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How to deal with the Libor riggers

February 6th, 2013 Kevin Mason, a commenter on the Guardian website, had this to say about the £390 million settlement that Royal Bank of Scotland reached with the Commodities Futures Trading Commission, US Department of Justice and Financial Services Authority over rampant Libor-rigging today [Mason’s words sourced from Graeme Wearden’s excellent Libor rigging live blog published […]

February 6th, 2013 | Posted in Blog | Read More »

Something sinister about the lack of prosecutions at Lehman Brothers

January 24th, 2013 This is the first interview that Chicago lawyer Anton Valukas has given since the publication of his 2,292 page report into the bankrutpcy of Lehman Brothers on March 11th, 2010. At that time, Valukas found strong evidence of financial and accounting fraud designed to deceive investors at the defunct New York-based investment […]

January 24th, 2013 | Posted in Blog | Read More »

Michael Hudson: how finance capitalism leads to debt servitude

October 19th, 2012 This is an edited transcript of a phone interview with Michael Hudson by Dimitris Yannopoulos for Athens News. It summarizes some of the major themes of Hudson’s new book, The Bubble and Beyond: Fictitious Capital, Debt Deflation and Global Crisis, published in the UK in July 2012.  Q: How has the financial system evolved into […]

October 19th, 2012 | Posted in Blog | Read More »

It’s time that errant bankers were made to grip the rails at the Old Bailey

October 18th, 2012 By Rowan Bosworth-Davies “Go where you will, in business parts, or meet who you like of businessmen, it is – and has been for the last three years – the same story and the same lament. Dishonesty, untruth, and what may, in plain English, be termed mercantile swindling within the limits of […]

October 18th, 2012 | Posted in Blog | Read More »

Guest post: The parable of the bailouts

October 18th, 2012 By Tom Nicol ‘Then the flying machines started falling from the sky.’ Once upon a time in the Westerlands, people became aware of a developing phenomenon: flying machines were falling from the sky with a great deal more regularity than was previously the case. Understandably, the people became uneasy and started to […]

October 18th, 2012 | Posted in Blog | Read More »

Martin Wheatley reveals himself to be no less ‘captured’ than his FSA predecessors

September 28th, 2012 (updated Sept 29th, 2012) In the days after the Libor scandal erupted with the Barclays settlement of June 27th, there was little doubt about it. Banks including Barclays had been systematically engaged in the rigging, and attempts to rig, the Libor interbank rates as well as other aspects of the financial markets […]

September 28th, 2012 | Posted in Blog | Read More »

UBS ‘rogue’ trader Adoboli behind London’s biggest fraud, claims QC

September 14th, 2012 Kweku Adoboli, a former UBS’s trader, was a  ‘rogue’ who fraudulently gambled away the bank’s money, “cooked the books”, doctored documents, faked profits, fabricated clients and lied to his bosses to boost his earnings power, according to an opening statement from prosecutor Sasha Wass QC in Southwark Crown Court today. Wass, of 6 […]

September 14th, 2012 | Posted in Blog | Read More »

Resolving the banking crisis will require radical surgery and quiet determination

By Ian Fraser Published: Sunday Herald Date: August 12th, 2012 STANDARD Chartered, the London-headquartered bank that does most of its business in Asia, was – until the beginning of last week – the last good bank standing. It was one of the select band of banks to characterise themselves as a cut above the rest, having […]

August 12th, 2012 | Posted in Latest Articles | Read More »

Britain ignores this epidemic of financial crime at its peril

August 1st, 2012 (minor revisions September 4th 2012) by Rowan Bosworth-Davies The most prestigious names in the British banking and finance routinely engage in criminal activities on a scale that would make any Mafia family proud. Whether it’s by facilitating international money-laundering; manipulating markets through Libor rigging; institutionalised insider dealing; misappropriating money from clients’ pension savings […]

August 1st, 2012 | Posted in Blog | Read More »

The trouble with our banking culture

July 18th, 2012 Image by WilliamBanzai7 A friend who works for for Barclays told me what the culture is now like at such banks these days. In response to a question about how bankers have changed — in terms of culture, motivations, behaviour — over the past two decades, he said: “I have the advantage […]

July 18th, 2012 | Posted in Blog | Read More »