The true cost of the FSA’s blindness to UK bank corruption
December 16th, 2011
Here is the half hour interview I gave to Dori Smith of US-based Talk Nation Radio on December 9th, 2011. There theme is the wilful blindness of the Financial Services Authority to corruption in the UK banking and finance sector.
Text from Dori Smith
Our guest is Ian Fraser, a UK based independent journalist who focuses on banks and the failure of the bank regulatory agency in the UK to tackle white-collar crime. The Financial Services Authority, or FSA, has not been rooting out crime, he writes, but deals with corrupt bankers by banishing them from working in their chosen field. The punishment is often handed down in exchange for the FSA stopping their investigations.
In both the US and EU countries, there are discussions about austerity measures that will impact the 99% but neither Congress or EU leaders and bank regulators seem willing to take measures to stop corruption or put any of the burden for problems in markets on the world’s richest 1% who are constantly speculating in the markets as they rely more on money to make money, than industry. At the end of today’s interview we hear clips from NPR and CNBC as the top tier of 1 Percenters defend themselves against an onslaught of support for The Protester, Time Magazine’s Person of the Year for 2011. (length 1.5946 sec.)
We discuss the failure of the FSA to address alleged criminal activity at banks like the Royal Bank of Scotland and others. In both the US and UK there is continuing confusion as Congress and Parliament tries to absorb the details of what happened to the missing $1.2 billion dollars that took flight from the MF Global fund. Independent investors are sustaining serious losses as no one at these companies seems willing to cooperate in saying where the money went.
Short URL: http://www.ianfraser.org/?p=5697