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 […]
Posts Tagged ‘Corporate Accountability’
Hound of Hounslow shows non-regulation of banks remains extremely dangerous
Apr 29th, 2015 by Michael Meacher.
Corporate tax dodging is father of austerity
Mar 15th, 2015 by Michael Meacher.Industrial scale tax evasion and avoidance is not only symptomatic of the insatiable greed of the hyper-rich and the over-mighty corporations, it also serves another purpose which is much less recognised. The touchstone of the neoliberal ideology is globalisation – let the markets be all-powerful and governments get out of the way. That is served […]
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The dozy watchdogs who make vast profits but are immune from prosecution
Jan 18th, 2015 by Michael Meacher.When last year multinationals like Starbucks, Google and Amazon came under fire over tax avoidance, the focus naturally turned to the accountancy firms that enabled them to do it. In particular after it was revealed in September that Tesco had over-stated its first-half profits by £250m, the spotlight fell on PricewaterhouseCooper (PwC), Tesco’s auditor for […]
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Top pay unrelated to performance, just greed – official
Jan 2nd, 2015 by Michael Meacher.Research on top executive pay over the last decade has found that it had little or no correlation with key performance indicators that companies highlighted to shareholders. The research was undertaken by CFA UK and Lancaster Business School over the 10 years from 2003 to 3013 at 30 of the FTSE-100 companies. It found that […]
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Our corrupt, self-protective, unaccountable Establishment
Dec 29th, 2014 by Michael Meacher.By chance several events in the few days before Christmas highlighted poignantly how the British Establishment – the small political-economic-financial elite who went to the same public schools and the same universities (usually Oxbridge) – automatically close ranks to protect each other when they come under pressure. Jonathan Burrows, a former MD of Blackrock Asset […]
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Tories buy election
Dec 17th, 2014 by Michael Meacher.Democracy is a great system, except that those in power do their uttermost to subvert it, circumvent it, and twist it to their own ends, and quite often succeed. Take the current state of play between the parties in Britain. In March this year the Electoral Commission recommended there should be no increase in spending […]
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Big accountancy firms’ corrupt fiddles for the banks must be stopped
Oct 22nd, 2014 by Michael Meacher.The evidence piles up that the private sector auditors of banks have manifestly failed in their duties. All the major banks received unqualified audit opinions from Deloitte & Touche, PricewaterhouseCoopers, KPMG, and Ernst & Young. Private sector auditors have a history of silence and are immersed in too many conflicts of interest. The evidence is […]
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Time for Labour to speak out on corporate governance
Aug 23rd, 2014 by Michael Meacher.Whilst the economic debate surges around austerity, recession and claims of recovery, it’s remarkable that next to nothing is being said about the flaws of corporate governance. As a result the dominant theme of shareholder value is accepted almost without question. Yet it is deeply compromised both in theory and in practice. Most obviously it […]
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Why Labour should boycott G4S as a provider of security to its conference
Jul 9th, 2014 by Greg Dropkin and John Nicholson.G4S is mired in scandal, but the company will provide security at Labour Party conference in September. Stop G4S campaigners Greg Dropkin and John Nicholson ask trade unionists and party members to demand Labour withhold contracts until, at least, the company pulls out of Israeli prisons and the Occupied Palestinian Territories. During the recent UNITE […]
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Cable still doesn’t get the extent of corporate greed
Apr 25th, 2014 by Michael Meacher.Vince Cable, to give him credit, is the one member of the Cabinet who is seriously concerned about pay extremism in the boardroom. The rest are seriously in favour of it. But the measures he has so far put in place, albeit harried at every turn by the Tory Right, will achieve little. He has […]
