Posts Tagged ‘Barclays’

Big four banks (with 1,629 subsidiaries in tax havens) are rotten heart of UK economy

by Michael Meacher.

The more that comes to light about the nefarious activities of the Big four banks, the more extraordinary it is that these banks (a) demand a return to business as usual (which of course caused the financial crash in the first place), (b) continue to fight back against any reforms of a dysfunctional finance sector, feeble […]

Bank bosses, it seems, like the police are never guilty

by Michael Meacher.

So who instructed Barclays to reduce its submissions to LIBOR, the London inter-bank offer rate which the Economist recently estimated underpins contracts worldwide worth over £60 trillions?  On this rather crucial question the Treasury Select Committee has done a fudge. The answer apparently is – nobody. Del Missier, the chief operating officer at Barclays, admitted he […]

After Barclays now it’s HSBC: will corruption at the top ever stop?

by Michael Meacher.

HSBC now looks to be heading for the biggest fine ever for Europe’s biggest bank.   It stands accused of failing to properly implement money-laundering controls designed to prevent terrorists and others from using its services to advance their criminal ends. Two facts stand out from this case.   One is that HSBC is a British bank, but […]

Bank inquiry could open up secret Tory-City deals which threaten government

by Michael Meacher.

So why are the Tories so determined to block a proper judge-led inquiry into the whole corrupt culture of banking which is so obviously needed? Their only argument is the need for speed to deal with the shocking LIBOR revelations. Ed Miliband yesterday at PMQs neatly overturned that argument by saying that a judge-led inquiry […]

Leveson-style inquiry into banks needed, not inter-MPs mud-slinging

by Michael Meacher.

They’re being forced to yield inch by inch. First, Barclays’ chairman Agius said he had no intention of resigning; 24 hours later he’d gone. Then the shameless and disgraced chief executive Diamond announced that he was the best person to oversee a change in culture at the bank, having told us a few months ago […]

Labour after LIBOR

by David Osler.

If anyone out there is still making the intellectual case for further banking deregulation, they are keeping strangely quiet right now. And yet for the longest time, an automatic presumption in its favour constituted the prevailing orthodoxy among Conservative and New Labour politicians alike. Last week’s revelations about Barclay’s complicity in rigging the London Interbank […]

Barclays: dislocation of Capitalism from itself

by Carl Packman.

An anonymous banker, writing in the Telegraph yesterday, told about how he and his colleagues were helping manipulate the UK’s bank borrowing rate. The surprise is to find out how openly it was discussed. The discussion was so open the behaviour seemed above board. In no sense was this a clandestine gathering. But the anonymous […]

Be angry at bankers, be angrier at economists

by Ann Pettifor.

Like millions of others I am outraged by the LIBOR scandal; the wrongdoings of the ‘submitters’ and other traders at Diamond’s Barclays Bank and their fellow travellers at the British Bankers Association. Which is why we at PRIME economics launched a government e-petition calling for a judicial public inquiry into the wrongdoings of banks, and for […]

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 […]

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