Posts Tagged ‘Bank regulation’

Bank regulation 8 years on, why has next to nothing been done?

by Michael Meacher.

The real root problem with regulating the banks is that the politicians are hand in glove with them. The Tories don’t even want to regulate the finance sector so long as it provides them with half their annual income year after year, not just the banks themselves, but the hedge fund billionaires as well. Worse […]

Osborne shows his true colours: in the pocket of the banks

by Michael Meacher.

Osborne’s sacking of Martin Wheatley, head of the Financial Conduct Authority (FCA) says it all. His sin was that he was too tough on the banks. The banks are the most powerful section of the Establishment which runs Britain, and Osborne is one of their chattels who does their bidding when half of the Tories’ […]

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 […]

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 […]

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 […]

HSBC is out of control and should be broken up

by Michael Meacher.

The lesson of the HSBC debacle is not merely that tax evaders must be hunted down much more relentlessly, but that in its present form it’s ungovernable. It’s no good saying HSBC was run in a ‘federated way’, but now management has been tightened up (is anybody really taken in by that anyway?). We were […]

Banks ‘too big to fail’ in the credit crunch are now far bigger

by Michael Meacher.

There several dangers that face the world economyat the start of this New Year – further outbreaks of violence both within and outside the Middle East, destabilisation caused by the abrupt halving or more of the oil price, the slow-down of world growth (China), deflation and possible breakdown in the Eurozone, and another banking crisis. […]

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 […]

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 […]

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