So Osborne is still determined to return RBS and Lloyds to the private sector before the election. This is despite all the arguments to the contrary – that the private banking system produced the financial crash in the first place with utterly calamitous results, that no significant measures have been put in place to prevent [...]
Posts Tagged ‘Banks’
There’s a hole in his bucket
Sep 4th, 2012 by Michael Meacher.It is really bewildering how far the Tories continue to push supply-side economics, and are now preparing to do so yet again even though every such initiative has failed miserably, but deliberately ignore the open goal of demand-side economics. Osborne softened the Vickers bank reform package as a quid pro quo for the banks increasing [...]
Why are we still so obsessed with preserving the banks?
Aug 20th, 2012 by Michael Meacher.It is sad, tragically if not pathetically sad, that 5 years into this long-drawn-out recession still virtually none of the key lessons have been learnt. It is not about injecting a new morale and spirit of Olympic aspiration into UK economic enterprise after two weeks of glorious athletics achievements. It’s about realising that the financial [...]
Labour still not rising to the challenge over HSBC, Barclays, G4S, FTT
Jul 24th, 2012 by Michael Meacher.As the disasters one after another, all interconnected via the underlying neoliberal ideology, betoken a real fin de siecle, Labour is still failing to shoot into a wide open goal. As HSBC is exposed sitting atop a mountain of corruption which bears comparison with the utterly discredited (and destroyed) BCCI, where is Labour calling for [...]
Key to challenging power of banks is regaining control of money supply
Jul 10th, 2012 by Michael Meacher.The discovery by the Bureau of Investigative Journalism that the financial services industry spent £92m last year lobbying politicians and regulators shows how deeply entrenched the banks have become in the UK power structure contrary to the public interest. The documents show that that lobbying firepower was used to slash UK Corporation Tax (Osborne caving in to [...]
This latest bank crisis leaves several vital questions unanswered
Jul 3rd, 2012 by Michael Meacher.Since the rigging of the key inter-bank lending rate (LIBOR) has been going on since 2005, why did it require the US Department of Justice to bring this enormous scam to light and why were the British authorities (FSA, Bank of England and Treasury) asleep at the wheel? Why were the top management of the banks so monumentally incompetent, or so wilfully blind, as not even to notice a clue in 7 years?
Consumer credit market winners: payday lenders
Mar 1st, 2012 by Carl Packman.The Bank of England recently published the trends for lending for January 2012. They show that: The major UK lenders are Banco Santander, Barclays, HSBC, Lloyds Banking Group, Nationwide and Royal Bank of Scotland and together they accounted for around … 45% of the stock of consumer credit. Bookmarks Hide Sites
RBS bail out: Not again. This time, nationalise
Oct 7th, 2011 by Richard Murphy.The FT warns this morning that there are widespread fears the the government will have to bail out RBS, again. RBS passed the so-called European stress test in July, but that test failed to take into account the likely failure of Greek and other debt. Now that failure is likely and the EU is demanding new stress tests then RBS [...]
Let them default
Sep 20th, 2011 by Ann Pettifor.I recorded this interview with Australia Broadcasting ’s daily show. This went out on 15th September. Bookmarks Hide Sites
Banks get £46bn in “too-big-to-fail” subsidy
Sep 10th, 2011 by Newsdesk.As the Vickers Commission prepares to launch their final report on Monday 12 September 2011, analysis by nef (the new economics foundation) quantifies the ‘too-big-too-fail’ subsidy for each of Britain’s ‘big five’ banks for the first time, and argues that the Commission’s proposals are too narrow to be effective. Bookmarks Hide Sites
