barclays will ge coming out with trading update on 07.05.2009 It is expected to report profits higher than market expectations.

A good Buy Medium to Long term

Would be tempted to have a punt at somewhere around 140p.

12 month low is 133.90p :-)

UK drafts in fraud squad as Libor fine hits Barclays

LONDON | Thu Jun 28, 2012 4:03pm BST
(Reuters) - Britain said on Thursday it had brought in the fraud squad to investigate possible crimes and would tighten laws over attempts to manipulate lending rates, a scandal which has engulfed Barclays and is expected to spread to other banks.

Shares in Barclays tumbled as much as 18 percent at one point by midday trade, wiping out 4.2 billion pounds from its share price - the biggest one-day fall since 2009, according to Reuters data. Shares were down 14.8 percent at 3.23 p.m.

Shine on you crazy diamond

The boss of Barclays has insisted he will not resign after staff rigged the key lending rate between banks.

Bob Diamond was speaking at a meeting of analysts at US bank, Morgan Stanley.

And in a letter agreeing to give evidence to MPs, Mr Diamond condemned the inappropriate behaviour of a "small number" of employees who had tried to make profits for their own benefit.

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fill yer boots , dyor blah blah ... u in yet skinny ?

..Barclays Group Chairman 'To Stand Down'
Sky News – 2 hours 2 minutes ago.........Related Content.
....Sky sources say Marcus Agius is going to resign tomorrow as the group chairman of Barclays following the row over fixing of the inter-bank lending rate.

The bank's chief executive Bob Diamond is due to be questioned by MPs about the affair on Wednesday.

..Barclays chairman Marcus Agius to step down

By Philip Aldrick | Telegraph – 14 minutes ago
The interest rate rigging scandal at Barclays (LSE: BARC.L - news) will claim its first casualty on Monday with the departure of chairman Marcus Agius.

Mr Agius is expected to announce his intention to step down in the wake of fierce shareholder and political pressure over the bank’s “misconduct”. Barclays was fined a record £290m last week for attempting to manipulate the inter-bank lending rate, Libor, between 2005 and 2009.

Shareholders, politicians and the public have been dismayed by the latest evidence of abuse within Britain’s financial industry and are clamouring for action.

At least two of Barclays’ leading shareholders have criticised management. Over the weekend, Vince Cable, the Business Secretary, urged investors to “get a stronger grip” and kick out bad directors in the wake of what he called “systemic abuse” at Barclays.

Lord Turner, chairman of the Financial Services Authority (FSA), said the scandal had been a “huge shock to the reputation of the banking industry” and that it had “justifiably angered people”.

Mr Agius, chairman for the past five years, is believed to be hoping his departure will serve as a lightning rod to conduct anger away from the bank and its chief executive Bob Diamond, who is facing calls to resign. He is expected to announce his intention to leave on Mondahy though it could be delayed briefly but to stay in place until a replacement is found to ensure an orderly succession.

Mr Agius, 65, a former investment banker at Lazard, had been planning to retire next year but shareholder fury over the Libor scandal and Mr Diamond’s pay package, which was opposed by almost a third of investors at April’s annual meeting, have convinced him to leave early. Shareholders have accused him of being too supine.

Sir Mike Rake, chairman of BT (LSE: BT-A.L - news) and Barclays’ senior independent director, is a leading candidate to replace him.

Mr Agius has been under pressure since Barclays was forced to cave in to investor outrage earlier this year and alter Mr Diamond’s £2.7m bonus. A top 20 shareholder told The Sunday Telegraph that “in recent years, the board, including the chairman, appear to have acted as agents of the executive rather than the top governing body”.

Barclays’ outgoing chairman is due to appear before the Treasury Select Committee to answer questions on the rate-fixing scandal on Thursday, the day after Mr Diamond is scheduled to be quizzed by MPs (BSE: MPSLTD.BO - news) . Mr Diamond is also under intense pressure.

The political establishment has refused to back the Barclays chief executive and Andrew Bailey at the Bank of England has suggested that senior management may have to be held accountable if the bank is to regain trust. Leading shareholders have also said Mr Diamond should go.

News of Mr Agius’s imminent departure came as it emerged that the US Federal Bureau of Investigation is investigating the 14 Barclays traders at the heart of the rate scandal. The threat of criminal prosecutions in the US has sparked a debate about the UK response. Lord Turner argued for so-called “more heads will roll” powers for UK regulators. “Steps were made a few years ago to give us the ability to bring criminal charges in areas of market abuse, but they did not cover the Libor market,” he said. “ It has been a gradual strengthening over time, but I don’t think it’s gone far enough.”

Other banks are expected to be caught up in the scandal. Royal Bank of Scotland sacked four traders last year over their alleged role in Libor fixing. Lloyds Banking Group (LSE: LLOY.L - news) has also disclosed it dismissed staff over the issue.

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Dil - bought in this morning and just sold half for +10 :-)

libor .does not affect 99% of the world but the BOE keeping interest rates down
to save the housing market is the biggest crime to hit the uk .
the BOE have destoyed the savers . the housing market should of been allowed to
fail . not save them by destoying savers . M KING should be in prison

why is it that you can go to 5 banks and get 5 rates .

M KING should be in prison . Tanker what are you.

honest .
I SEE the royal family is not suffering with the cut backs .
we are all in it together .[bollocks is it not]

Wasn't the Royal yacht sold and not replaced because of the recession?

"M KING should be in prison".. He's already done a stretch: See Link (towards the end of the opening para).

http://en.wikipedia.org/wiki/Marlon_King">http://en.wikipedia.org/wiki/Marlon_King">http://en.wikipedia.org/wiki/Marlon_King

I'm waiting for 250p again skinny , don't wanna be too greedy :-)

Diamond gone!

Barclays chief executive Bob Diamond has resigned with immediate effect.

The move follows the resignation of chairman Marcus Agius and comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates.

Mr Diamond said he was stepping down because the external pressure on Barclays risked "damaging the franchise".

The prime minister has described the rigging of Libor rates as "a scandal".

"I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth," Mr Diamond said in a statement.

He will still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday.

"I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," Mr Diamond said.

Last week, regulators in the US and UK fined Barclays £290m ($450m) for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.

Staff did this over a number of years, trying to raise them for profit and then, during the financial crisis, lowering them to hide the level to which Barclays was under financial stress.

The Serious Fraud Office is also considering whether to bring criminal charges.

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nice to see you back herman, have you finished deleting your posts?

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