Posts Tagged ‘Bankers’

Banks’ culture is still fundamentally rotten

by Michael Meacher.

In a pre-election party political broadcast called the Autumn Statement, the Chancellor was at pains to tell us that his ‘long-term economic plan’, which he echoed 15 times like a demented obsessive perhaps to cover up that he doesn’t actually have one, was firmly on track. The economy had been saved from ruin and was […]

The Osborne forked tongue is cranking up for the Autumn Statement

by Michael Meacher.

The Chancellor’s response to the £1.1bn windfall handed to him by the fine on the banks is a classic in Osborne double-speak. We’re told the money will be “used for the wider public good”. He means tax cuts as an electoral bribe. He says “today we take action to clean up corruption by a few […]

Why should rich posh crooks (aka bankers) get away with it?

by Newsdesk.

The banks: how am I here again? Standing outside RBS, Paul Mason asks why action is not taken against crooked bankers. They plead not to over-regulate them, not to imprison them or they won’t be able to recruit the talented people they need. Talented at what, you may ask. Ripping off their costomers? Certainly not […]

Financial weapons of mass destruction remain UK’s biggest unexploded bomb

by Michael Meacher.

Despite the recent howls from the City of London about the new criminal offence of reckless misconduct by senior bank executives, little or nothing has been done to curb the very real and big risks associated with derivatives which were at the heart of the financial crash 6 years ago. It is little understood that […]

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 […]

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 […]

Bankers back to business as usual

by Michael Meacher.

Two articles of faith in the banking class is that regulation always undermines growth and that financial crises are inevitable. Both these claims are wrong and cannot be supported by the evidence of the last 70 years. On the first, it was the absence of regulation which precipitated the epic 2008-9 breakdown. Starting from 1971 when Nixon […]

We can end the despotism of finance, at a price

by Ann Pettifor.

After the 2008 global financial crisis and panic, the international banking system very nearly collapsed. In the days after Lehman Brothers failed, panic prevailed. ATMs were on the very brink of denying punters access to their own money. A prominent international banker advised his wife to withdraw all their funds from the banking system. To […]

Animal spirits in the stockmarkets don’t add up to economic recovery in the real world

by Michael Meacher.

There is an extraordinary combination at the start of 2014 of souped-up credit markets and an anaemic economy. The urge to talk up the economic recovery after so many false starts has turned the heads not only of investors but also of the economic commentators who show the same herd instinct of prophesying long-term continuing […]

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