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Archive for 'Banking'

Questions to which the answer is: “Does it really matter?”

Then and Now

September 2008: Fish-heid McMoonface lays into the “spivs and speculators” targeting the soundly-based HBoS (or so he said) and FSA for not intervening.
April 2013: the FSA concludes that HBoS had been undermined by a colossal failure of management by James Crosby, Andy Hornby and Dennis Stevenson; and recommends that they be barred from holding a [...]

Making the Plebs Pay: a Round-Up

It was earlier this year that financial and banking CEOs – smarting from the costs for mis-selling compensation and other unplanned expenditures – proposed ending ‘free banking’ through measures such as charging for maintaining current accounts (even those in credit) or expanding surcharges for withdrawing money from auto-tellers; a proposal which quickly elicited derision from [...]

Where On God’s Green Earth Does Simon Hughes Get His Information From?


In which John Mann is wrong and The Guardian is right

John Mann on Standard Chartered, as reported by Reuters:
Several of the bank’s top shareholders and a leading opposition lawmaker have questioned whether U.S. authorities are seeking to undermine London as a global financial centre. [...]
“I think it’s a concerted effort that’s been organised at the top of the U.S. government. I think this is Washington [...]

Then and Now

Richard Littlejohn in 1994:
Does anyone really give a monkey’s about what happens in Rwanda? If the Mbongo tribe wants to wipe out the Mbingo tribe then as far as I am concerned that is entirely a matter for them.
Simon Jenkins in 2012:
This is planning in the age of Barclays, an oligarchy of wealth, a [...]

Perhaps we do need a £eveson inquiry?

Two other pieces on banking are worth reading today. Firstly Aditya Chakrabortty on the Barclays Libor scandal:
Shot through these iniquities is a high-handed sense of being above the law. It’s obvious in the blatancy with which Barclays went about rigging interest rates even at the height of the crisis while taxpayers were bailing it out [...]

Ed Miliband is wrong

David Cameron has ordered an inquiry into the Libor-fixing scandal. Ed Miliband thinks this isn’t good enough saying ‘I’m not convinced by his way forward because I do not believe it measures up to the scale of what is required’.
He prefers a judge-led inquiry. Like Leveson.
Oh dear.
Or perhaps the Hutton Inquiry.
Everyone accepted the conclusions of [...]

Enhancing Incentive Compensation

One of the justifications given by the big boys at the Barclays Group when Bob Diamond became Chief Executive in March 2010 with the promise of considerable incentive compensation on top of his annual salary of £12 millions, was that his bank had weathered the financial crash and did not have to seek-out Government funds.
Even [...]

A SWIFT blow to Iran’s economy?

As promised, the latest sanction to hit the Islamic Republic of Iran took effect on Saturday.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has halted service for some two dozen Iranian banks that have been sanctioned by the European Union, including Iran’s central bank. SWIFT is the major means that banks worldwide use for cross-border [...]