July 3, 2012
Tags: banking, barclays, economic manipulation, fraud
Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“…the manipulation of money and goods is soon to be revealed as the main method of control imposed upon society by the Antichrist.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
The chief executive of Barclays is out after allegations that he was involved with a scheme to manipulate interbank lending rates. Although the government could not produce evidence that Bob Diamond was personally involved with the scheme, Diamond was encouraged to resign to keep from “damaging the franchise.”
The resignation comes a week after Barclays bank was fined over $455 million for attempting to manipulate the rates that banks lend money to each other. Shares for the bank fell over 15% following the announcement of the attempted manipulation.
Barclays chairman Marcus Agius resigned yesterday.
The British government has announced two separate investigations due to the incident. One involves Libor (the interbank lending process) and the other banking standards.
Regulators say that Barclays artificially raised the interest rates to gain profits and then once the economy took a downturn reduced the rates to hide the amount of financial stress upon the bank.