UH-OH: BARCLAYS POST HUGE LOSS AND FIRES 3700 PEOPLE

Barclays Posts $1.3 Billion Loss and Plans to Cut 3,700 Jobs

Barclays announced on Tuesday that it would eliminate 3,700 jobs and close several business units, as it reported a big loss in the fourth quarter of 2012. The major restructuring of the bank’s operations comes after a series of scandals at the bank, including the manipulation of benchmark interest rates, which led to the resignation of the firm’s former chief executive, Robert E. Diamond Jr. Barclays, based in London, posted a net loss of £835 million ($1.3 billion) in the last three months of 2012, compared with a profit of £356 million in the period a year earlier.

THIS IS JUST MORE PROOF THAT THINGS AIN'T AS GOOD AS OBAMA, VON ROMPUY, THE IMF AND THE MEDIA WANT YOU TO BELIEVE.

BIG BANKS DON'T LOSE $1BILLION+ BUCKS WHEN THE GLOBAL ECONOMY IS HEALTHY.