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	<title>Ian Fraser</title>
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	<link>http://www.ianfraser.org</link>
	<description>Journalist, Blogger, Broadcaster</description>
	<lastBuildDate>Mon, 20 May 2013 02:31:25 +0000</lastBuildDate>
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			<item>
		<title>The beauty and insanity of HFT</title>
		<link>http://www.ianfraser.org/the-beauty-and-insanity-of-hft/</link>
		<comments>http://www.ianfraser.org/the-beauty-and-insanity-of-hft/#comments</comments>
		<pubDate>Fri, 10 May 2013 18:35:23 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[CFTC]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[HFT]]></category>
		<category><![CDATA[high frequency traders]]></category>
		<category><![CDATA[high frequency trading]]></category>
		<category><![CDATA[high speed trading]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>
		<category><![CDATA[Nanex]]></category>
		<category><![CDATA[SEC]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9540</guid>
		<description><![CDATA[May 10th, 2013 (updated May 14th 2013) What has become of our markets? Nanex, the market analysis firm, has animated a half second of trading activity in Johnson &#38; Johnson stock. The animation is both intoxicating and mindblowing, not only because of the sheer quantity of trades, each of which is made by computer algorithms (i.e. without [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Paul Moore: Why Griffith-Jones must step down as FCA chairman</title>
		<link>http://www.ianfraser.org/paul-moore-why-john-griffith-jones-must-go/</link>
		<comments>http://www.ianfraser.org/paul-moore-why-john-griffith-jones-must-go/#comments</comments>
		<pubDate>Sat, 20 Apr 2013 14:51:35 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[accountancy]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[audit]]></category>
		<category><![CDATA[audit failure]]></category>
		<category><![CDATA[auditors]]></category>
		<category><![CDATA[FCA]]></category>
		<category><![CDATA[Financial Conduct Authority]]></category>
		<category><![CDATA[financial reporting]]></category>
		<category><![CDATA[Financial Reporting Council]]></category>
		<category><![CDATA[Financial Services Authority]]></category>
		<category><![CDATA[FRC]]></category>
		<category><![CDATA[FSA]]></category>
		<category><![CDATA[John Griffith Jones]]></category>
		<category><![CDATA[KPMG]]></category>
		<category><![CDATA[Paul Moore]]></category>
		<category><![CDATA[regulatory capture]]></category>
		<category><![CDATA[regulatory failure]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9502</guid>
		<description><![CDATA[April 20th, 2013 Trust in UK financial regulation and auditing cannot be rebuilt unless John Griffith-Jones (pictured right) steps down as chairman of the Financial Conduct Authority, writes HBOS whistleblower Paul Moore, who is also calling for a public inquiry into KPMG&#8217;s pre-crash audits of the collapsed bank HBOS. The need for such an inquiry was reinforced on 11 April, [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Disgraced former HBOS boss Andy Hornby gives Channel 4 News the cold shoulder</title>
		<link>http://www.ianfraser.org/disgraced-former-hbos-boss-andy-hornby-gives-channel-4-news-the-cold-shoulder/</link>
		<comments>http://www.ianfraser.org/disgraced-former-hbos-boss-andy-hornby-gives-channel-4-news-the-cold-shoulder/#comments</comments>
		<pubDate>Mon, 15 Apr 2013 10:59:51 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Andy Hornby]]></category>
		<category><![CDATA[Channel 4 News]]></category>
		<category><![CDATA[Gala Coral]]></category>
		<category><![CDATA[HBOS]]></category>
		<category><![CDATA[Jon Snow]]></category>
		<category><![CDATA[PCBS]]></category>
		<category><![CDATA[Siobhan Kennedy]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9489</guid>
		<description><![CDATA[April 15th, 2013 Ten days ago the former bosses of HBOS were accused of a &#8220;colossal failure of management&#8221; by the Parliamentary Commission on Banking Standards. Today Channel 4 News&#8217;s business correspondent Siobhan Kennedy tried to catch up with the bank&#8217;s former chief executive, Andy Hornby. Now chief executive of the betting chain Gala Coral, [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Highland result suggests RBS bankers no longer above the law</title>
