Friday, September 25, 2015

From City & State: When Barclays Admitted a Felony, It Should Have Lost the Brooklyn Arena

I have an essay in in the political magazine City & State NY, OPINION: WHEN BARCLAYS ADMITTED A FELONY, IT SHOULD HAVE LOST THE BROOKLYN ARENA
Basically, I argue that, after the parent company Barclays PLC pleaded guilty to a felony regarding rigging the foreign exchange market, its affiliate, Barclays Services Corporation, qualifies as a "Prohibited Person" and thus should not be able to contract with the arena operator.

Here are screenshots from some backing documents for the essay.

Barclays pleads to felony

From Department of Justice
No contract with a Prohibited Person
From Development Agreement

Definition of a Person and Prohibited Person

From Development Agreement

How is Barclays Services Corporation connected to Barclays PLC?

Barclays Services Corporation is wholly owned by Barclays Group US, which is wholly owned by Barclays Bank PLC, which is wholly owned by Barclays PLC.
From Barclays document
From Barclays annual report

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