Posts under ‘Finance’

Privatising RBS: a triple whammy against taxpayers, economy and reform

by Michael Meacher.

Why sell off the 80% stake in RBS when the Brown government bailed it out in 2008 at a cost to taxpayers of £45bn, yet today’s share price would fetch only some £32bn? That’s a £13bn loss for taxpayers which, as it happens, is almost exactly the sum that Osborne is pledged to raise by […]

Under-regulated banks get less (for funding Tories), over-regulated unions more

by Michael Meacher.

Behind the scenes Britain’s big four banks have now launched a sustained campaign to get the this Tory government to go easy on regulation and review (a euphemism for wind down) the bank levy. Considering the colossal damage that the bankers’ arrogance, mismanagement and corruption inflicted on the British economy which is still on-going and may […]

Governance deficit – the burning issue entirely absent from the Queen’s Speech

by Michael Meacher.

Three related things became apparent on the day of the Queen’s Speech which show what is seriously wrong in the running of this country, but which got not a peep in the government’s legislative programme. They all relate to the key issue of governance in each area where the deficit of accountability is greatest – […]

Banks have taken over the State and got away with it

by Michael Meacher.

Six global banks, two them British, have just been fined £5.6bn in what the FBI has called ‘massive scale’ criminality, yet no individual executive has been prosecuted and no bank has been deprived of its licence to practise which would have happened in any other sector given such monumental wrongdoing. Indeed State regulators have gone […]

The City & Wall St are a hotbed of lawbreaking & regulation isn’t working

by Michael Meacher.

The implications of the latest survey of the City of London’s culture are stunning. The study by University of Notre Dame and a law firm revealed that nearly a fifth of respondents believed that “financial service personnel must sometimes engage in unethical or illegal activity to be successful in the current financial environment”. It found […]

Can private banks ever be trusted, after fines of £61n?

by Michael Meacher.

The size of the penalties imposed on the UK’s Big 4 banks for illegal misconduct since the crash in 2008-9 is stunning. It amounts to £42bn already levied up to 2014, plus a further £19bn for conduct and litigation charges this year and next. That £61bn total is a staggering figure, equal by one measure […]

Hound of Hounslow shows non-regulation of banks remains extremely dangerous

by Michael Meacher.

No-one had heard of Navinder Singh Sarao until on 6 May 2010 he ‘spoofed’ the international stock markets while sitting in his room in his parents’ semi in Hounslow and made $879,000 on that day alone and, it is alleged, $40 millions fraudulently over 5 years. He is now awaiting extradition to the US to […]

Greek myths retold: confronting the ideologues of austerity

by Michael Burke.

The world economy is not strong and the President of the United States is sufficiently concerned about new shocks to it that he recently met the Greek Finance Minister to urge ‘flexibility on all sides’ in the negotiations between the Syriza-led government and its creditors. US concern is fully justified. In any attempt to reach agreement it […]

Even the Tories’ naked bribery has now gone pear-shaped

by Michael Meacher.

There is a very noticeable difference between the way that the Tories and Labour have conducted this election. The Tories have used the twin-prong approach: personal vilification which has proved counter-productive and now blatant giveaways (of other people’s money) to try to produce a false feel-good factor. However, no serious policy proposals for the country’s increasingly […]

Big four banks (with 1,629 subsidiaries in tax havens) are rotten heart of UK economy

by Michael Meacher.

The more that comes to light about the nefarious activities of the Big four banks, the more extraordinary it is that these banks (a) demand a return to business as usual (which of course caused the financial crash in the first place), (b) continue to fight back against any reforms of a dysfunctional finance sector, feeble […]

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