Barclays' "mis-sold." ( Katie, bar the eupthemism door.) [View All]

[No Elephants]

This euphemism has to top "misspoke" (aka deceived or f'd up big time and was hoping to get away with it). So, here, we have Reuters misspeaking by referring to Barclays illegal, unethical and sleazy business practices as "mis-selling." The entire article describes so much sleaze, it's hard to contemplate, but I could post only a taste.

Banksters is right. Mafiosi in suits, they are. Organized crime, it is. Racketeering.

Barclays takes another $1.6 billion hit for mis-sellingBy Steve Slater

LONDON | Tue Feb 5, 2013 5:23am EST

(Reuters) - Barclays set aside another 1 billion pounds ($1.6 billion) to compensate customers for mis-selling products, dropping another British banking bombshell as the industry struggles with the scale of redress for past misdemeanors.

UK banks are embroiled in two separate mis-selling scandals, and Barclays said on Tuesday it had made an extra provision of 600 million pounds to compensate customers for payment protection insurance. PPI mis-selling alone has now cost UK banks over 12 billion and could end up more than double that, industry sources estimate.

Tuesday's announcement marked Barclays' fourth provision for PPI, dating back to May 2011 when the industry lost a court case on the selling of products to customers who did not need, or could not use them.

It has now set aside 2.6 billion pounds to settle claims for mis-selling of PPI - loan insurance to protect borrowers who missed repayments due to illness or redundancy, but which was often sold to people who were not eligible to claim.

Later on Tuesday Barclays' new Chief Executive Antony Jenkins and Chairman David Walker are due to testify to a parliamentary inquiry into banking industry standards. This was launched after Barclays was fined $450 million last June in a third scandal over the rigging of Libor interest rates.

Jenkins, who used to run retail banking at Barclays, is likely to be grilled on why the bank - and the industry - has consistently underestimated the scale of redress for PPI claims.


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(Reporting by Kate Holton, Sinead Cruise and Steve Slater; Editing by Mark Potter and David Stamp)

http://www.reuters.com/article/2013/02/05/us-barclays-idUSBRE91408O20130205