Thursday, 29 June 2006

Systematic dishonesty and computer glitches in India

On 28 June 2012, the BBC reported thus:

"The former chief executive of Barclays Martin Taylor has told the BBC that the bank has engaged in 'systematic dishonesty.' It comes after Barclays was fined £290m ($450m) for trying to manipulate interest rates.

Mr Taylor said that Barclays' deception looks like a deliberate strategy as it had been going on for years...

Other big names believed to be under investigation include Citigroup, JP Morgan, Deutsche Bank, HSBC and Royal Bank of Scotland. Mr Taylor, who was chief executive of Barclays from 1994 to 1998, said:

'It's hard to believe that a policy which seems to be so systematic was not known by people at or very near the top of the bank'...

In response, chief executive Bob Diamond and three other top executives at the bank are to give up their bonuses this year...

Former City minister Lord Myners told the BBC that the people at the top should take responsibility for 'a complete cultural failure.' He said the behaviour of Barclays staff was the worst he had seen.

'This is the most corrosive failure of moral behaviour I have seen in a major UK financial institution in my career,' he said. I think fines and public criticism will not stop these behaviours. These behaviours will not stop until the people perpetrating it or responsible for overseeing them face the prospect of criminal charges and the prospect of going to jail.'

The former Liberal Democrat Treasury spokesman, Lord Oakeshott said:
'If Bob Diamond had a scintilla of shame he would resign. If Barclays' board had an inch of backbone between them they would sack him,' he said."
The BBC's Business editor, Robert Peston, added:

"It's quite hard to think of behaviour by a bank as shocking as this."
The Masters of the Universe at work, eh? Oh yes, the law that governs us is not for them, ladies and gentlemen. After all, international finance and multinational corporation own the politicians of the West.

And the politicians make the law.

On 27 June 2012, The Telegraph reported thus:

"The computer glitch at the Royal Bank of Scotland which left millions of customers unable to access their accounts could have been caused by just one junior technician...

The 'inexperienced operative' accidentally wiped information during a routine software upgrade... The member of staff, who was working on the programme for the Royal Bank of Scotland, NatWest and Ulster Bank, is believed to have been based IN HYDERABAD, INDIA. At least some of the team responsible for the error were recruited in India following redundancies in the department in the UK.

Unions have already blamed the fiasco on the decision to outsource much of the company’s IT jobs, as Indian staff are paid as little as £9,000, compared with £50,000 their British counterparts were paid."
That's globalisation for you. That's how THEY destroy the nation state and its people. Give the work, the jobs, the dosh (and, in this case, the responsibility for it) to foreigners.

Mind you, if the job can PROPERLY be done by foreigners at a fifth of the price, then the Unions and the workforce have to tell us what they can do to close the gap.

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