What Will Happen at Today’s Barclays Meeting?
FBN's Charlie Gasparino weighs in on Barclays town hall meeting.
- Duration 5:55
- Date Jul 11, 2012
FBN's Charlie Gasparino weighs in on Barclays town hall meeting.
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Yeah -- -- -- first reported here on Fox Business Barclays Capital chief Richard Ricci will hold a town hall meeting later today to address employee concerns.
Over the big banks' involvement in that Libor scandal -- the beleaguered bank -- tell us troops Charlie gestured as here the little.
Yeah -- inside that area say Harry is sending us -- off and for some might.
Your honeymoon by the way how she's back to focus no wonder why he didn't try to get -- eating right up for it.
From people of those -- my producer -- Not and I'm -- tell -- sources because that place is a 888 its -- very paranoid you should we should point out that.
The old Lehman Brothers PR team.
Is working Bart police now so when they hear my name they go nuts they don't like you that much despite.
I'm -- a lot of stories -- financial crisis.
And look gleeful about that you say they have spies in the corner of your -- are well you know I really don't have much time for.
-- Lehman bros is on my Fuld at Lehman Brothers rolled the dice and is not my fault that.
You know Barclays manipulated Libor and so they're just gonna have to actually within.
This is the fallout and what Ricci right now is we should point out that Bob Diamond was the head of Barkley is the whole bank.
He's gone there's no CEO which you have now is the head of Barkley -- reporting to the board that's rich Ricci.
Good Italian name he's going to be speaking to the troops I understand firm wide at 4 o'clock to discuss this -- live -- scandal has a couple things I think that's on his agenda this is what people.
-- bankers saying he's likely to address it it -- You know -- subtly in May not come out directly talk about -- but at least -- -- gonna have to talk about the notion of -- break up okay you know breaking up.
Barkley is is that really on the in the cards.
He's -- leases but I think he's gonna address that this is -- chatter here.
He's gonna have to look at the you know sort of rally the troops in some way because everybody in that bank thinks these are executives when we're talking about that he.
They think they're gonna get screwed up bonuses I mean they think where she was a great -- this year is -- going to be worse Wieting any expert on bonuses.
Port deal flow of capital markets doing lousy and this and this is there's going to be litigation course -- -- or manipulation scandal.
And that and at some point I think it was the chatter we're we're gonna -- -- try to like they'll valuing guys and later on today.
He's got to talk about succession and that's what people it's very easy gonna.
Is there some time frame to get a leader of the bank because this is really.
You know it's kind of a rudderless ship I mean I don't know -- You know Richard cheese is you know I don't know who's the most senior person there right now they brought the chairman back -- whatever his name is Smart guy historical -- is our largest.
Probably but you know -- -- do you really need a guy at the top and they've -- -- without a CEO now for like what two weeks they have hired Spencer Stuart search firm to find it.
They're probably gonna get a break.
It's going to be a little little cultural should shift here so there's a lot of question marks people in that place would -- to leave like as insidious right.
There's no -- ago -- troubled -- growing even before this Libor scandal.
We have found really have a listen it was.
Let's talk about the growth is coming yeah.
And -- if you talk to people in there had a different kind of desperate to leave for awhile.
But you know I mean nothing like this I mean I I think so this is the straw I mean this is really bad I don't think the people who like we have got our.
Hands totally around this it's actually a big story UK -- here.
But you know DR UK bank.
They are in the cross hairs and well a lot of people believe.
That the UK regulators won't just force them to break up they may force -- -- the big banks to separate out their investment and and and commercial banking arms that's a possibility people talking about that.
They probably won't do piecemeal but who knows.
We should point out that there's lots of investigations going on lots of litigation -- right this is a firm that you know Bob Diamond built but after this thing it's a deep trouble and I'll -- -- Of all the scandals -- saw.
-- to bring down companies you know I knew early on it was going to be hard to get Dick Fuld the former CEO of Lehman on something fraudulent because.
You know many ways he believed the BSE was spewing out I -- I know be -- okay.
Say what you want about him and but we're still four years into -- they saw have been have been touched it right.
This is a little different we're told about emails -- -- -- home price manipulation and people admitting to it and Bob Dimon said it best when he saw those emails.
He gets sick to his stomach so this is pretty bad stuff.
-- you Charlie on the New York fed angle of the -- scandal what it knew when -- -- we don't know we'll get an assumption guy who's gonna say well you know.
I was running around 101000 miles an hour how would I remember hearing the time I will point out this and this is the that this is where.
People should realize.
The New York fed has a huge conflict of interest and that's why I think their involvement in this is really interest and what does that conflict of interest on one hand the New York fed.
Uses these banks to control the money supply right so they need banks to do open market operations to increase or decrease the money supply you know QE1 QE2 QE3 whatever.
That's somebody in New York fed buying and selling securities.
With with the big banks.
Right right and their -- trading the money supply on the other hand their regulator itself think about.
If you -- regulator but youth and and on the other hand and one more part they think keeping the banking system safe.
Is there is the most important priority that's what they think was a need to control the money supply you're not gonna regulate that much.
That's why I could see the Fed.
Turning a blind -- blind -- -- that fed has always been.
A horrendous regulator they were the worst regulator out there.
Primarily because they're main goal that there actually is is who is in this is pre pre Dodd-Frank they have much more expanded responsibilities out.
But they're mingle historically has been to maintain the safety and soundness of the banking system -- -- -- can conduct open market operations right.
And I can see Geithner saying well you know maybe we shouldn't.
You know and really hammer on this because remember all this manipulation -- occurred during the financial crisis thank you Charlie.