Archive for the ‘Banks’ Category

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Cronyism alive and well

May 6, 2009

Study reveals true extent of ‘old boys network’ between Government and banks

03 May 2009
By Tom Peterkin, Scottish Political Editor
Source
LINKS between Government and the banking sector have been condemned in a new report that has uncovered the extent of the “old boys network” at the top of British public life.
Britain has a greater culture of cronyism than Europe or the US, according to the study, which identified key individuals who have moved jobs between politics, financial institutions and the bodies charged with regulating the banking industry.

The report warns the close relations between business and politics “lead to a confl ict of interest at best and a suspension of critical faculties at worst”.

The study of 116 of the world’s most successful companies will be presented to a Global Forum on Public Governance, run by the Organisation for Economic Co-operation and Development (OECD), in Paris this week.

The research looked at so-called “revolving door connections”, when a company employs former or current politicians, civil servants or members of regulatory bodies, or where individuals move from the financial sector into politics, Government or regulatory bodies.

Barclays was the most connected British-based company with 14 revolving door connections.

Two of the Barclays examples were Mark Clarke and Sarah Cox. Clarke is director general of finance at the Department for Business, Enterprise and Regulatory Reform, but worked at Barclays from 2000 to 2003. Cox was an international consultant at Barclays from 2001 to 2004 and has since joined the UK Cabinet Office’s business support group.

“The Government and the political classes have very close links to the banking industry,” said the report’s author David Miller, a Professor of Sociology at Strathclyde University, who specialises in researching lobbying.

“I believe this could be one of the factors behind the disaster that has befallen the financial markets. There has not been enough regulation of these connections.”

The organisations with more than five revolving door connections were Royal Bank of Scotland, HBOS/Lloyds Group, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Dexia Group, HSBC Holdings, JP Morgan Chase and Co, Standard Chartered Bank and UBS.

Six individuals with RBS connections included Quentin Davies, Labour MP and a minister at the Ministry of Defence, who was an RBS adviser until 2003, and Sir Philip Hampton, RBS’s chairman, former chief executive of the Government-owned UK Financial Investments.

Perhaps the best known person with HBOS connections named in the report is Sir James Crosby, who was chief executive of the bank from 2001 to 2006 before leaving to become deputy chairman of the Financial Services Authority (FSA), the UK body responsible for regulating the financial sector.

Crosby resigned from the FSA after claims by the whistleblower Paul Moore, the former head of risk at HBOS, that he mismanaged the bank.

Three revolving door connections were identified at Standard Life, including Gerry Grimstone, the chairman of the board who was appointed as one of the UK’s Business Ambassadors in January.

Paul Flynn, Labour MP and member of Westminster’s Public Administration Select Committee, said:

“Coziness is the enemy of efficiency and coziness leads to a lazy brainedness and a lack of thinking and inventiveness.”

A Barclays spokesman said: “Barclays recruits people on the basis of their skills and experience, whether as full-time staff, as non-executive directors or as part-time advisers.

“Where they may have held senior roles in the public sector, their recruitment is undertaken in line with governmental and civil service governance policies.”

A spokeswoman for Scottish Financial Enterprise, the body that represents the Scottish financial services industry, said: “From our point of view, the greater the understanding between business and the public sector the better.”

A Standard Life spokesman said: “It’s important that any board has a wide variety of backgrounds and experience, which is what we have at Standard Life.”

RBS and HBOS declined to comment.

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Jump you Feckers! Do something honorable!

April 24, 2009



Yes….’Feckers’ is the right word. And it would be more apropo if we added a ‘Mother’ in front of it. How many children have suffered now because the corrupt greed of you immoral, financial criminals? How many have lost their jobs and homes? How many are starving in other countries from the effects of the mess you ogres have made of the world? I don’t really like to swear; but in this case the word is more a description than an expletive, though both uses seem justified.

The pratice of suicide for those dishonoured or politically outmaneuvered is not exactly a new one. In ancient Rome, Romana mors, was a preferable exit to public humiliation and execution; in Japan, Seppuku was a way to pay one’s debt for dishonouring the family, country and self. A pity you elite bankers of today don’t have such an ethic – it would save us all alot of expense and future heartbreak in bringing you to justice. Even if you were to commit suicide, one can be sure it would not be out of the shame for bringing so much misery to so many; rather it would be because you could not continue your odious tyranny.

I don’t feel a wit for those like Kellerman: I feel for those who worked their entire lives to scratch a living out, to provide a home for their families, who lost everything and committed suicide because there was no longer any hope. Nothing that is said or done now can help those people or their children…and they won’t be left with big fat bank accounts pilfered from fellow citizens to console themselves. And they won’t have Tim Geithner’s tears and public eulogies either.

Foreclosure Problems? Mother Commits Suicide In Massachusetts

The mortgage company received a faxed letter from Balderrama at roughly 2:30 PM on Tuesday, putting a warning that she will no longer be alive when they foreclosed on her home that day. She was true to her words. It seemed that Balderrama shot herself with her husband’s powerful rifle. Her dead body was discovered at 3:30 PM after PHH Mortgage informed the police. The home in Taunton is about 35 miles to the south of Boston and costs $232,000, a large figure in the real estate market. It was supposed to be auctioned away at 5PM on the day the mother committed suicide failing to overcome a foreclosure crisis.

From Bad to Worst: Suicide Rate Up Sharply

And as bad as it’s been, it got even worse last week when Lebanon County Coroner Dr. Jeffrey Yocum announced that suicides increased 73 percent last year — a jump he blamed in part on the economy.

Foreclosures take an emotional toll on many homeowners

Foreclosure filings surged 65% in April compared with the same month last year, according to a report Wednesday by RealtyTrac. One in every 519 households received a foreclosure filing last month, and the number of homes with foreclosure activity in April was the highest monthly total since RealtyTrac began issuing the report in January 2005.

Relationship between the Economy, Unemployment and Suicide

Suicide: The Other Economic Depression

Suicide rates higher in spring: study

So, for the countless people the world over who have ended their lives in despair, from the farmers in India to the economically clueless pawns in the American dream, whose only purpose has been to bloat the coffers of you gluttonous capitalists, for those whose names and tragedies we will never know, I say to you Masters of the Universe now …..Do something honourable for a change! Find your nearest high rise bank, go to the roof….and JUMP YOU FECKERS.

Or live the rest of your lives hiding from the people whose lives you have damaged irrevocably. And may your dreams be as sweet as the effects of your actions on others in your lifetime.