Posts under ‘Finance’

To catch people like Rebekah Brooks & Bob Diamond we need strict liability

by Michael Meacher.

In her memo to her own staff over the hacking scandal Rebekah Brooks wrote “We were all appalled and shocked when we heard about these allegations yesterday………I have to tell you that I am sickened that these events are alleged to have happened…………..Not just because I was editor of the News of the World at […]

Making the punishment fit the crime – in the US, not the UK

by Michael Meacher.

Most people in this country have no idea how leniently the banks have been let off the hook for all their multiple and massive misdemeanours compared with the US and the EU. This week in the US the big banks have been told that if they are to meet government demands for new terms to […]

An inquiry into the banks at last. Great – or is it?

by Michael Meacher.

A new official inquiry into the banks is announced just when Osborne announces that the banking crisis is finally over. In fact it’s still coming to the boil – how does he manage to keep on coming up with these gags? Just 6 years late, you might think. But that’s the least problem. The real issue is […]

Capital strike: global corporations hoard cash and refuse to invest

by Michael Burke.

The world’s largest companies are hoarding cash and cutting productive investment at the same time. The Financial Times reports a survey from one leading ratings’ agency, Standard & Poor’s, which shows that the 2,000 largest private firms globally are sitting on a cash mountain of $4.5 trillion, which is approximately double the size of Britain’s annual GDP. […]

Wonga should be regulated out of existence

by Michael Meacher.

The payday lender Wonga should be investigated by the police for sending threatening letters from non-existent law firms ‘Barker & Lowe’ and ‘Chainey, D’Amato and Shannon’ in order to pressurise their victims into repaying their debts.   It is certainly not sufficient that Wonga has been forced under pressure to repay the 45,000 customers affected, […]

“A plan only banksters will love”: WikiLeaks reveals permanent global deregulation plan

by Jon Lansman.

The Trade in Services Agreement (TISA) a trade agreement covering 50 countries and more than 68 percent of world trade in services is being drawn up between the EU and the US. The draft agreement was supposed to remain secret and you weren’t going to be told why it was being agreed or what its effect would […]

A royal whimper when we need to supplant 35 years of Tory and pseudo-Tory rule

by Michael Meacher.

The Queen’s Speech, drafted in deathlessly trite prose by civil servants and special advisers, should – and occasionally does – rise to the challenge of setting the national agenda. This one was flat all the way through. There was nothing about countering austerity, allowing hard-working people to share in the recovery with a proper wage […]

Do we want a society based on work and innovation or on rent?

by Michael Meacher.

The Office of National Statistics data published last month found that the richest 1%in the UK owned as much wealth as the poorest 55%. Oxfam, even more poignantly, calculated that 5 billionaire families controlled the same level of wealth as 20% of the population (i.e. 13 million people). In fact these figures almost certainly greatly […]

Official: the banks are the new enemy within

by Michael Meacher.

One couldn’t put it better: ‘Some prominent firms/banks have been mired in scandals that violate the most basic ethical norms’. ‘Unchecked market fundamentalism can devour the essential social capital’. ‘A fierce industry push-back by the banks’ is blocking much-needed reforms and risks destabilising the global economy. When the high priests of capitalism at the IMF […]

Why are UK regulators so soft on British banks?

by Michael Meacher.

This week the Swiss bank, Credit Suisse, was forced by the US Department of Justice to pay a fine of $2.6bn for its secret activities in enabling its US clients to evade US  taxes. Ever since 2009 when UBS buckled under pressure from US prosecutors and agreed to pay $0.78bn in fines and to pass […]

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