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10 Years After The Crisis, A Bank CEO Is Finally Heading To Trial For Fraud

• https://www.zerohedge.com by Tyler Durdan

The prosecution of four senior Barclays executives over allegations of fraud and abuse dating back to the depths of the financial crisis.

One of the enduring populist gripes about how governments in the US and Europe handled the fallout from the great financial crisis is that no senior bank executives were punished for the brazen fraud that fed the big banks' MBS-sales operations (though billions of dollars in fines have been paid, and are still  being paid to this day).

The case stems from two emergency capital raises that the bank negotiated with Qatari investors that helped Barclays avoid a government bailout. Here's more from the Financial Times:

The case involves issues over what the bankers told the market when Barclays twice turned to Middle Eastern investors in 2008 as part of emergency cash calls worth £11.8bn at the height of the financial crisis.

Qatari investors ploughed a total of £6.1bn into Barclays over the two capital raisings. The SFO alleges that the bankers induced the Qataris to invest through side deals worth more than £300m not fully disclosed to the market nor to other investors.

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