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Open Letter to Gordon Brown re: HBOS/Lloyds

In Blog by Ian Fraser10 Comments

  Rt Hon. Gordon Brown, MP 10 Downing Street London SW1 2AA 14th January 2010 Dear Mr Brown Re: HBOS Reading – Quayside Corporate Services We first alerted you to the existence and nature of the HBOS/Bank of Scotland Reading scandal 15 months ago and asked you to intervene at …

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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 …

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The bank, the regulator and the Vavasseur fraud

In Blog by Ian Fraser14 Comments

8 November 2009 (first published January 2009) One of the FSA’s roles is supposed to be to protect consumers from being ripped off by crooks and charlatans in the financial world. But the City regulator has in recent times had no appetite for this. Ian Fraser examines the multifarious failings …

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How UKFI lost its nukes

In Blog by Ian Fraser2 Comments

6 October 2009 Does anyone know why Gordon Brown’s government created United Kingdom Financial Investments as a hands-off organisation with zero interest in pushing for real change at the two basket-case Scottish banks it owns? Why UKFI has done nothing to root out the corruption that became endemic at Bank …

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Brown’s medicine won’t cure crisis, warns top quant

In Blog by Ian Fraser1 Comment

2 May 2009 Paul Wilmott, a senior “quant” who has been warning bankers that the mathematical models they use to value their more complex assets were flawed for years, is feeling vindicated right now. Long before the credit bubble burst Wilmott, founder of training and consultancy group Wilmott Associates and …

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British banks were the most reckless in world

In Blog by Ian Fraser0 Comments

7 March 2009 The latest figures from the International Monetary Fund make for depressing reading especially if, like me, you’re a British taxpayer. They confirm that Britain’s banks have been among the most irresponsible in the world and that, when the total cost of Brown’s bailout is taken as a proportion …

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“Bling” Crosby’s day of reckoning

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 15 February 2009 This charade of apology is a diversion from bankers’ role in financial destruction EDITH Piaf’s “Non, Je Ne Regrette Rien” seems to be the theme tune for Britain’s banking fraternity right now. The unfab four – Lord Stevenson, Andy Hornby, …

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Stiglitz: Britain should have let basket-case banks fail

In Blog by Ian Fraser2 Comments

4 February 2009 Professor Joseph Stiglitz, the Nobel prize-winning economist and author of Globalization and its Discontents, has said that the UK should let its failed banks go bust rather than throw good money after bad. Stiglitz believes it would be far better for all concerned if the life support …

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That sinking feeling

In Article Library by Ian Fraser2 Comments

By Ian Fraser Published: Sunday Herald Date: 25 January 2009 Government hopes that its latest raft of measures would persuade banks to start lending to each other again – and thus kickstart the economy – seem, so far, unfounded. So why are institutions reluctant to throw the cash around … …

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Do Merrill Lynch bankers know no shame?

In Blog by Ian Fraser11 Comments

23 January 2009 The clutch of  investment bankers who advised Royal Bank of Scotland, Banco Santander and Fortis on their joint €71bn three-way takeover of ABN Amro in 2007 have recently received vast bonuses for their part in the deal — even though it ended up destroying most of the …

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Sir George on Peston: he’s a Treasury puppet and it’s a disgrace

In Blog by Ian Fraser2 Comments

16 November 2008 Former Royal Bank of Scotland chairman Sir George Mathewson doesn’t think too highly of BBC business editor Robert Peston (who was lampooned in Silly Money, tonight’s Bremner Bird & Fortune programme). In an interview published in today’s Sunday Times (Mathewson: Riding to the rescue of HBOS), Mathewson who retired from …

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Scots bid to rescue HBOS from takeover

In Article Library by Ian Fraser1 Comment

By Ian Fraser and Michael Tait Published: The Mail on Sunday Date: 9 November 2008 Top bankers launch amazing boardroom coup TWO of Scotland’s most prominent bankers yesterday launched an audacious coup to take control of troubled HBOS. Sir Peter Burt and Sir George Mathewson have demanded the resignation of …