Today the fraud trial of four ex-Barclays executives begins. This is the first time charges have been levied against a global bank with regards to actions taken during the financial crisis.
The allegations center around a round of capital raising in Qatar during the midst of the financial crisis in an attempt to avoid a bailout. A Qatari group, Qatar Holding LLC, received around $408 million in fees for providing $3 billion in loan facility. The deal also included a series of sub-deals that totaled $15.2 billion in fundraising from the fund and other investors.
If you want to learn more about the case, link here: https://www.financemagnates.com/institutional-for…
In other news:
Barclays announced that Dublin will be its financial center post-Brexit. This will allow the company to continue call on their European clients even as the U.K. leaves the E.U.
Shares of Barclays were up 0.56% this morning.
I find it amazing that it has taken the UK's Serious Fraud Office nine years to finally bring this case to trial. If anyone has insight into the legal ramifications of the trial, I'd love to hear it. My general feeling is that this will blow over fairly quickly but we'll see what happens.
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