First of all, the latest of the weekly scandals:
Barclays sued over 'dark pool' trading: Bank's 'systematic fraud' may have hit pension funds
- Lawsuit by U.S. Attorney General alleges 'disturbing disregard' for investors
- Bank accused of duping those who traded shares without disclosing result
Pension funds that traded in the ‘dark pool’ may have lost some of their members’ savings while operating in what they thought was a fair forum – but which was rigged against them.
New York Attorney General Eric Schneiderman, who launched the lawsuit, said Barclays ‘demonstrated a disturbing disregard for its investors in a systematic pattern of fraud and deceit’.
Secondly, how does Barclays react?
A bank spokesman said: ‘We take these allegations very seriously… The integrity of the markets is a top priority of Barclays.’
It all reminds me of this old Glen Baxter cartoon
A bank spokesman said: ‘We take these allegations very seriously… The integrity of the markets is a top priority of Barclays.’
It all reminds me of this old Glen Baxter cartoon
Glen Baxter FTW!
ReplyDeleteHello Michael. You learn something every day. Now I know what FTW means!
DeleteIsn't this all part of the "if any upset has been caused" school of apology?
ReplyDeleteAbsolutely! The subtext is pretty clear, too. ‘We take these allegations very seriously… and are doing everything in our power to find the person responsible for leaking them to the press."
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