Barclays former CEO charged with Fraud in Qatar Fundraising
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.
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@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.
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