View Post

Andy Haldane’s proposals for breaking the bankers’ doom loop

In Blog by Ian Fraser1 Comment

By Ian Fraser Published: QFINANCE Date: 25 October 2011 For a central bank director, Andy Haldane is remarkably alert to the widening cracks in the global financial system. Delivering the Wincott Annual Memorial Lecture in London on October 24, Haldane tried to shake policymakers and regulators out of their complacency by …

View Post

Krugman: Occupy Wall Street might be the turning point

In Blog by Ian Fraser0 Comments

7 October 2011 New York Times columnist Paul Krugman has thrown his weight behind the Occupy Wall Street protests, saying: “Occupy Wall Street is starting to look like an important event that might even eventually be seen as a turning point.” Krugman, who won the Nobel prize for economics in …

View Post

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 …

View Post

Diamond: The period of remorse and apology is over for banks

In Blog by Ian Fraser1 Comment

12 January 2011 This morning’s “grilling” of Barclays’ new chief executive, Bob Diamond, was an unsatisfactory affair. A light sautée-ing would perhaps be a more accurate description. The MPs on the Treasury Select Committee were good at grand-standing on banking issues such as excessive bonuses, lack of pay transparency, recklessness, tax avoidance, …

View Post

Getting tough on bankers’ bonuses

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 26 December 2010 Ever since Gordon Brown bailed out Britain’s banks in October 2008, the saga of bonuses has become one of the longest-running and most contentious in British public life. Politicians have been scrabbling for ways to respond to public anger and …

View Post

Trust Me I’m A Banker

In Blog by Ian Fraser1 Comment

11 October 2010 BBC Scotland’s Trust Me I’m A Banker will be aired on BBC1 Scotland at 7.30pm tonight. I helped to research the programme and was interviewed for it on whether the Graeme Shankland / Bank of Scotland Integrated Finance deal — which saw the ownership of a troublesome …

View Post

Inside the topsy turvy world of Goldman Sachs

In Blog by Ian Fraser0 Comments

5 August 2010 I just found Antonio Garcia-Martinez’s blog which encapsulates the corrosive culture at New York-based investment bank Goldman Sachs. In 2005 Garcia-Martinez was studying for a physics PhD at the University of California, Berkeley, when he was tempted to Wall Street by the prospect of filthy lucre. He accepted a …

View Post

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 …

View Post

Darling ‘gets tough’ with bankers

In Blog by Ian Fraser2 Comments

7 December 2009 Has Alistair Darling succumbed to pressure from Gordon Brown and agreed to impose a “super tax” on individual bankers who receive bonuses over and above a certain level in his pre-Budget report on Wednesday?  Well, this is what BBC business editor Robert Peston has said on his …

View Post

Bonuses are back, but where’s the outrage?

In Blog by Ian Fraser2 Comments

6 September 2009 Bonuses are back. That much became clear when the Royal Bank of Scotland, 70%-owned by the taxpayer, agreed a £9.7m package with its new-ish chief executive Stephen Hester (pictured above) in June. In August it emerged the bank is handing multi-million golden hellos to other staff. Recipients …

View Post

Reinventing finance

In Blog by Ian Fraser8 Comments

24 August 2009 The financial crisis that reached its height in September-October 2008 has presented a once-in-a-lifetime opportunity to reinvent finance, ensuring it exists to serve business and society, rather than the other way around. Yet the agenda of free-market politicians and finance industry insiders is to pretend what happened …