Following the Barclays scandal, it has now emerged that practically all the global banks are under investigation for manipulating the interest rate at which they lend to each other, in order to protect themselves from losses and bolster their profits in derivatives trading.
Danni Paffard, spokesperson for Move Your Money UK says:
“For many angry customers, furious about the banks fraudulent profiteering at their expense, the Libor scandal is the last straw. As the Libor disease spreads, we expect to see many more customers from these unscrupulous ‘too big to fail’ banks moving their money”
Lynne Brooke a 78 year old Solicitor is moving her heavily disabled daughter’s money due to the Libor scandal, following an on-going complaint about bank mismanagement.
“My daughter has profound learning difficulties and is reliant on her carers for the money which keeps her going day to day. Barclays not only grossly mismanaged her accounts allowing financial abuse to take place but in their abysmal handling of the complaints procedure have treated her as a second class citizen. I was prepared to give the bank a second chance but the Libor scandal is the final straw.
Josh Cole a 25 year old TV producer from London is also leaving Barclays
“If anyone else had submitted false accounts in the way Barclays did they could be facing criminal prosecution. I don’t want to support a bank which disregards its customers, thinks itself above the law and doesn’t care whether it destabilizes the entire UK economy”
Harry Slater, 25, Software Developer from London
“Barclays’ flagrantly fraudulent activities make it even clearer that the bank only cares about short term profits and ever growing bonuses. The fact they’ve been profiting at my expense, while the general public is still paying for their mistakes makes me sick and why I’m closing my Barclays account”.
Louis Brooke, spokes person for Move Your Money UK:
“This is an example of barefaced fraud which the regulators were powerless to stop. Manipulating interest rates is not a victimless crime – ordinary borrowers and savers have paid so that fact cat traders could line their pockets with multimillion-pound bonuses.
The fact that this was going on in the midst of a financial crisis caused by the banks reckless, dishonest behaviour only proves that our financial system is out of control. In a rigged market, with clueless regulators and gutless politicians the only way to hold the big banks to account is to use our consumer power and move our money.
Ordinary mortals might be facing prosecution, yet Bob Diamond and his cronies have only made the token gesture of waiving their bonuses. It again seems to be one rule for us and another for them.”
For more information about Move Your Money UK visit www.moveyourmoney.org.uk or find them on Twitter @MoveYourMoneyUK or Facebook at http://www.facebook.com/MoveYourMoneyUK