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Open Letter to Nicola Sturgeon—are bankers ‘above the law’?

In Blog by Ian Fraser0 Comments

4th March 2016 [UPDATED 10TH MARCH 2016 TO INCLUDE A STATEMENT FROM POLICE SCOTLAND] It is increasingly apparent that our supposedly “independent” prosecutorial agencies — which include the Crown Prosecution Service in England and Wales, and the Crown Office and Procurator Fiscal Service in Scotland — are useless when it …

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The 47 scandals that prove it’s no time to go soft on banks

In Blog by Ian Fraser3 Comments

19th November 2015 In an important speech given at the Finance Watch conference in Brussels on Tuesday, Robert Jenkins — a former member of the Bank of England’s financial policy committee — highlighted the dangers of a two-tier justice system in which senior bankers are effectively ‘above the law’. He also said that 47 banking scandals and …

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George Osborne unveils a quack cure for RBS

In Blog by Ian Fraser0 Comments

11th November 2015 It was midway between the canon of lamb and the passing of the port that George Osborne rose to his feet. Addressing a room of 350 white-tie wearing bankers, the 44-year-old Chancellor of the Exchequer seemed to have a spring in his step. Just a few weeks earlier, …

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Steve Baker: The government is flying blind on banking

In Blog by Ian Fraser0 Comments

8th November, 2015 In a stark warning to the government, the MP Steve Baker has said we’re flying blind where RBS and the wider banking system are concerned, as accounts prepared using International Financial Reporting Standards (IFRS) cannot be relied upon. In what was the stand-out contribution to last Thursday’s House of …

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Classic over-reach as Goodwin boasted about RBS’s immensity

In Blog by Ian Fraser0 Comments

7th November 2015 The FactSheet compiled by RBS’s senior communications executive and deputy chief economist Andrew Wilson in February 2007 pleased his master, the bank’s chief executive, Fred Goodwin, as it put RBS’s financial success in context. But it was also incredibly bombastic and dangerously hubristic Royal Bank of Scotland issued an …

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Tony Blair slammed as a ‘warmonger’ at Edinburgh event

In Blog by Ian Fraser0 Comments

21st August 2015 Tony Blair came under fire at the Edinburgh International Book Festival tonight. The former Labour prime minister was branded a “war-monger” and an Israeli shill by emeritus professor at Oxford University Avi Shlaim, with reference to Blair’s failed role as the Quartet’s peace envoy in the Middle East. Slamming the Quartet …

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Libor scapegoat found guilty, sentenced to 14 years

In Blog by Ian Fraser0 Comments

3rd August, 2015 Cross-posted from Zerohedge (updated) Tom Hayes, the former UBS and Citigroup trader standing trial for his role in the manipulation of Libor, was today found guilty on eight counts of conspiracy to rig the benchmark in a London court, and sentenced to 14 years in prison. The …

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

In Blog by Ian Fraser0 Comments

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 …

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Investor seeks to force accountability at Lloyds Banking Group

In Blog by Ian Fraser0 Comments

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 …

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

In Blog by Ian Fraser0 Comments

March 11th, 2015 Britain’s banks would never have been able to get away with behaving as badly as they have, to missell as many financial products or ruin as many viable business customers if their sector had been subject to proper competition, the former entrepreneur-in-residence at the Department of Business Innovation and …