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Osborne fires starting gun on Royal Bank of Scotland disposal

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10th June, 2015 George Osborne has confirmed that the UK government will start selling off its £32bn stake in the Royal Bank of Scotland at a loss, insisting any delay would be bad for the economy, taxpayers and bank. Addressing the annual Mansion House dinner in the City of London, Osborne said: “It’s the right thing […]

June 10th, 2015 | Posted in Blog | Read More »

‘RBS still lacks tranparency’ — CNBC Squawk Box interview

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7th June, 2015 In this interview with CNBC’s Squawk Box, recorded in their Fleet Place studios, I said that RBS still hasn’t shrunk enough and that the bank still lacks transparency. In particular I implied it was being somewhat dishonest in its provisioning for future litigation and the cost of past/current misconduct. The interview, which […]

June 7th, 2015 | Posted in Blog | Read More »

British government policy towards RBS leaves much to be desired

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7th June, 2015 Afshin Rattansi asked me about who was to blame for the Royal Bank of Scotland’s collapse, whether the 2008-09 bailout was mishandled, the scapegoating of Fred Goodwin by former prime minister Gordon Brown, and whether the government has a vested interest in airbrushing the bank’s crimes and misdemeanours, in view of its […]

June 7th, 2015 | Posted in Blog | Read More »

If you believe banking and finance need radical reform, vote Green

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6th May, 2015 Having studied the manifestos I can now say it with some certainty. There is only British political party that is committed to reforming Britain’s broken banking system and still largely out-of-control City of London. The Green Party. Other parties such as the Conservatives and the Labour party do mention things like implementing the Sir John Vickers […]

May 6th, 2015 | Posted in Blog | Read More »

Investor seeks to force accountability at Lloyds Banking Group

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14th April 2015 Lloyds Banking Group shareholder Michael Page may be about to force some accountability, and perhaps even a degree of honesty, at the state-rescued bank in which he owns a stake. In doing so Page — whose Guernsey-based aircraft leasing business was left massively out of pocket following the collapse of the scandal-plagued, and HBOS-backed, aviation business, Corporate Jet Services, in […]

April 14th, 2015 | Posted in Blog | Read More »

Osborne should break up RBS and Lloyds, not chase a fast buck

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March 11th, 2015 Britain’s banks would never have been able to get away with behaving as badly as they have done, missell as many products or ruin as many viable UK small and medium-sized enterprises if their sector had been subject to proper competition, the former entrepreneur-in-residence at the Department of Business Innovation and Skills, Lawrence Tomlinson, […]

March 11th, 2015 | Posted in Blog | Read More »

Hervé Falciani: HSBC leaks are the tip of the iceberg

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February 14th, 2015 (updated February 20th, 2015) Hervé Falciani is the man behind the largest leak in banking history. In this interview (filmed in February 2014), he told the British filmmaker Nick Francis why he had little choice but to become a whistleblower after he discovered that the board of directors of his employer, HSBC, was allegedly […]

February 14th, 2015 | Posted in Blog | Read More »

Bill Black: We’ve given bankers a licence to defraud

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February 7th, 2015 As a U.S. Federal litigator, Bill Black had a pivotal role in ensuring that hundreds of the bankers behind the U.S. savings and loan crisis of the late 1980s were put behind bars. Since then, he’s become increasingly exasperated by his country’s failure to prosecute any senior bankers for the much more serious and more damaging […]

February 7th, 2015 | Posted in Blog | Read More »

FCA colluded to cover up alleged HSBC fraud

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January 23, 2015 (corrected March 2, 2015. See note) When John Griffith-Jones and Martin Wheatley, chairman and chief executive of the Financial Conduct Authority, appear before the Treasury Select Committee at 9.30am next Tuesday, 27 January, the 13 MPs on the committee have an unprecedented opportunity to establish whether the FCA, just like its predecessor the FSA, is colluding with banks to cover up […]

January 23rd, 2015 | Posted in Blog | Read More »

Paul Mason is right to be angry with RBS

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November 12th, 2014 This is brilliant off-the-cuff reporting by Paul Mason, economics editor of Channel 4 News. It’s all very well for the Royal Bank of Scotland’s chief executive Ross McEwan to claim to be angry that some of his bank’s traders rigged the FX markets in order to rip off the bank’s clients and counterparties. But I […]

November 12th, 2014 | Posted in Blog | Read More »

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