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On banking, David Cameron is either clueless or a liar

In Blog by Ian Fraser1 Comment

5 October 2011 David Cameron displayed an astonishing lack of understanding of the banking sector in his interview with Sarah Montague on the BBC Radio 4 Today programme on Tuesday morning (as, I’m afraid, did Sarah, given her blinkered obsession with “bonuses”). If Cameron’s stumbling performance was due to ignorance, …

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Now it’s London’s turn

In Blog by Ian Fraser0 Comments

3 October 2011 It looks like the City of London is about to be occupied too. A group calling itself Occupy London intends to occupy Paternoster Square and the area around the London Stock Exchange near St Paul’s Cathedral in the Square Mile commencing Saturday October 15th. Inspired by the …

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Big Four finally held to account

In Article Library by Ian Fraser4 Comments

By Ian Fraser Published: Sunday Herald Date: 2 October 2011 The “Big Four” accountancy firms, whose complacency and dereliction of duty were major contributors to the banking crisis that tipped the UK into recession, could be getting their comeuppance at the hands of the European Union. The story of Deloitte, Ernst …

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Time magazine’s panegyric to the City is beyond parody

In Blog by Ian Fraser0 Comments

21 September 2011 It’s incredible how some journalists got it so wrong about the City of London just prior to the crash of 2007-09. In January 2007 Time Magazine’s Adam Smith wrote an unctuous feature about the Square Mile which lavished praise on Gordon Brown’s “light touch” approach to financial …

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Does Vickers go far enough?

In Blog by Ian Fraser1 Comment

12 September 2011 This morning I was listening to Nicky Campbell’s phone-in programme on BBC Radio 5 Live. The topic was the final proposals of Sir John Vickers’ Independent Banking Commission for reforming the UK’s banking system, which were published this morning. To many, including Philip Augar (who since leaving the …

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Clydesdale takeover could see ‘lots of Scots thrown out of their homes’, says expert

In Article Library by Ian Fraser2 Comments

By Ian Fraser Published: Sunday Herald Date: 11 September 2011 NBNK REFUTES CLAIM AS SPECULATION OVER BANKING DEAL GROWS BY IAN FRASER The possible sale of Clydesdale Bank to an untested London-based shell company, NBNK Investments, risks triggering a rash of home repossessions and corporate bankruptcies across Scotland, according to …

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Cameron must not go soft on the banks

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 3 September 2011 As leader of the opposition, David Cameron gave the impression he intended to be tough on the banks. In an interview with Sky News in January 2009, he called for criminal actions against bankers and earlier said we needed “a …

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The Osborne Ultimatum: banks must split or else

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By Ian Fraser Published: QFINANCE Date: 17 June 2011 The announcement from Chancellor of the Exchequer, George Osborne that British banks are going to be forced to “ring fence” their retail and commercial banking (“utility”) activities from their investment banking (“casino”) activities has received wildly different receptions on either side …