Why the emphasis on only Barclays?

by jjforest

While Barclays is essentially destroyed for falsifying libor during the financial crisis of 2008 (and the other banks who had to have also been falsifying libor are left alone) lets think about this for a minute and try to put things in perspective.

In the UK we have a whole host of predatory financial entities like Wonga which wholeheartedly rip off the customer to the tune of 4,214% interest on payday loans, cheerfully advertising their robbery as if they were a vital and respected part of British culture. They are everywhere and they get away with any rate they wish to charge and the FSA completely ignores them.

We also have the Retail operators who double as loan companies selling big screen LCD Flat Screens, X Boxes and any other playtoy you can think of to the weakest segments of society at interest rates of 20-35%. Ive done work for these companies and they freely admit that the payments really are nothing more than rental charges as almost no customer ever pays them off. FSA? They could care less as long as the customer was not forced into it.

You have an entire culture of massive financial rip-offs including insurance, propert agents, construction rate-rigging, and the FSA does nothing.

Ok, so lets go destroy an International Bank that actually provides loans and services at reasonable rates. That makes sense.