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Deloitte and the demise of RBS

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 18 December 2011 One of Fred Goodwin’s first acts on being appointed chief executive of the Royal Bank of Scotland on March 6, 2000 was to sack PWC as auditors and to wheel in his ‘alma mater’, Deloitte & Touche. Ex-insiders suggest this …

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How Wall Street used complexity to deceive

In Blog by Ian Fraser0 Comments

17 December 2011 By Brett Sherman Wall Street Law Blog Is it reasonable to believe that Wall Street used complexity as a tool to dupe even sophisticated investors as to the quality of bonds backed by non-conforming mortgages during the United States housing bubble? In a word – ABSOLUTELY. Indeed, there …

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Ian Fraser interviewed by Talk Nation Radio

In Blog by Ian Fraser0 Comments

16 December 2011 Here is a half-hour interview that I gave to Dori Smith of Connecticut, US-based Talk Nation Radio on December 9th, 2011. One of the themes is the wilful blindness of the Financial Services Authority to corruption in the UK banking and finance sector (to listen, click on the …

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Mood against bankers turns uglier following FSA “whitewash”

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15 December 2011 Writing in the Monday’s Daily Telegraph the Royal Bank of Scotland’s chairman Sir Philip Hampton said the FSA’s report into the RBS collapse would be “an important contribution to the steps needed to restore public trust in RBS, the banking sector, and our regulators”. Unfortunately, the report has done nothing …

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On banking, David Cameron is either clueless or a liar

In Blog by Ian Fraser1 Comment

5 October 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, …

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Libor probe raises serious questions about banks’ behaviour

In Blog by Ian Fraser0 Comments

28 March 2011 One of the biggest financial scandals of recent weeks involves the alleged “rigging” of Libor rates by a group of the world’s largest banks. One theory is that banks colluded to lowball interbank borrowing costs to deceive investors and quell fears about bank creditworthiness as the financial crisis …

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

In Blog by Ian Fraser1 Comment

28 February 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 …

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Banking’s Abu Ghraib

In Blog by Ian Fraser11 Comments

3 October 2010 A fourth person has been arrested in relation to Thames Valley Police’s Operation Hornet investigation into “corruption and large-scale fraud in connection with HBOS”. [Note: comments on this post have been disabled and earlier comments from witnesses removed as a result of police investigation “Operation Hornet”. Ian …