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Why we should worry about FRC evasiveness over HBOS

30 March 2016 By Atul K. Shah The failure of the UK’s fifth largest bank, HBOS, led to over £52 billion of losses, and had a significant impact on jobs, pensions and savings for thousands of people. In spite of a large number of enquiries and reports, no-one has gone to prison, nor has there so […]

March 30th, 2016 | Posted in Blog | Read More »

UK regulators pronounce on HBOS

By Ian Fraser Published: Financial Intelligencer Date: 18 November 2015 Seven years since HBOS crashed and burned, we are about to find out why, from a report to be jointly published on Thursday morning by the UK’s Financial Conduct Authority and Prudential Regulation Authority (part of the Bank of England). The Edinburgh-based bank, which had assets […]

November 18th, 2015 | Posted in Article Library | Read More »

Luyendijk: Don’t blame the bankers; it’s the system that must change

27th October, 2015 When trying to interview bankers and other City of London insiders for his Guardian banking blog three years ago — material which later formed the basis of his recently published book, Swimming with Sharks: My Journey Into The Word of Bankers — Joris Luyendijk came across exactly the same sort of resistance […]

October 27th, 2015 | Posted in Blog | Read More »

Bill Black: We’ve given bankers a licence to defraud

February 7th, 2015 As a U.S. Federal litigator, Bill Black had a pivotal role in ensuring that hundreds of the bankers behind the U.S. savings and loan crisis of the late 1980s were put behind bars. Since then, he’s become increasingly exasperated by his country’s failure to prosecute any senior bankers for the much more serious and more damaging […]

February 7th, 2015 | Posted in Blog | Read More »

Shredded: ‘The pimp, the ghetto of fraud and the whorehouse of debt’

June 5th, 2014 (updated June 6th, 2014) It has been nearly two years in the making, but Shredded: Inside RBS The Bank That Broke Britain was published by Birlinn today. It’s a look at the Icarus-like ascent of RBS under former chartered accountant Fred “The Shred” Goodwin, and examines many aspects of the bank’s spectacular rise […]

June 5th, 2014 | Posted in Blog | Read More »

Stephen Hester renounces Milton Friedman’s doctrine of greed

October 2nd, 2012 Speaking to an audience of students and finance industry insiders at the London School of Economics yesterday, Royal Bank of Scotland chief executive Stephen Hester renounced the Friedman Doctrine that has done so much damage to our economy and society since the 1970s. Hester said that banks and other companies have been […]

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

Martin Wheatley reveals himself to be no less ‘captured’ than his FSA predecessors

September 28th, 2012 (updated Sept 29th, 2012) In the days after the Libor scandal erupted with the Barclays settlement of June 27th, there was little doubt about it. Banks including Barclays had been systematically engaged in the rigging, and attempts to rig, the Libor interbank rates as well as other aspects of the financial markets […]

September 28th, 2012 | Posted in Blog | Read More »

Martin Wheatley: Elements of UK banking culture “rotten to the core”

September 7th, 2012 The managing director of the Financial Services Authority, Martin Wheatley, has launched a stinging attack on ‘mis-selling’ of financial products by banks, building societies and other financial institutions to their retail customers, even describing the incentive schemes that underpinned the ‘misselling’ of payment protection insurance (PPI) as “rotten to the core”. In […]

September 6th, 2012 | Posted in Blog | Read More »

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 »

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 »

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