On Burning Bankers (1/7/2012)

Once upon a time there were a bunch of bankers who had made themselves very, very rich. Granted special privileges by the highest authorities in their sphere of influence, they were frequently exempt from local laws and taxes. Over time they developed a goodly number of tricks to avoid even the laws to which they were expected to comply, mostly by doing exactly the thing they weren’t supposed to and calling it something else. Distrusted by the population at large for their mysterious and secretive ways, they made themselves indispensable to the rulers of their time, though the states they ruled were destitute with population taxed to the point of open revolt.

As a result of Barclays’s admission of its misconduct, its extraordinary cooperation, its remediation efforts and certain mitigating and other factors, the department agreed not to prosecute Barclays for providing false LIBOR and EURIBOR contributions, provided that Barclays satisfies its ongoing obligations under the agreement for a period of two years. The non-prosecution agreement applies only to Barclays and not to any employees or officers of Barclays or any other individuals.

In the case of the Templars, when Philip IV turned on them, a lot of bankers were burned at the stake. Just quietly noting that interesting fact. Not that Philip IV was any better, all things considered. The “great treasure” of the Templars was supposedly shipped in secret to Nova Scotia. This is obviously a daft notion – clearly they took it to the Cayman Islands.

One Response to “On Burning Bankers (1/7/2012)”

  1. Michael says:

    One of my co-workers has an aqaintance who because they are in the banking business get a BOE rate loan (0.5%) which they then shove into another bank pocketing the 3% interest for doing nothing. They are supposed to be lending money to get the economy going again! not lining their own pockets!

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