		<link>http://www.ianfraser.org/houston-we-have-a-turning-point-bankers-are-no-longer-above-the-law/</link>
		<comments>http://www.ianfraser.org/houston-we-have-a-turning-point-bankers-are-no-longer-above-the-law/#comments</comments>
		<pubDate>Sat, 13 Apr 2013 14:42:23 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA["sham" auction]]></category>
		<category><![CDATA[CDO]]></category>
		<category><![CDATA[CDOs]]></category>
		<category><![CDATA[CLO]]></category>
		<category><![CDATA[CLOs]]></category>
		<category><![CDATA[collateralized debt obligations]]></category>
		<category><![CDATA[Collateralized Loan Obligation]]></category>
		<category><![CDATA[Cooke Young & Keiden]]></category>
		<category><![CDATA[Court of Appeal]]></category>
		<category><![CDATA[David Cameron]]></category>
		<category><![CDATA[deceit]]></category>
		<category><![CDATA[fraud]]></category>
		<category><![CDATA[George Osborne]]></category>
		<category><![CDATA[HBOS]]></category>
		<category><![CDATA[Herbert Smith]]></category>
		<category><![CDATA[High Court]]></category>
		<category><![CDATA[Highland Capital]]></category>
		<category><![CDATA[Lehman Brothers]]></category>
		<category><![CDATA[lies]]></category>
		<category><![CDATA[Linklaters]]></category>
		<category><![CDATA[PCBS]]></category>
		<category><![CDATA[perjury]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[Royal Bank of Scotland]]></category>
		<category><![CDATA[Royal Bank of Scotland (RBS)]]></category>
		<category><![CDATA[structured credit]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9449</guid>
		<description><![CDATA[April 13th, 2013 Finally, we have evidence that banks and bankers are not above the law in the United Kingdom. It seems the courts have finally woken up to the fact that allowing them to lie, cheat, deceive and defraud without legal impediment may not be a particularly good idea. As such, yesterday&#8217;s appeal court [...]]]></description>
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		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Salmond&#8217;s £1.7 million bung to KPMG is a kick in the teeth for taxpayers</title>
		<link>http://www.ianfraser.org/scottish-governments-1-7-million-bung-to-kpmg-beggars-belief/</link>
		<comments>http://www.ianfraser.org/scottish-governments-1-7-million-bung-to-kpmg-beggars-belief/#comments</comments>
		<pubDate>Thu, 11 Apr 2013 13:22:43 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[accountancy]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[Alan MacDougall]]></category>
		<category><![CDATA[Alex Salmond]]></category>
		<category><![CDATA[Big Four]]></category>
		<category><![CDATA[Bryan Shaw]]></category>
		<category><![CDATA[Chris Adams]]></category>
		<category><![CDATA[FBI]]></category>
		<category><![CDATA[financial regulation]]></category>
		<category><![CDATA[fraud]]></category>
		<category><![CDATA[FRC]]></category>
		<category><![CDATA[HBOS]]></category>
		<category><![CDATA[Herbalife]]></category>
		<category><![CDATA[HMRC]]></category>
		<category><![CDATA[Ian Barlow]]></category>
		<category><![CDATA[John Griffith Jones]]></category>
		<category><![CDATA[John Swinney]]></category>
		<category><![CDATA[KPMG]]></category>
		<category><![CDATA[PIRC]]></category>
		<category><![CDATA[Richard J Murphy]]></category>
		<category><![CDATA[Scott London]]></category>
		<category><![CDATA[Skechers USA]]></category>
		<category><![CDATA[Steve Hawkes]]></category>
		<category><![CDATA[tax evasion]]></category>
		<category><![CDATA[Tax Research UK]]></category>
		<category><![CDATA[The Sun]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9383</guid>
		<description><![CDATA[April 11th, 2013 Yesterday, the government of first minister Alex Salmond gave a £1.7 million Regional Selective Assistance grant to the &#8216;Big Four&#8217; accountancy firm KPMG to establish a tax avoidance centre in Glasgow. To me this is an astonishing waste of public money, a kick in the teeth to ordinary taxpayers, detrimental to the long-term [...]]]></description>
		<wfw:commentRss>http://www.ianfraser.org/scottish-governments-1-7-million-bung-to-kpmg-beggars-belief/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>HSBC&#8217;s drugs money laundering settlement a mockery of justice, says Warren</title>
		<link>http://www.ianfraser.org/hsbcs-drugs-money-laundering-settlement-a-mockery-of-justice-says-sen-warren/</link>
