Posts Tagged ‘Lloyds’

Five good reasons why Osborne’s selling off RBS and Lloyds is wrong

by Michael Meacher.

Osborne as usual is taking advantage of Labour’s distraction at this time to sell off RBS and Lloyds to the private sector at a huge losses to the taxpayer, to accountability of the banks, and to the future of the British economy. This is motivated by his ambition eclipse even the Thatcherite privatisation boom of […]

Even the Tories’ naked bribery has now gone pear-shaped

by Michael Meacher.

There is a very noticeable difference between the way that the Tories and Labour have conducted this election. The Tories have used the twin-prong approach: personal vilification which has proved counter-productive and now blatant giveaways (of other people’s money) to try to produce a false feel-good factor. However, no serious policy proposals for the country’s increasingly […]

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 […]

Lloyds & RBS fined £90m yesterday, but (courtesy of Ed Balls) do they give a toss?

by Michael Meacher.

Hardly a day goes by without the big banks being penalised, for the umpteenth time, with a record fine. Yesterday Lloyds was fined £28m for ‘seriously flawed’ sales practices, while RBS was forced to pay the US authorities £62m for breaching US sanctions by dealing with clients in Iran, Sudan, Myanmar, and Cuba. In the […]

Bail-out banks need a strong-arm, not a sell-off

by Ben Folley.

The announcement that Lloyds TSB are back in profit has automatically triggered discussion of the government selling off its 39% share in the bank, back to the private sector. For Labour, it should trigger a discussion on an increasingly interventionist approach to the economy. Britain’s privately-owned banks were bailed out with billions from the taxpayer […]

Another credit crunch looms

by Ann Pettifor.

The finance sector is signalling alarm, and our politicians are once again asleep at the wheel. Another “credit crunch” may be looming. The most significant evidence emerged from the ECB’s second Long Term Refinancing Operation (LTRO) on Thursday last week. The LTRO is simply language intended to disguise the “printing of money” by the ECB […]

Banks get £46bn in “too-big-to-fail” subsidy

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.

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