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Wednesday, 21 June 2017

Top bankers charged over financial crisis

https://www.theguardian.com/business/2017/jun/20/sfo-charges-barclays-bank-executives-ceo-2008-qatar-fundraising

Senior Barclays bankers charged with fraud over credit crunch fundraising

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After almost 10 years since the banking crisis, the United Kingdom finally gets around to charging a few of those bankers at the center of the scandal with alledged criminal activity. These four former Barclays executives could face imprisonment if found guilty, but ironically Barclays was perhaps the only Bank which did not receive tax payers money at the time of the crisis. The bank raised billions of pounds from Qatar to avoid taking a taxpayer bailout and it is those transactions which have been under investigation by the Serious Fraud Office, investigations which have now resuted in charges being brought.
These are the only charges so far against any British bankers arising from the financial crisis of 2008. This however should be compared with the fact that some other countries particularly Iceland, have charged bankers with criminal acts and have actually sent some to prison.
Perhaps the British Banks and the bankers involved in the scandal, RBS, Lloyds TSB, Nationwide and others only acted in the best interests of their shareholders and did not indulge in any dubious activities. Or perhaps there is another reason why none except the "Barclays Four" have been charged.