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Sentencing of former Nigerian politician highlights London’s role as world-leading money laundering centre

April 16th, 2012 Barclays, Citibank, HSBC and Abbey National (now owned by Santander) helped to launder some $250 million for James Ibori,  former the former governor of Nigeria’s oil-rich Delta State. The money was almost entirely siphoned from state funds. Ibori has been described by Sahara Reporters as:- “one of the most ingenious and mindless embezzlers of […]

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

Hector Sants, the Independent and the £5,000 pay-off

By Jim Parton Published: March 16th, 2012 Hector wasn’t a ‘card-carrying nasty bastard’. He was merely bland, writes former colleague Jim Parton ‘I couldn’t see the point of suffering in the City of London if the sums I earned were only mildly revolting, as opposed to completely obscene.’ These were the somewhat amoral opening words […]

March 16th, 2012 | Posted in Article Library | Read More »

UBS urges NAB to sell Clydesdale & Yorkshire Banks promptly even at £1.3bn loss

February 15th, 2012 Further to my recent story about Clydesdale Bank and Yorkshire Bank being essentially worthless following their reckless commercial property lending binge in 2005-07 and subsequent blog post, an analyst from UBS has sort of confirmed the story. UBS banking analyst Jonathan Mott is urging Cameron Clyne, chief executive of Melbourne-based NAB  to sell […]

February 15th, 2012 | Posted in Blog | Read More »

If Hector Sants gets the PRA job, it’ll be the ultimate reward for failure

By Ian Fraser Published: QFINANCE Date: February 15th, 2012 The Financial Services Authority‘s chairman Lord Turner made a fairly staunch defense of FSA chief executive Hector Sants at a hearing of the Treasury Select Committee on January 30. But some of the MPs on the committee seemed unconvinced that Sants, who earned £807,000 as FSA chief executive in 2010, is the […]

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

Looks like Fred Goodwin may face criminal charges after all

December 14th, 2011 An edited version of this blog post is available at Huffington Post UK The FSA spent an estimated £10m on its report into the failure of RBS, including £7.7m paid to ‘Big Four’ accountants PWC. But the Canary Wharf-based regulator has lived up to its name (the Fundamentally Supine Authority) and concluded […]

December 14th, 2011 | Posted in Blog | Read More »

The FSA’s cosy deals are a travesty of regulation

By Ian Fraser Published: QFINANCE Date: December 5th, 2011 Ever since its failures as a regulator first became widely apparent with the collapse of Northern Rock in September 2007, the UK’s Financial Services Authority has shown a remarkable lack of enthusiasm for rooting out financial crime, and very little introspection or contrition about its own pre-crisis performance. The reported […]

December 5th, 2011 | Posted in Blog,Latest Articles | Read More »

Charting the psychological journey of the UBS ‘rogue’ trader

By Ian Fraser Published: QFINANCE Date: September 22nd, 2011 The gigantic $2.3 billion losses that Union Bank of Switzerland is blaming on a Ghanaian-born “rogue” trader have added power to the elbows of all those who believe that “casino” banking ought to be completely separated from “utility” banking and should never be underwritten by the taxpayer. UBS, […]

September 22nd, 2011 | Posted in Article Library,Blog,Latest Articles | Read More »

Ex-UBS trader says Swiss bank was probably trying to cover up its losses

September 15th, 2011 Ex-UBS trader Shaun Richards has come up with an interesting theory of what went wrong at UBS’s Delta One unit, whose trader Kweku Adoboli was arrested at 3.30am this morning and I believe remains in custody. Richards believes that the Swiss bank got caught with its trousers down when the Swiss central […]

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

How much did UBS know about Kweku Adoboli’s trades?

September 15th, 2011 So after Nick Leeson and Jerôme Kerviel, it seems that another ‘rogue’ trader is about to enter the annals of banking infamy. This time it’s the turn of the Nottingham University-educated market maker, Kweku Adoboli. Adoboli, a 31-year old trader in the bank’s City of London-based exchange-traded funds business, was arrested on […]

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

This blog is One and other stuff

July 7th, 2008 Dear Reader, This blog is now one year old. It’s been enormous fun writing the 58 entries to date — just over one a week — over the past 12 months and thank you for all the feedback received so far. Since I started this exercise on June 28th 2007, the business […]

July 7th, 2008 | Posted in Blog | Read More »