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British prosecutors at the Serious Fraud Office spent seven long years building a case that four Barclays executives, including the then-CEO (for those keeping count, this was four CEOs ago) and the bank itself, essentially bribed the Qatari Ministry of Finance to bail it out during the financial crisis, so it didn’t have to humiliate itself like RBS by prostrating before its own ministry of finance. Considering that the alleged scheme wasn’t all that complicated—the bankers were accused of offering a few hundred million in advisory fees and a $3 billion loan facility in exchange for a $15 billion capital infusion, and then failing to disclose/lying about it—seven years seems like a long time to spend connecting the dots. Too long, in fact. This awful realization probably began to dawn on the SFO two years ago, when its charges against Barclays itself were junked, with the real foreboding setting in last year, when the aforementioned ex-CEO, John Varley, was acquitted. And now, the horrible denouement: The SFO really did spend seven years and undoubtedly a not insignificant amount of taxpayer money for nothing.

A jury acquitted three former Barclays executives of fraud charges related to the British bank’s efforts to raise $15 billion worth of financial lifelines from Qatar and other investors during the 2008 global financial crisis…. The lengthy investigation, which has lasted for over seven years, was the first criminal trial in Britain over actions bankers took during the crisis.

Seems safe to say there won’t be another?

3 Former Barclays Executives Are Cleared of Fraud Charges [NYT]


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Barclays Execs Knew Nothing Of Woman Claiming To Have Arranged $15B Qatari Capital Infusion—Other Than That She Was A ‘Tart’

Oh, yes, and perhaps had something to do with the sale of Britain’s most successful soccer team? It rings a bit of a bell, now that you ask about it in lawsuit form.

Play ball! (Again!) By Scott Thornbloom ( [Public domain], via Wikimedia Commons

Ex-Barclays Traders Get To Go To Court Again Over Alleged Libor-Rigging

Which is apparently the prize you win after an 11-week trial that ends without a verdict.

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Barclays Business Model Of Fraudulent Misrepresentation, Serious Deceit Legal Under British Law

You can say and do whatever you want to a dolly-bird tart in old Blighty, as long as she can’t raise the money you need.

No, wait! Put it back!

John Varley Gets Some Good News

The former Barclays CEO has the faith of the courts that he’s not mulling a Brexit.

No, wait! Put it back!

SFO Adds Some Existential Drama To Barclays Qatar Trial

Specifically, whether Barclays will have to find something to do other than being a bank. (Probably not.)

No, wait! Put it back!

Former Barclays Exec In Hot Water For Being Confused About Words Like "Bribe" And "Butthole"

Richard Boath reportedly calls bribes "bungs," and also doesn't know how bribes work.