Barclays, again

Barclays is in the news again.  And that’s not a good thing.

Scandals have dogged Barclays for years.  The most recent one has a couple of different facets, which should be familiar.

First, Barclays lied to its clients, despite the issues having been raised to senior management.  It fell back on the time-worn defense of emails being taken out of context.  When did that work?  Would you prefer to trust your broker?

Second, a key employee behind the recent problems had been fired from Goldman for being somewhat lax about his documentation of trades.

“Barclays Pool Drew Fast-Trade Alarms,” Wall Street Journal, July 21, 2014 C1

I guess they must have thought people had forgotten.  Or that they will forget.  Seems to me, the culture is fatally flawed.  Certainly, the governance model needs work.

 

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