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The PPI racket reminds us that, for Britain’s banks, “business as usual was rotten”

May 7th, 2011 There was a great editorial in Friday’s Guardian. As the UK banks including Royal Bank of Scotland, together with the British Bankers’ Association, weigh up whether to appeal the recent High Court ruling that obliges them to compensate customers they effectively swindled out of £9 billion to £10bn (£9,000,000,000 to £10,000,000,000) through the […]

May 7th, 2011 | Posted in Blog | Read More »

Keiser: “Compared to Goldman boss Lloyd Blankfein, Bernie Madoff’s like Mother Theresa”

April 21st, 2011 In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the 635-page report prepared by Senator Carl Levin’s Senate Permanent Subcommittee on Investigations into the causes of the financial crisis, Anatomy of a Financial Collapse. Among other things the report alleges that New York-based investment bank Goldman Sachs, known as […]

April 21st, 2011 | Posted in Blog | Read More »

Fair Pensions exposes conflicts at heart of pensions management and calls for radical reform

April 15th, 2011 FairPensions has produced an excellent, in-depth report which lifts the lid on the conflicts of interest at the heart of pensions management and calls on institutional investors to shape up their act by adopting what it calls an “enlightened fiduciary” model. Under the FairPensions proposals, launched at an event attended by government […]

April 15th, 2011 | Posted in Blog | Read More »

Britain now ‘a financial rogue state, subverting safer finance’

March 29th, 2011 A report just out from the New Economics Foundation reveals that the UK has learnt nothing from the financial crisis of 2008-11. The report, co-authored by the foundation’s Andrew Simms and Lydia Prieg, reminds us that the coalition government — still very much in the thrall of bankers and the City of London — […]

March 29th, 2011 | Posted in Blog | Read More »

C.S. Lewis on the greatest evil

February 27th, 2011 “The greatest evil is not done in those sordid dens of evil that Dickens loved to paint but is conceived and ordered (moved, seconded, carried, and minuted) in clear, carpeted, warmed, well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their […]

February 27th, 2011 | Posted in Blog | Read More »

An Irish financier tells it like it is

February 18th, 2011 “Greed, greed, and more fecking greed.” This video was available on YouTube last year. Then it disappeared. But it is now back up. It is well worth a watch, although some might find the language a little strong. Thanks to Chris Skinner of the Financial Services Club blog for alerting me to […]

February 18th, 2011 | Posted in Blog | Read More »

Charlie Munger: ‘Getting accounting integrity right has huge implications for future of mankind’

December 21st, 2010 In this remarkable interview, Stanford University’s professor Joseph A. Grundfest talks Charlie T. Munger, vice-chairman of Berkshire Hathaway. It might be an old interview (I think it dates from early 2009) but it remains a truly remarkable piece and, in my view, it is a must watch. Munger puts his finger on […]

December 21st, 2010 | Posted in Blog | Read More »

William K Black: “This is the financial equivalent of ‘Don’t ask, don’t tell”.

December 14th, 2010 Here is a clip from Dylan Rattigan’s show on MCNBC. In it Charles Ferguson, director of the forthcoming movie “Inside Job” and William K Black, associate professor of economics and law at the University of Missouri-Kansas City School of Law, explain why the US authorities have turned a blind eye to widespread […]

December 14th, 2010 | Posted in Blog | Read More »

EXCLUSIVE: How the FSA destroyed the UK’s building societies sector

December 1st, 2010 (update 1) (minor edits: Oct 4th, 2012 and Feb 12th 2014) The Financial Services Authority sat idly by while the UK’s building societies sector destroyed itself by gorging on Wall Street’s toxic waste, according to a leaked memo from a former FSA insider. The letter, originally forwarded by Vince Cable MP to […]

December 1st, 2010 | Posted in Blog | Read More »

Many banks set out to defraud, but the authorities continue to turn a blind eye

May 27th, 2010 It is astonishing that none of the bank executives who defrauded their own banks for personal gain before bringing down the financial system have yet been prosecuted — and that many are still working in the financial sector. Before the crisis, the authorities turned a blind eye to “control fraud” — defrauding […]

May 27th, 2010 | Posted in Blog | Read More »