A Look back…

Barclays Plc is a major multinational banking and financial services company headquartered in London.

Barclays has an impressive rap sheet of scandals, from violating the Foreign Corrupt Practices Act, to the LIBOR fiasco, to Food Speculation

Excerpts from  Bloomberg  Nov 28, 2011:

“There was not a direct subsidy to Barclays” from governments during the financial crisis, Chief Executive Officer Robert Diamond told a U.K. House of Commons hearing in London on June 8, 2011. While the company avoided taking government capital, it was more accepting of emergency cash from the U.S. Federal Reserve.

Data show that the London-based bank borrowed $64.9 billion from the Fed on Dec. 4, 2008, more than two months after it agreed to buy the North American unit of Lehman Brothers Holdings Inc. in a bankruptcy auction. The London-based bank was still borrowing more than $40 billion from the Fed as late as June 2009, nine months after the Lehman deal closed. Sarah MacDonald, a Barclays spokeswoman, declined to say whether the bank also got liquidity from the Bank of England.

Peak amount of debt on 12/4/2008:  $64.9B                

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U.S. citizens deserve nothing less than to be granted the same direct access to liquidity that the Federal Reserve provided to global banking titans, like Barclays Plc, during the great financial crisis.

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