"...Steve, this scandal is going to take down many more than just Barclay’s leaders. The claims are likely to be in the trillions.
Imagine the board meeting at Barclays. The general counsel says, “I have a settlement proposal. We can pay 1/2 billion in fines to the US and UK authorities now; and you, Mr. Chairman, and you, Mr. CEO, and you, Mr. COO, will resign at once. Others will also resign or be dismissed. Gentlemen, I can make this deal right now and settle it or we can have a prolonged investigation. In my opinion, paying the half billion now and taking the resignations early is the cheapest way out of this mess.” The board votes yes.
Steve, the insiders on that board know the facts. Watch out for what is coming. It may dwarf allegations about Chinese corruption.
The US and UK systems were once the models for the world. They are now sick and corrupt. We are five years into a financial crisis and nothing has changed. Who are we to throw stones at others?"
at http://www.businessinsider.com/david-kotok-what-a-crazy-week-2012-7#ixzz203u0x2Dl
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