Jun 20, 2017

Barclays: poisonous pivot

Barclays gave the code name "Cadmium" to a Serious Fraud Office probe into its 2008 rescue by Qatari investors. On Tuesday, the SFO brought fraud charges against Barclays and four former bosses, including ex-chief executive John Varley. Desperate to avoid a UK state bailout, Barclays cooked up a lauded private rescue. A $3bn Barclays loan to the Qatari finance ministry later raised doubts, hotly disputed by the bank, over the legitimacy of the refinancing. No, Barclays shares are marked down partly because its reputational issues never seem to end.

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