Posts under ‘Finance’

If you think bankers are greedy and self-interested, you should meet fund managers

by Jon Lansman.

The latest incomes data shows bankers still getting obscenely high remuneration and whopping big bonuses, yet they are being overtaken by another group within the finance sector. Fund managers have now overtaken the pay and bonuses of bankers, though they’re keeping it very quiet. They say there’s no need for customers (i.e. the investing public) […]

HSBC chairman admits bank too big to manage, so shrink it till it can be managed

by Michael Meacher.

Douglas Flint, the chairman of HSBC, put his finger on it when under scrutiny by the Treasury Select Committee last week: “I don’t feel that proximate to what was happening in the private bank (at Geneva)”. He felt ‘very ashamed’, but not enough to forfeit past bonus payments in response. He was finance director when […]

The costs and benefits of Grexit

by Tom Gill.

by Emiliano Brancaccio and Gennaro Zezza – translated from Italian by Tom Gill You cannot say that between 2010 and 2014, Greece has not “done their homework” assigned by the Troika. The tax burden has grown by five percentage points of GDP, public spending has fallen by a quarter and wages have fallen by twenty […]

This election should be about ridding Britain of the stench of corruption

by Michael Meacher.

It is incredible how the reports of corruption in Britain are now going from bad to worse almost every single day. HSBC’s original lame excuse for the massive tax evasion engineered by its Swiss bank in Geneva was that it was previously run on a ‘federated’ basis so that central controls were much looser. Yet […]

Explaining the Euroland-Greece agreement

by Tom Gill.

by Jacques Sapir (translated from the French by Tom Gill) The agreement reached on Friday 20 February between Greece and the Eurogroup has led to conflicting commentary. It is necessary, in order to understand this agreement, and to analyze it, to put it into context, both in the short and in the long term. This agreement […]

A slow-burning revolution is starting to overturn neo-classical economic orthodoxy

by Bryan Gould.

As the world struggles to deal with threatening outbreaks of violence – most dangerously, in the Middle East and the Ukraine – another less dramatic and slower-burning revolution is getting under way. This revolution does not threaten violence – but it does promise change, and almost certainly change for the better. The revolution that is […]

Why isn’t HSBC being prosecuted?

by Michael Meacher.

The differential treatment between those low-paid workers who fraudulently claim benefits and those top bank executives who launder hundreds of millions of pounds for drug cartels or pariah states tells you all you need to know about the class basis of justice in the UK. A person claiming benefits while working can get up to […]

HSBC is out of control and should be broken up

by Michael Meacher.

The lesson of the HSBC debacle is not merely that tax evaders must be hunted down much more relentlessly, but that in its present form it’s ungovernable. It’s no good saying HSBC was run in a ‘federated way’, but now management has been tightened up (is anybody really taken in by that anyway?). We were […]

Euroland’s Utopian foundations shaken by its central bank shirking its duties

by Ann Pettifor.

The late-night decision on 4 February by the European Central Bank to reject Greek bank collateral for monetary policy operations will, I confidently predict, precipitate not just a run on Greek banks; not just greater price instability across the Eurozone – but ultimately, the collapse of the fantastic machinery that is the ‘self-regulating’ economy of the Eurozone. […]

Why are US, France & Belgium starting prosecution against HSBC but not the UK?

by Michael Meacher.

The evidence of wrongdoing published this week against HSBC Suisse is so overwhelming that formal investigation prior to prosecution might seem a foregone conclusion. It is indeed already happening in the US, France, Belgium, Spain, even Argentina. But not in the UK, even though HSBC is a British bank. So why the reluctance of the […]

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