Keyword: barclays
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The controversial ex-CEO of Barclays will pay a major fine after texts and emails showed the extent of his relationship with the financier and sex offender Jeffrey Epstein. Jes Staley, who ran the major U.K. bank between 2015 and 2021, was hit with a £1.8 million ($2.2 million) fine by the U.K.'s Financial Conduct Authority (FCA) and banned from holding senior positions in the financial services industry. The FCA released a 79-page dossier outlining its extensive three-year investigation into the U.S. banker’s ties with Epstein. Epstein pleaded guilty in 2008 to charges including soliciting sex from girls as young as...
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Barclays Bank – one of the top 20 in the world – has paid more than $25,000 in compensation to Dr. Mike Davidson, an executive of a Christian trust, after arbitrarily closing the charity’s bank accounts due to pressure from LGBTQ+ activists. Activists claimed the Core Issues Trust and the International Federation for Therapeutic and Counseling Choice were pushing “conversion therapy” onto people who voluntarily seek to change their sexual preferences or gender identities. Barclays – a leading sponsor of London’s gay pride parade – succumbed to the pressure and sent a letter to Davidson, notifying him of the bank’s...
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A vast trove of Jeffrey Epstein's private calendars and emails are being revealed today by DailyMail.com. The hundreds of pages in the files give an unprecedented insight into the late pedophile's extraordinary network of power and influence. Among the revelations is that Epstein appeared to know personal details about the marriage of Bill Gates and his ex-wife Melinda – while magician David Blaine had numerous dinners with the financier.
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Former Barclays boss Jes Staley has been accused of sexually abusing a woman at Jeffrey Epstein’s Virgin Islands retreat, according to a new court ruling. Staley, a former private banking chief at JP Morgan, is alleged to have ‘used aggressive force in his sexual assault of [anonymous victim ‘JPM Jane Doe’] and informed [her] that he had Epstein’s permission to do what he wanted to her,’ the ruling, filed on Monday, states. The explosive revelation – the first direct accusation of sexual assault against Staley at the behest of Epstein – is part of a ruling issued by US District...
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A British family of five has been forced into poverty after their bank froze all their accounts when an error left them $2.1 million overdrawn. The Livermore family have been forced to go to food banks and live off handouts from friends and relatives for nearly a month after a blunder by Barclays left them $700,000 overdrawn on each of their three accounts. Paul and his wife, Kayleigh, both 31, have struggled to provide for their three children, ages 11, 8 and 7, for almost a month after the mistake on Easter Monday, which is a national holiday in the...
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From:doug@presidentclinton.com To: john.podesta@gmail.com, jpodesta@americanprogress.org, vbjorklund@stblaw.com, dreynolds@clintonemail.com, jreynoso@stblaw.com, terry@tdmca.com more Date: 2011-11-18 12:49 Subject: Fwd: Please see the attached memorandum on the Foundation and Teneo. Hannah/Justin, please print a copy for President Clinton. As always, I am available anytime to discuss this or anything. Thank you, Doug
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ICBC Standard Bank PLC said on Monday it is buying a precious-metals vault from Barclays PLC’s, in the latest move by the Chinese bank to increase its role in the market’s infrastructure. The move makes parent ICBC, the world’s biggest bank by assets, the first Chinese lender to own a vault in London and extends its influence in precious metals from pricing to storage. With China the largest consumer of many metals, the country’s banks have increasingly bid to own or help run the infrastructure in these markets. China accounts for more than a quarter of global gold demand, but...
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U.S. Secretary of State John Kerry tried Thursday to reassure European banks they won’t be penalized for conducting or facilitating business with Iran, as he worked to address Tehran’s grievance that businesses are still staying away despite the nascent nuclear deal. At an unusual meeting in London, the top U.S. diplomat joined Britain’s top commerce official to challenge what Kerry called “misinterpretations or mere rumors” about U.S. sanctions on Iran, the most sweeping of which were lifted in exchange for Iran rolling back its nuclear program. The list of banks whose leaders attended was a Who’s Who of powerful financial...
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With countless settlements documenting the rigging of every single asset class, it was only a matter of time before the regulators - some 10 years behind the curve as usual - finally cracked down on gold manipulation as well, even though as we have shown in the past, central banks in general and the Fed in particular are among the biggest gold manipulators. That said, we are confident by now nobody will be surprised that there was manipulation going on in the gold casino. In fact, ever since Germany's Bafin launched a probe into Deutsche Bank for gold and silver...
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-snip- As president of the United States, I will use all the powers of my office to disrupt the political culture of a dysfunctional Washington, D.C. We need to clean house and it must start by eliminating the crony capitalism that is pervasive throughout the federal government. There are tens of billions of dollars of corporate welfare subsidies tucked into the federal budget. -snip- The influence peddling industry in Washington will fight every step of the way to defend their fiefdoms and special favors. It is going to take a president with a stiff spine and a proven record of...