		<comments>http://www.ianfraser.org/hsbcs-drugs-money-laundering-settlement-a-mockery-of-justice-says-sen-warren/#comments</comments>
		<pubDate>Thu, 07 Mar 2013 22:19:24 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[drugs cartels]]></category>
		<category><![CDATA[Elisse Walter]]></category>
		<category><![CDATA[Elizabeth Warren]]></category>
		<category><![CDATA[Federal Reserve]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[money laundering]]></category>
		<category><![CDATA[SEC]]></category>
		<category><![CDATA[too big to fail]]></category>
		<category><![CDATA[too big to prosecute]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[US Department of Justice]]></category>
		<category><![CDATA[US Treasury]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9307</guid>
		<description><![CDATA[March 7th, 2013 Senator Elizabeth Warren (Democrat-Massachusetts), has once again revealed the dangerous double standards at the heart of the US justice system. Appearing at the Senate Banking Committee, the former Harvard law professor questioned officials from the US Treasury Department and US Federal Reserve over why criminal charges were not pressed on HSBC or [...]]]></description>
		<wfw:commentRss>http://www.ianfraser.org/hsbcs-drugs-money-laundering-settlement-a-mockery-of-justice-says-sen-warren/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Stephen Hester just doesn&#8217;t get it</title>
		<link>http://www.ianfraser.org/stephen-hester-just-doesnt-get-it/</link>
		<comments>http://www.ianfraser.org/stephen-hester-just-doesnt-get-it/#comments</comments>
		<pubDate>Fri, 01 Mar 2013 12:45:34 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Article Library]]></category>
		<category><![CDATA[bankers' pay]]></category>
		<category><![CDATA[bonuses]]></category>
		<category><![CDATA[City of London]]></category>
		<category><![CDATA[City of London Police]]></category>
		<category><![CDATA[executive pay]]></category>
		<category><![CDATA[Libor]]></category>
		<category><![CDATA[Libor rigging]]></category>
		<category><![CDATA[NatWest]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[Royal Bank of Scotland]]></category>
		<category><![CDATA[stephen Hester]]></category>
		<category><![CDATA[Ulster Bank]]></category>
		<category><![CDATA[US Department of Justice]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9326</guid>
		<description><![CDATA[By Ian Fraser Published: Daily Record Date: March 1st, 2013 Royal Bank of Scotland boss Stephen Hester was yesterday touring the television studios trying to convince us that he is absolutely determined to make RBS into a “really good bank” once again. The fox-hunting laird of Gogarburn also told us that RBS staff will share [...]]]></description>
		<wfw:commentRss>http://www.ianfraser.org/stephen-hester-just-doesnt-get-it/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Stephen Hester: The great escape artist</title>
		<link>http://www.ianfraser.org/the-great-escape-artist/</link>
		<comments>http://www.ianfraser.org/the-great-escape-artist/#comments</comments>
		<pubDate>Sun, 10 Feb 2013 19:33:53 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Article Library]]></category>
		<category><![CDATA[Barclays]]></category>
		<category><![CDATA[bonuses]]></category>
		<category><![CDATA[Citigroup]]></category>
		<category><![CDATA[City of Baltimore]]></category>
		<category><![CDATA[CTFC]]></category>
		<category><![CDATA[Department of Justice]]></category>
		<category><![CDATA[Eugène Ionesco]]></category>
		<category><![CDATA[Federal Reserve]]></category>
		<category><![CDATA[Financial Services Authority]]></category>
		<category><![CDATA[FSA]]></category>
		<category><![CDATA[George Osborne]]></category>
		<category><![CDATA[Guy Whittaker]]></category>
		<category><![CDATA[Indonesian Rupiah]]></category>
		<category><![CDATA[Jennifer Arcuri]]></category>
		<category><![CDATA[Jezri Mohideen]]></category>
		<category><![CDATA[John Hourican]]></category>
		<category><![CDATA[Ken Choy]]></category>
		<category><![CDATA[Kevin Liddy]]></category>
		<category><![CDATA[Lehman Brothers]]></category>
		<category><![CDATA[Libor]]></category>
		<category><![CDATA[Libor rigging]]></category>
		<category><![CDATA[Libor scandal]]></category>
		<category><![CDATA[Malaysian Ringgit]]></category>
		<category><![CDATA[NDFs]]></category>
		<category><![CDATA[Neil Barofsky]]></category>
