View Post

Britain ignores this epidemic of financial crime at its peril

In Blog by Ian Fraser3 Comments

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 …

View Post

Senate tells HSBC: Shape up or get out of the United States

In Blog by Ian Fraser0 Comments

July 18th, 2012 Senator Carl Levin has given an ultimatum to HSBC, after a lax approach to money-laundering for drugs cartels and terrorist groups saw the banking giant fail to review thousands of suspicious transactions or properly to vet clients over the past decade. Levin, famous for berating Goldman Sachs’ …

View Post

The Royal Bank of Scotland’s world of pain

In Article Library by Ian Fraser0 Comments

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 …

View Post

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 …

View Post

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 …

View Post

Clydesdale’s retreat

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 6 May 2012 It was supposed to be Scotland’s safe bank. What went wrong? By Ian Fraser Call it Cameron Clyne’s ‘Derby’ moment. At a council of war in that East Midlands city in 1745, Bonnie Prince Charlie had to concede that weak …

View Post

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 …

View Post

Project Merlin doesn’t do what it says on tin

In Blog by Ian Fraser4 Comments

8 February 2011 Project Merlin, the wizard scheme originally dreamt up in 2010 by ex-Barclays chief executive John Varley and RBS chairman Sir Philip Hampton, in the hope of  appeasing the government and drawing a line under the “banker bashing”, has descended into farce. The project started as bankers believed …

View Post

Bailey makes heavy hints on TBTF

In Blog by Ian Fraser0 Comments

14 January 2011 We already know that financial regulation is due for a radical shake-up in the UK, but Andrew Bailey, executive director and chief cashier at the Bank of England, has given the clearest signal yet that the structure of the banking sector will also be overhauled. In a …

View Post

O’Neil appointment confirms UKFI’s warped priorities

In Blog by Ian Fraser9 Comments

19 July 2010 The coalition government of David Cameron and Nick Clegg is reverting to type where appointments to UK Financial Investments, the vehicle established by the previous government to hold the public’s stakes in bust lenders including RBS and Lloyds Banking Group. Most of the people who work for …