Posts under ‘Finance’

The economic ‘recovery’ won’t hold till election next May

by Michael Meacher.

Fortunately for Osborne, Scotland is keeping the parlous state of the economy out of the news. UK manufacturing export orders have now turned negative for the first time in nearly 2 years, dimming any expectations that manufacturing and exports would lead the way in any upsurge. The immediate reasons blamed are the flagging Eurozone economy, […]

Where’s accountability over Shaun Wright, Rotherham child care, police apology 3 years late?

by Michael Meacher.

I never expected, having called for bankers, doctors, business executives, MPs, police, media to be held to account for serious wrongdoing by sacking and/or prison in the worst cases, that the imperative for such accountability would be so quickly manifested. On 26 August Sir Bernard Hogan-Howe, the Metropolitan Police Commissioner, was finally forced to apologise, […]

Twenty-two days that changed the world

by Ann Pettifor.

Review of The Summit by Ed Conway, published by Little, Brown, 2014 In this carefully researched book Ed Conway tells a gripping human tale about the July 1944 Bretton Woods Conference – “the biggest battle of the Second World War – fought behind closed doors”. He provides remarkable insights into the personal, geopolitical and intellectual dynamics that […]

Unrepentant banks put up two fingers to regulators

by Michael Meacher.

Today it is reported that the Financial Conduct Authority (FCA) has imposed a fine of £14m on RBS for deficient mortgage record-keeping and poor advice to borrowers. It has still not imposed any penalty on RBS for its far more serious offence regarding the sale of US mortgage-backed securities. By contrast, only last week the […]

Holding public figures to account must lead to prison in worst cases

by Michael Meacher.

Once again it is instructive how they do things in the US, the citadel of capitalism, which is so very different from the secretive British State which protects its elites even from their worst wrongdoings. The Bank of America has just been fined $16.7bn for misleading investors in its mortgage-backed securities, a colossal sum which […]

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, […]

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