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Corruption allegations, major fraud inquiries, links to pornographic magazines … and a luxury yacht. Welcome to the world of banking 2012

In Article Library by Ian Fraser4 Comments

By Ian Fraser Published: Sunday Herald Date: July 22nd, 2012 Editorial note: This is a more detailed and complete version of an article published in the Sunday Herald on July 22nd, 2012. Police are poised to press charges against several HBOS bankers and consultants after a two-year investigation into large-scale …

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Loss of trust

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By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style …

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The Royal Bank of Scotland’s world of pain

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By Ian Fraser Published: July 15th, 2012 Published: Sunday Herald In his glory days Fred Goodwin aspired to make Royal Bank of Scotland a global bank on which the sun never set. Corporate videos extolling the group’s global reach were routinely played at investor meetings. His legacy is a world …

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How London became the money-laundering capital of the world

In Blog by Ian Fraser16 Comments

July 15th, 2012 By Rowan Bosworth-Davies Speaking on the Marr Show on BBC One on March 23rd, the former Daily Telegraph editor and historian Max Hastings said a “senior central banker” recently told him that London is now considered to be the “money-laundering capital of the world”. Hastings was discussing …

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Talking Li(e)borgate on the Keiser Report

In Blog by Ian Fraser2 Comments

July 13th, 2012 On Tuesday, I was interviewed by Max Keiser of the Keiser Report about the UK’s lack of appetite for prosecuting  ‘white collar’ crime. Max also asked me about the Libor rigging scandal, swaps misselling by UK banks, and much else besides. The progeamme was broadcast on Wednesday …

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Sir Marcus Agius — not very Herculean

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July 4th, 2012 Marcus Agius, the in-and-out chairman of Barclays, fails to convince in this interview with Faisal Islam. When asked if Diamond had resigned because he was told to by the governor of the Bank of England, Mervyn King, and the chairman of the FSA Lord Turner, Agius fails to answer, …

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Banking’s ‘Milly Dowler’ moment

In Blog by Ian Fraser2 Comments

June 29th, 2012 This is banking’s ‘Milly Dowler’ moment. Finally the blinkers are off and the rest of the world (by which I mean people like leading politicians and the mainstream commentariat) is waking up to the culture of self serving greed and corruption that has infested the UK’s banking …