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Sheila Bair: Governments must now stand up to the banks and force through profound change

July 17th, 2012 In this interview with Bill Moyers, Sheila Bair, the former chairperson of the FDIC, describes the Libor rigging scandal as a wake up call for governments around the world. She says that governments, including the US government, must now “stand up to the banks and tell them they need to start doing business differently, […]

July 17th, 2012 | Posted in Blog | Read More »

Guest Post: The Libor crime scene will soon be expanded

July 16th, 2012 By The Left Banker Image: WilliamBanzai7 For the past 30 years, the global economy has built up increasingly vast amounts of public, private and household debt. This was to compensate for the fall in real wages and to avoid a repeat of the crisis of over-production of goods and services seen from mid-1970s […]

July 16th, 2012 | Posted in Blog | Read More »

The Royal Bank of Scotland’s world of pain

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 of trouble, with the bank […]

July 15th, 2012 | Posted in Article Library | Read More »

Talking Li(e)borgate on the Keiser Report

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 night and made available via […]

July 13th, 2012 | Posted in Blog | Read More »

Durable change a long way off for UK’s scandal-ridden banking system

By Prem Sikka, University of Essex July 8th, 2012 The role of Barclays bank in manipulating the London Interbank Offered Rate (Libor) continues to dominate international financial media. The bank has already attracted fines from regulators in the UK and theUSA. But further revelations are likely as US Senate Committees are flexing their muscles, the UK […]

July 9th, 2012 | Posted in Article Library | Read More »

Warning: These can seriously harm your financial health

July 8th, 2012 Another great piece of work by William Banzai (WilliamBanzai7) As The Economist said in its excellent “The rotten heart of finance” article:- Over the past week damning evidence has emerged, in documents detailing a settlement between Barclays and regulators in America and Britain, that employees at the bank and at several other […]

July 8th, 2012 | Posted in Blog | Read More »

Do big banks need to worry about being found out over Libor?

July 8th, 2012 The eventual outcome of the global Libor rigging scandal is impossible to call at this stage. There is a body of opinion that it might end up being a storm in a teacup (sounds familiar?), given that regulators and courts might end up stuggling to establish who got scammed and the true […]

July 8th, 2012 | Posted in Blog | Read More »

The 12 Barclays scandals that cast doubt on Diamond’s testimony

July 5th, 2012 (updated July 6th, 6.35pm and 11.58pm) Smearing the facilitators? Ex-Barclays chief executive Bob Diamond had been tipped to ‘throw his toys out of the pram’ in the Treasury Select Committee hearing this afternoon. He was expected to lash out at the authorities that had engineered his ousting. It was also thought he […]

July 5th, 2012 | Posted in Blog | Read More »

Sir Marcus Agius — not very Herculean

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, but just parrots the line: […]

July 4th, 2012 | Posted in Blog | Read More »

Psy-Fi blog: On the corrosion of moral leadership

July 3rd, 2012 This post was first published on the Psy-Fi blog on June 29th, 2012. It is republished with permission.    Image courtesy of Zerohedge Libor Illegality News that Barclays has been fined for Libor manipulation in both the UK and in the US — and that there are likely to be many more similar cases from other banks […]

July 2nd, 2012 | Posted in Blog | Read More »