrunk dramatically as part of the bank’s Project Transform under new chief executive, Antony Jenkins. Barclays’ actions comes as global banks from Goldman Sachs to Deutsche Bank are reviewing their business models in response to new regulations and government enforcement efforts. “We have to take a fresh look to see if there are products and services in which…we no longer deem it appropriate to do business, regardless of financial return,” Rich Ricci, Barclays investment banking chief, said in an address to investors on Monday night… All activities would in future be “screened for reputational impact” as well as profitability, Mr Jenkins said. “Our ability to build a franchise over time depends on our reputation,” he added, admitting the bank had made some “serious mistakes” in recent years. [FT via HeidiMoore]
Tags: Antony Jenkins, BarCap, Barclays, Bob Diamond, questions
Antony Jenkins said he will outline his plans for Barclays in the first quarter of next year. “The challenges that confront investment banking as an industry are driven by regulatory change and the economic environment,” the new CEO said by telephone today. “It requires us to think strategically about the direction of investment banking.” The investment bank is led by Rich Ricci, a Diamond appointee. With increased regulation from Europe and the U.K., volatile market conditions for mergers and acquisitions and continuing criticism of bankers’ pay by politicians, Barclays has faced calls from analysts and shareholders to either sell the division or reduce its size. “The Barclays Capital decade and Bob Diamond will be confined to history,” said Simon Maughan, a financial industry strategist at Olivetree Securities in London. “What investors want to see is far more dramatic cost cutting, and the question is will Jenkins be enough of his own man to do it. It’s not Barclays’s style.” [Bloomberg]