Posts Tagged ‘Bankers’

From BCCI to Standard Chartered: a brief alternative history of investment banking

by David Osler.

The Bank of Credit and Commerce International, which collapsed in 1991, was not widely known as the Bank of Crooks and Cocaine International for nothing. True, the Bank of England was a bit sniffy about it, largely on account of its connections to the Middle East, and refused to grant BCCI full banking status. Neverthless, the regulatory authority […]

Why are the Tories so coy about a judge-led inquiry?

by Michael Meacher.

Parliament was at its worst yesterday. The mud wrestlers Osborne and Balls were so dementedly determined to lay toxic blame on each other for the shocking LIBOR scandal that the City escaped with hardly a bruise to its name. The difference between a judge-led inquiry and a special parliamentary select committee inquiry is not that […]

Banks need not just a few sackings, but wholesale restructuring

by Michael Meacher.

It’s not often one agrees with the Institute of Directors (IoD), but on this occasion they are right (as far as it goes) to say: “It is high time for a clear-out of the leaders who created this mess, and the should be replaced with new blood”. From the IoD’s point of view no doubt […]

Banks inquiry – e-petition now over 10,000 strong

by Ann Pettifor.

Just after noon today the 10,000th person signed our e-petition [click here to sign] for an independent judicial inquiry into the banks’ misdeeds and ethics, and into the role of the British Banker Association.  Our heartfelt thanks to all who have supported this initiative, which has undoubtedly had an impact on the political scene. The […]

Diamond should be prosecuted and, if convicted, jailed

by Michael Meacher.

If there is one thing that produces boiling anger amongst the general public, it’s that the bankers who’ve brought this country to its knees have walked away unpunished. Despite criminal negligence, if not outright incompetence and irresponsibility, which has cost millions their jobs, pay cuts and loss of public services, they get off scot-free after […]

We need an independent inquiry into the fraud, wrongdoing & ethics of British banks

by Ann Pettifor.

Following the gentle fines on Barclays Bank for its sustained manipulation of LIBOR interest rates, I have submitted an e-petition to government for a judicial public inquiry, which is already up on the government website and ready for signing – click here to access it. I hope that readers and followers who share my view that a full-scale […]

Greek Apocalypse Now? Not quite

by Michael Meacher.

Robert Chote, the OBR chair, is normally a serious and measured man, but to say, as he did, that the UK would suffer ‘irreparable damage’ from a Greek default or that the UK ‘may never recover’ is grossly overdoing it – more reminiscent of the saloon bar than the forum of the Government’s leading economic advisers. […]

Regulatory backlash against bankers’ pay – you bet!

by Michael Meacher.

So even the tin ears in the City are now railing against excessive pay at the top. A study by Share Centre found that 95% of institutional investors now believe pay is too high across all leading companies, not just the banks. Very observant of them. The real question is what should be done about […]

Yes they’re all in it together

by Michael Meacher.

It’s a relief that even a City investor group (PIRC) is now challenging the accounts of Barclays, RBS, and HSBC, initially when the pay deal for Bob (greedy as Croesus) Diamond is put to the Barclays AGM in a fortnight’s time. It is proposed to pay him £17m, largely made up of an executive share […]

A budget that ignores reality: ideological and macro-economically hollow

by Ann Pettifor.

Since 2009 the economy has struggled to recover from the mire of a slump caused by the banking sector. But each time economic activity quickens, it hits a series of buffers. These buffers are well known , but denied by the Chancellor: a vast overhang of private debt now slowly being de-leveraged; a banking sector […]

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