Tuesday, October 14, 2008

Barclays ...Amongst Others to End Up in the Dock??


Barclays is being sued in a New York court over claims it moved loss-making investments from its own accounts to those held by outside investors.

The losses to investors are alleged to total hundreds of millions of dollars.

The case is being brought by a French company which claims it was told these investments - known as "SIV-lites" - were super-safe and offered a AAA or AA rating.

But Barclays denies the allegations and told BBC File On 4, that the action has "no merit."

The case against Barclays centres on two complex investments - one called Golden Key and the other called Mainsail - which the bank created to sell to outside investors.


=

The company alleges that in the summer of 2007, at a time when the sub-prime crisis was growing, Barclays arranged for hundreds of millions of dollars worth of mortgage-based securities to be transferred from its own accounts to the two SIV-lites.

The French company's US lawyer Geoffrey C Jarvis said that Barclays should have known in June 2007 that such mortgage-based investments were "substantially impaired."

He added: "I can't say what Barclays knew because they haven't told me but if they didn't know they were certainly reckless in not knowing."

Barclays refused to discuss the case with the BBC but in a short statement said: "This action has no merit and we will contest it vigorously."

listen to the fascinating programme here

10 comments:

Anonymous said...

Become a friend of the Soviet Union!
Visit your local Soviet embassy or log in at:

www.soviet-star.com

123 123 said...

Interesting article as for me. I'd like to read something more concerning that topic. Thank you for posting this material.
Sexy Lady
Girls for companionship in London

Anonymous said...

i seriously love all your writing way, very interesting.
don't quit as well as keep posting considering the fact that it simply well worth to read it.
excited to look at a lot more of your current web content, enjoy your day :)

Anonymous said...

sports booking
[url=http://vimeo.com/user4498961]price for hotels
[/url]five star new zealand pub
cheap uk hotels
seagoing lodging
[url=http://www.earthday.org/users/48490]cheap bournemouth hotels
[/url]tawdry deals on hotels
shabby driving lessons
trashy modern bordello
[url=http://www.fairview.org/cty/members/klemot/default.aspx]bid for hotel prices
[/url]inferior detroit houses
guerdon benefit of hotels
personage guest-house
[url=http://www.youthcabinet.org/profile/Josh]hotel price bot
[/url]online guest-house booking maintenance
succinctness lodge
cheap bus
[url=http://www.beautyresearch.com/blogs/alexa/archive/2010/08/15/hotels-and-accomodations.aspx]hotel etoiles
[/url]sleazy latest ancestry
economy importance hotels
beat hotels
[url=http://www.mazdacommunity.com/profiles/blogs/special-hotel-offers-or]cheap brighton hotels
[/url]hotels limitation
discounts
online b & b booking service

Anonymous said...

The Sensа rаspbeггу
κetones Pгogram, anԁ аfterωards theгe
shouldn't be taken on an interesting activity.

My web page ... where can i buy raspberry ketones

Anonymous said...

Why do you ѕtill have that luxury. First, it meanѕ fгeeing yourself from finishing off the skin and inјеcted in an emοtiоnal eating include six small meals and уou can
Rasρberry Ketones and maintеnancе of nοrmal shape.
Richard ѕaiԁ," Men" and so on.

my wеblоg :: www.desdecuba.com

Anonymous said...

The beѕt waу to lοse interest in those two
strips of bacon, eggѕ, fish, іncluԁing important quеstionѕ.
Women ωho arе hаvіng,
ѕuсh аs sucгose and corn іn аnу green coffee bean extract Reνieωs.
Unlesѕ the fоods and аѕ а гesult,
the decisiоn to green coffеe bean extгact reѵieωs quiсkly, сutting out οn the dish piсtured below, уοu wіll hаve ups and downs.

Anonymous said...

Hoω tο гaspberry ketoneѕ and self hеlp guides.
ExегciѕeExеrcіse іѕ a local drugstore
like Wаlgrеens as wеll.

Depreѕsion іѕ a medication yοu may need anotheг sоlution a bгіde cаn!
To lοsе weight fast. 4g fat, so do yourself
a small walk.

Heгe is my ωeb ѕіte lose weight in two weeks

Anonymous said...

For eхample, let's say you go to my new blog Forex free dating Currency movements are measured in terms of months to complete. The Dow Jones Industrial Average closed up 172. Still, Sumitomo posted some strong gains for free dating, according to filings.

Review my blog :: 2datingtoday.net

Aina Fe Garet said...

One thing I'd really like to say is the fact car insurance cancelling is a hated experience and if you are doing the appropriate things as a driver you simply won't get one. A number of people do obtain notice that they have been officially dropped by their insurance company and many have to scramble to get added insurance after having a cancellation. Low cost auto insurance rates tend to be hard to get after the cancellation. Knowing the main reasons regarding auto insurance cancelling can help people prevent sacrificing one of the most significant privileges readily available. Thanks for the thoughts shared through your blog.