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Barclays Bank fined £26m for gold price failings


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Barclays Bank has been fined £26m by UK regulators after one of its traders was discovered attempting to fix the price of gold.

 

 

The trader, who has been sacked, exploited weaknesses in the system to profit at a customer's expense, the Financial Conduct Authority (FCA) said.

 

 

The incident occurred in June 2012, the day after the bank was fined a record £290m for attempting to rig Libor.

 

 

Barclays said it "very much regrets the situation" that led to the fine.

 

http://www.bbc.co.uk/news/business-27536127

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Barclays Bank has been fined £26m by UK regulators after one of its traders was discovered attempting to fix the price of gold.

 

 

The trader, who has been sacked, exploited weaknesses in the system to profit at a customer's expense, the Financial Conduct Authority (FCA) said.

 

 

The incident occurred in June 2012, the day after the bank was fined a record £290m for attempting to rig Libor.

 

 

Barclays said it "very much regrets the situation" that led to the fine.

 

http://www.bbc.co.uk/news/business-27536127

 

So trader gets sacked for gold price fixing. A family of bankers meet in London every morning for two things:

 

1. To fix the price of gold

2. Decide what the FED (Federal Reserve) is going to do next.

 

Why does this family not get the sack? Because they are the Rothchilds, part owner of the Bank of England! Anyway, what it the difference between the man in Barclays, sacked and the Rothchilds?

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