Tagged with Fraud

Labour after LIBOR

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 Offered Rate highlight just what was wrong with the doctrine.

It is no more tenable to expect bankers to police themselves than it is to ask a bunch of teenagers on their first unaccompanied holiday in Faliraki to practice safe sex and strictly observe government drink unit guidelines. Continue reading →

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

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 government still seems unwilling to have such an inquiry – we wonder why, surely no hidden links nor cosy horseplay there! Continue reading →

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

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 judicial public inquiry is now urgently required will not only sign up, but encourage friends and colleagues to do so. Continue reading →