Barclays former CEO charged with Fraud in Qatar Fundraising

in #news7 years ago (edited)

Yet another sign of instability in our legacy banking environment has appeared in the news.  In what is claimed by the WSJ to be the first criminal charges brought against a UK bank for actions during the 2008 crisis, former Barclays CEO John Varley has been charged with fraud by the UK Serious Fraud Office.

Qatari investors provided money to the tune of $15 billion in order for Barclays to avoid a bailout during the crisis.  Barclays also reportedly paid £322 million in "Advisory Services" to Qatari sources, which was not disclosed.

There are even more investigations ongoing regarding Barclays making "sham payments" to Middle Eastern investors.  This is another indicator that the legacy economic structure we have allowed to be imposed on us is indeed falling apart.  Let's hope these criminals are brought to justice and their institutions shut down as a result.

Sources:

http://www.bbc.com/news/business-40338220

https://www.wsj.com/articles/barclays-four-former-top-executives-charged-with-fraud-over-fundraising-with-qatari-investors-1497941440

https://www.bloomberg.com/news/articles/2017-06-21/barclays-qatar-case-bright-light-amid-bleak-future-plans-for-sfo

Sort:  

Banner
@bunabit got you a 100.0% @minnowbooster upvote, nice!

Shady dealings going on! Probably so much going on in the shadows that we'd be horrified if we found it all out. Nice post.

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bunabit from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.

Coin Marketplace

STEEM 0.15
TRX 0.16
JST 0.028
BTC 67814.21
ETH 2401.94
USDT 1.00
SBD 2.34