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For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...
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Barclays told customers who chose to trade in its dark pool that they would be protected from “predatory traders,” which use their speed advantage to deprive other investors of small profits on every trade. But in fact, customers were not protected at all, and the bank in fact courted predatory high-frequency traders in part by charging them virtually nothing, New York Attorney General Eric Schneiderman alleged. “Barclays grew its dark pool by telling investors they were diving into safe waters,” Schneiderman said. “Barclays’ dark pool was full of predators – there at Barclays’ invitation.” Barclays said in an emailed statement,...
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A couple of readers asked me to comment on the news Regulator Fines Barclays Over the Pricing of Gold. A British financial regulator has fined Barclays $43.9 million after accusing a former trader at the bank of improperly influencing gold prices at the expense of a customer. The F.C.A. also fined the former Barclays trader, Daniel James Plunkett, £95,600 and barred him from participating in any regulated financial activity. The authority said Mr. Plunkett, who settled with it, had profited at the expense of a customer, who was later fully compensated by Barclays. Mr. Plunkett’s improper conduct occurred on June...
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As it sought to recruit well-heeled investors, an untested and unprofitable Miami company named InnoVida brought aboard a trusted Florida figure in 2007: Jeb Bush, the former governor and the brother of a sitting president. For potential stockholders, the imprimatur of Mr. Bush, who joined InnoVida as a paid consultant and a member of the board of directors, conferred credibility on the young start-up. That credibility did not last long. It turned out that the leaders of InnoVida, a manufacturer of inexpensive building materials, had faked documents, lied about the health of the business and misappropriated $40 million in company...
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With JPMorgan and Deutsche Bank having exited the commodities business (and numerous other banks discussing it ahead of the Fed and regulators' decisions over banking rules of ownership), it appears a few short months of regulatory scrutiny is enough to warrant more broad-based cuts across bulge-bracket banks historically most manipulated and profitable business units. As The FT reports, Barclays, one of the world’s biggest commodities traders, is planning to exit large parts of its metals, agricultural and energy business in a move expected to be announced this week. This comes on the heels of Barclays shuttering its power-trading operations...
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Barclays is preparing a radical overhaul of its troubled investment bank in a move which is expected to result in thousands of job cuts, adding to pressure on the division’s two heads. The shake-up comes amid growing investor disquiet about the bank’s decision to increase bonus payments by 10 per cent to a total of £2.4bn last year in spite of a one-third fall in its pre-tax profits. Shareholders are also unhappy about rising costs and falling profits at the investment bank, which is jointly run by Tom King in the US and Eric Bommensath in Europe. The new strategy...
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It was less than a month ago when Barclays announced it would fire 12,000 workers after posting abysmal earnings with Q4 banking income crashing 37% and overall income sliding 9%. So, one would think, its employees would be punished with lower pay - those that are lucky enough to keep their jobs of course. One would be wrong. Reuters just reported that 481 of Barclays employees were paid 1 million pounds ($1.7 million) or more last year, 53 more than in the year before, and most of them were based in the United States.The headscratcher continues: Barclays said 57...
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It is not easy for one bank to anger more people with one announcement than what Barclays did in the past 24 hours. In one fell swoop, the British bank infuriated shareholders after announcing dismal earnings (an adjusted Q4 profit of about 200 million pounds and a statutory profit of less than 100 million as investment banking income slumped 37% as income fell 9% to 10.7 billion due to a fall in fixed income, and it took further charges related to a cleanup of the banking industry in the wake of the 2008 financial crisis) which sent the share...
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Barclays Bank is reeling from an unprecedented security breach after thousands of confidential customer files were stolen and sold on to rogue City traders. In the worst case of data loss from a British High Street bank, highly sensitive information, including customers’ earnings, savings, mortgages, health issues and insurance policies, ended up in the hands of unscrupulous brokers. The data ‘gold mine’ - also containing passport and national insurance numbers - is worth millions on the black market because it allowed unsuspecting individuals to be targeted in investment scams.
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Over the past few years, British businesses operating in America have learned the hard way exactly how brutal the US can be when things go wrong. British banks have had to pay billions of dollars in fines to settle investigations by US regulators, ranging from allegations that Barclays rigged LIBOR to claims that Standard Chartered breached US sanctions against Iran. … The US Department of Justice has hardly given JP Morgan an easy ride of late. Last week, America’s biggest bank was fined $5.1 billion, most of which related to wrongdoing at Bear Stearns and Washington Mutual, companies JP Morgan...
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