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Time magazine’s panegyric to the City is beyond parody

In Blog by Ian Fraser0 Comments

21 September 2011 It’s incredible how some journalists got it so wrong about the City of London just prior to the crash of 2007-09. In January 2007 Time Magazine’s Adam Smith wrote an unctuous feature about the Square Mile which lavished praise on Gordon Brown’s “light touch” approach to financial …

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Cameron must not go soft on the banks

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 3 September 2011 As leader of the opposition, David Cameron gave the impression he intended to be tough on the banks. In an interview with Sky News in January 2009, he called for criminal actions against bankers and earlier said we needed “a …

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The City needs rehab; it’ll say ‘no, no, no’

In Blog by Ian Fraser1 Comment

11 August 2011 When my ex-boss Roger Neill launched the Centre for Creativity at City University London in winter of 2009, he staged a “Big City Brainstorm” which pulled together a diverse group of people – including several from the City of London. Roger and other people behind the Centre for …

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It’s time investors saw sense and stopped giving credence to rating agencies

In Blog by Ian Fraser1 Comment

10 June 2011 Given their woeful behaviour in the run-up to the global financial crisis, one might have thought the credit rating agencies would be discredited by now. One of the agencies’ biggest mistakes was their rampant mislabelling of residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) during the credit bubble in 2004-07. At the …

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AIG = Arrogance Ignorance and Greed

In Blog by Ian Fraser0 Comments

February 3rd, 2010 I just heard this track from Show of Hands on Radio 4’s ‘Midweek’ with Francine Stock. The West Country ‘acoustic roots’ band — comprising Steve Knightly and Phil Beer — was inspired to write this song by the social injustice of the banking bailouts and in particular by …

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Firms adapt to hard times as revenues fall

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Financial Times Date: 4 November 2009 Scotland’s professional services firms have suffered real pain prompted by the near-collapse of its two biggest banks, the shift in their centre of gravity to London, the continuing loss of corporate headquarters and the slump in commercial property and M&A …

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King: recidivist bankers just don’t get it

In Blog by Ian Fraser1 Comment

26 October 2009 It was fitting that Mervyn King, governor of the Bank of England, chose Edinburgh to deliver his recent attack on bankers and to chastise the government for its failure to push for financial sector reform. After all, two of the UK’s worst-managed and most reckless banks — …

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The times they are a changin’

In Blog by Ian Fraser0 Comments

16 September 2009 This photo of a US sheriff gingerly advancing through the wreckage of somebody’s home with his pistol loaded and ready to fire may look like something out of a war. But it’s just an ordinary scene from the suburbs in post crash America. The photo, taken in …

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Darling acquiesces in return to debt-fuelled casino

In Blog by Ian Fraser2 Comments

2 August 2009 Despite the bluster from politicians last October that banks would only qualify for bailouts if they changed their ways — for example by lending more responsibly, curbing pay and bonuses, facing tougher regulation, etc, etc), the UK’s banking fraternity has put two fingers up to such talk. …

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Focus: Back in the doldrums

In Article Library by Ian Fraser0 Comments

By Ian Fraser and Julia Belgutay Published: The Sunday Times Date: 21 June 2009 When Louise McPhillimy was accepted by Glasgow University to study law, she believed her career path was laid out before her. She would graduate with a good degree, gain a diploma in legal practice, then begin …