Posts Tagged ‘bob diamond resigns’

Barclays CEO Bob Diamond Resigns-Bank Sandal In UK And Soaring Unemployment In The Eurozone

July 3rd, 2012 Comments off

Barclays, one of the major British banks, is plagued with scandal following revelations that it had manipulated the Libor (interbank lending rates) over a four year period. Barclays has had to pay a fine of almost half a billion dollars to UK and U.S. banking regulators, but the deepest cost has been to its reputation. Bob Diamond, CEO of Barclays, has been forced to resign amid growing calls for a high-level inquiry into the banking scandal.

A banking scandal in the UK,  the growing insolvency of banks throughout the Eurozone (requiring massive-and ultimately unaffordable public bailouts) and the revelations that JP Morgan Chase in the U.S. lost billions of dollars on a trading “error” ( the loss, according to some reports, could eventually top $9 billion)only hint at the volatility of the global financial sector four years after the collapse of Lehman Brothers. On top of the dreadful state of banking in Europe and the United States, the latest statistics reveal that the Eurozone is afflicted with record high levels of unemployment. On both the financial and economic front,  the evidence is accumulating that the massive debts accumulated by the sovereigns in the wake of the global economic and financial crisis of 2008 have neither  transformed risky banking practices nor resolved crippling unemployment. The long-term outlook is far from favorable.



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On Wall Street, a secretive group of investors plan on making the ultimate snuff movie (a snuff movie is an erotic film in which one of the performers is murdered in front of the camera). Their goal: massive financial returns on their investment. Their plan: kidnap a female celebrity and have her tortured and killed before a live Internet audience. Wall Street greed, financial power, the Federal Reserve and corrupt politics come together in the explosive thriller by Sheldon Filger, “Wall Street Kills.”