Top 3 banking scandals this month (really, this month not this year!)
It was a close call but in first place comes…
1. Barclay’s Libor Rigging Scandal
People seem to be completely divided about this one, due to the Bank of England’s involvement in the scandal some people have taken the view that Diamond was backed into a corner with no choice but to participate in the misleading behaviour. Not only that, but there is some argument that he acted in a way that could potentially be seen as beneficial. However, camp number 2 is shouting that he lied, he has tarnished Barclay’s reputation and broken the trust between Barclays and its customers. He is another banker caught up in another lie and it cannot be excused by pressure or strange motivation.
Did you think this deserves the number one spot?
2. Natwest Computer Crash
I was actually one of the lucky Natwest customers that was unaffected by this computer crash. However, many unfortunately fell victim to the inadequacies of Natwest’s computing systems. I read horror stories about people stuck abroad, stalled mid house sale and having to have an awkward conversation at the petrol station till as to why they couldn’t foot the bill. In all seriousness Natwest pulled out all the stops to get their customers complaints heard (hmm). Many of those without cash, remained that way until the computers were fixed, many people just had to deal with the situation, literally live on the cash that was in their pockets. I for one feel that Natwest should have paid up first and solved the problem later, an opinion not shared by Natwest.
3. Bob Diamond’s Resignation
Well this was expected, almost inevitable following his involvement with the scandal, but what people seem to be most fascinated about is his pay out. From three separate sources I read he could expect a figure of £20mil. However, according to The Telegraph he will accept a severance package of around £2million.
What other banking scandals have shocked you this year? We know that there are quite a few to choose from…