		<category><![CDATA[Neil Danziger]]></category>
		<category><![CDATA[non-deliverable currrency forwards]]></category>
		<category><![CDATA[Paul Walker]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[Royal Bank of Canada]]></category>
		<category><![CDATA[Scott Nygaard]]></category>
		<category><![CDATA[Serious Fraud Office]]></category>
		<category><![CDATA[stephen Hester]]></category>
		<category><![CDATA[Thomas Hayes]]></category>
		<category><![CDATA[Tom Hayes]]></category>
		<category><![CDATA[UBS]]></category>
		<category><![CDATA[US Department of Justice]]></category>
		<category><![CDATA[Vietnamese Dong]]></category>
		<category><![CDATA[William K Black]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9228</guid>
		<description><![CDATA[By Ian Fraser Published: Sunday Herald Date: February 10th, 2013 It has been described as the biggest banking felony in history &#8230; yet no-one has been prosecuted for the Libor fixing scandal. Ian Fraser looks at the RBS sacrificial lambs.  [An edited version of this article was published on pages 34-35 the Sunday Herald on [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unicredit and the trouble with Dublin&#8217;s Cayman-on-the-Liffey</title>
		<link>http://www.ianfraser.org/unicredit-and-irelands-dark-heart-of-finance/</link>
		<comments>http://www.ianfraser.org/unicredit-and-irelands-dark-heart-of-finance/#comments</comments>
		<pubDate>Sun, 10 Feb 2013 14:40:05 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Banca d’Italia]]></category>
		<category><![CDATA[Central Bank of Ireland]]></category>
		<category><![CDATA[David Norris]]></category>
		<category><![CDATA[Dr Brian Hillery]]></category>
		<category><![CDATA[Dublin]]></category>
		<category><![CDATA[IFSC]]></category>
		<category><![CDATA[Ireland]]></category>
		<category><![CDATA[Irish economy]]></category>
		<category><![CDATA[Italian banks]]></category>
		<category><![CDATA[Jonathan Sugarman]]></category>
		<category><![CDATA[Kathimerini]]></category>
		<category><![CDATA[Mario Draghi]]></category>
		<category><![CDATA[Unicredit]]></category>
		<category><![CDATA[Unicredit Bank Ireland]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9203</guid>
		<description><![CDATA[February 10th, 2013 In September 2007, a year before Ireland&#8217;s banks went belly up, Jonathan Sugarman, risk manager Unicredit Bank Ireland, alerted his bosses and regulators at the Central Bank of Ireland to the fact that Unicredit was in massive breach of liquidity requirements. The law was clear: liquidity cover was allowed to fall to 89 [...]]]></description>
		<wfw:commentRss>http://www.ianfraser.org/unicredit-and-irelands-dark-heart-of-finance/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>What today&#8217;s Libor settlement says about Royal Bank of Scotland</title>
		<link>http://www.ianfraser.org/stephen-hester-in-cloud-cuckoo-land-over-libor-offences/</link>
		<comments>http://www.ianfraser.org/stephen-hester-in-cloud-cuckoo-land-over-libor-offences/#comments</comments>
		<pubDate>Wed, 06 Feb 2013 23:35:51 +0000</pubDate>
		<dc:creator>Ian Fraser</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[CFTC]]></category>
		<category><![CDATA[Department of Justice]]></category>
		<category><![CDATA[Derek Sach]]></category>
		<category><![CDATA[Financial Services Authority]]></category>
		<category><![CDATA[fraud]]></category>
		<category><![CDATA[FSA]]></category>
		<category><![CDATA[Global Restructuring Group]]></category>
		<category><![CDATA[Krishnan Guru-Murthy]]></category>
		<category><![CDATA[Libor]]></category>
		<category><![CDATA[RBS]]></category>
		<category><![CDATA[Royal Bank of Scotland]]></category>
		<category><![CDATA[stephen Hester]]></category>
		<category><![CDATA[US Justice Department]]></category>

		<guid isPermaLink="false">http://www.ianfraser.org/?p=9178</guid>
		<description><![CDATA[February 6th, 2013 If this is the best he can do, Royal Bank of Scotland chief executive Stephen Hester should consider throwing in the towel and conceding what most people already know &#8212; that RBS, as it stands, is unmanageable and running an unsustainable business model. Hester (who remains in denial about the egregious wrongdoing [...]]]></description>
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		<slash:comments>0</slash:comments>
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