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Paul Moore: if profit’s the only goal, people inevitably pursue improper means

October 30th, 2011 Calls for a radical rethink of the political and economic system from the “HBOS whistleblower”, Paul Moore, could not have come at a more appropriate time. Moore — who was personally fired by HBOS chief executive Sir James Crosby in November 2004 after seeking to warn the bank’s board that its sales-mad […]

October 30th, 2011 | Posted in Blog | Read More »

On banking, David Cameron is either clueless or a liar

October 5th, 2011 David Cameron displayed an astonishing lack of understanding of the banking sector in his interview with Sarah Montague on the BBC Radio 4 Today programme on Tuesday morning (as, I’m afraid, did Sarah, given her blinkered obsession with “bonuses”). If Cameron’s stumbling performance was due to ignorance, then it’s inexcusable. If it’s […]

October 5th, 2011 | Posted in Blog | Read More »

James K Galbraith: Wall Street so riddled with fraud, it’s beyond repair

October 3rd, 2011 So it was endemic fraud and the collapse of the rule of law—not global imbalances or government and regulatory failure—that destroyed the financial system. In a keynote speech given at the Post Keynes conference in Denmark earlier this year, the Keynesian economist James K. Galbraith of the L.B.J. School of Public Affairs at the University of Texas at […]

October 3rd, 2011 | Posted in Blog | Read More »

Is BBC’s independent trader Alessio Rastani a prankster?

September 27th, 2011 There has been much speculation that the “trader” who appeared on the BBC News channel yesterday may be prankster, and perhaps even a member of the Yes Men. If true, this would be a huge embarrassment for the BBC. Self-styled “independent trader” Alessio Rastani created quite a stir with yesterday’s astonishing interview, […]

September 27th, 2011 | Posted in Blog | Read More »

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

August 11th, 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 CfC wanted to find ways of addressing […]

August 12th, 2011 | Posted in Blog | Read More »

As markets nosedive, it’s clear the Smurfs are a danger to capitalism

August 4th, 2011 It must have seemed a good idea at the time. The Smurfs were welcomed by the New York Stock Exchange on Wall Street last Friday, July 29th, to ring the opening bell. This may have been a good move for Sony Pictures, which has a movie to plug but it has turned […]

August 4th, 2011 | Posted in Blog | Read More »

David Harvey: Crises of capitalism

June 26th, 2011 In this RSA Animate, Professor David Harvey examines the causes of the global financial crisis and suggests it is time to look beyond capitalism towards a new social order that would allow us to live in a system that is responsible, just, and humane. Whilst I do not subscribe to Professor Harvey’s underlying Marxist conclusions […]

June 26th, 2011 | Posted in Blog | Read More »

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

June 10th, 2011 The credit rating agencies performed so woefully in the run-up to the global financial crisis, one might have thought they would be discredited by now. One of the agencies’ biggest mistakes was their rampant mislabeling of residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) in 2004-07. At the time, the rating agencies had few qualms about […]

June 10th, 2011 | Posted in Blog | Read More »

Why the Oscar for ‘Inside Job’ is a sort of turning point

February 28th, 2011 Charles Ferguson’s movie about the financial crisis, Inside Job, released in the US in October 2010, richly deserved to win ‘Best Documentary’ at last night’s Oscars. Amid all the flimflam about actresses’ dresses and the other flaky stuff one’s subjected to around Oscars’ time, the Academy Award for Inside Job is an […]

February 28th, 2011 | Posted in Blog | Read More »

Fred’s downfall: hubris followed by nemesis

October 20th, 2008 (Note: this is the full, unedited version of an article commissioned by the Mail on Sunday on October 16, 2008. see published version here) SIR Fred Goodwin, the chief executive of Royal Bank of Scotland, seemed extraordinarily chipper and relaxed as he hosted a champagne reception for Scottish politicians, journalists and editors […]

October 20th, 2008 | Posted in Blog | Read More »