Posts Tagged ‘Banks’

iShares sale nets Barclays staff £150m – Telegraph

April 10, 2009 Leave a comment

Isn’t it nice to know that greedy, nasty bankers at Barclays can still manufacture plenty of cash for themselves;

THE TELEGRAPH; “Around 200 Barclays bankers will share in a £150m windfall after the lender yesterday agreed to sell its iShares exchange-traded funds business to private equity firm CVC for $4.4bn (£3bn)…”

See article below;

iShares sale nets Barclays staff £150m – Telegraph.


RBS traders hid toxic debt – Telegraph

March 21, 2009 Leave a comment

The causes of this financial crisis are once again exposed and traders working for the Royal Bank of Scotland (RBS) not only got the bank into deep trouble but were as usual for failure in business well rewarded for it in fat bonuses. There is some thing very wrong in British banking and it needs serious inquiry and reorganization.  Fred Goodwin former boss of RBS needs to explain his role. ” He repeatedly put out statements to the City saying that RBS “don’t do sub-prime” even though traders were buying the sub-prime assets. RBS board directors suspect he may have acted negligently…” Telegraph.

I think we would all feel a little happier if Gordon Brown and Alistair Darling announced a Royal Commission to investigate and report on the origins and consequences of this financial crisis. We need a thorough independent investigation.

Telegraph: “Traders received multi-million pound bonuses after acquiring more than £30 billion of sub-prime assets during early 2007. Following these purchases the bank “didn’t stand a chance” of surviving unaided, one board director told this newspaper.

The sub-prime assets are being blamed for causing the bank’s near collapse last year. Last month RBS posted a loss of £28 billion – the largest in British corporate history…”

More see link to The Telegraph below;

via RBS traders hid toxic debt – Telegraph.

BBC – Today: Treasury slated over Rock lending

March 20, 2009 Leave a comment

Radio 4 Today programme highlighted an alarming story from Northern Rock’s adventures in risky mortgages after receiving help from the taxpayers;

BBC Today: “The Treasury has been criticised for allowing Northern Rock to lend £800m in risky mortgages for six months after it was propped up with taxpayers’ cash.

The National Audit Office report on the Treasury’s handling of the crisis found the bank was still giving mortgages of up to 125% in early 2008.

It said the Treasury was aware of ‘potential shortcomings’ in how to deal with failing banks as far back as 2004.

But it concluded nationalising the bank had protected taxpayers’ interests..”

via BBC – Today

See also Peston’s Picks below;

Rock blew whistle on economic flop

Robert Peston: “…A mountain of evidence has been building and has been visible for more than a year that they, and the Bank of England, and the Financial Services Authority (and the US Federal Reserve, and so on) simply didn’t appreciate that – since around 2000 – they were steering the Titanic into the mother-of-all economic icebergs…”

House to Vote on Taxing AIG Bonus Bonanza – Presidential Politics | Political News –

March 19, 2009 Leave a comment

BRAVO, at last there are people with the courage to make a stand against the thieving bankers.  As taxpayers save their jobs so these bankers accept their bonuses. The US Congress is now passing legislation to claw back the bonuses ($165million) from AIG who made this crisis in the first place. This is precisely what Gordon Brown’s Labour government should have done to people like Fred Goodwin tax his pension.

I am sick and tired (I’m sure I’m not the only one)  of those few apologists who feel we should let people like Goodwin get away with taking taxpayers cash oh dear contracts – break the contracts; people like Goodwin ruined their banks so they should share the loss, many employees have lost or are losing their jobs so why should people like Goodwin get away with fabulous pensions and bonuses. It’s no good wringing hands Gordon we want to see the bankers squeal, yes, some may well be old friends of yours, you knighted Goodwin for services to banking why has he still got his knighthood? Why on earth are the present generation of Labour MPs so meek? They should be shouting from the rooftops!

Many people have lost their jobs many will do so we should be acting for them and make those who caused this financial crisis suffer!

FOX News: WASHINGTON — “Venting their outrage, lawmakers are preparing to slap heavy taxes on employee bonuses at insurance giant AIG and at other companies that have received large bailout packages from the government.

The House was scheduled to vote Thursday on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.

“We figured that the local and state governments would take care of the other 10 percent,” said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee…” More see link below;

via House to Vote on Taxing AIG Bonus Bonanza – Presidential Politics | Political News – .

Roger the Dodger – £40m king of tax – Business – The Guardian

March 19, 2009 2 comments

This morning The Guardian publishes an interesting story about Roger Allan Jenkins who has been usefully employed by Barclays Bank to help it avoid tax problems.  He has mastered the tax regimes of various countries and has done quite well out of it.  He was the boss of the Barclays Capital Structured Capital Markets (SCM), the unit responsible for helping Barclays Bank avoid tax payments in many countries.

The  Guardian: “He is thought to earn more than £40m a year, and is responsible for running a division of Barclays Bank that may have saved it – legitimately, if controversially – from paying billions of pounds in tax revenue.

Fiercely clever, but abrasive with it, he is a daunting figure for those around him at work. And at play, he and his wife can count the likes of Cindy Crawford and Mick Jagger as friends.

Yet few people outside the exclusive world in which he lives have ever heard of Roger Allan Jenkins, a man whose nicknames – Roger the Dodger, The King of the Double Dip – say more about him than he ever would….” More see link below;

via Roger the Dodger – £40m king of tax | Business | The Guardian .

Fear, revenge and ingenious tax deals – life on the top floor at Barclays | Business |

March 17, 2009 Leave a comment

A whistleblower at Barclays has spilled the beans or coins; he has brought to public attention the grand tax dodging unit (Structured Capital Markets); the team enjoys fabulous bonuses at Barclays which works to find ways of avoiding the payment of tax.  Clearly, such practices are scandalous and government needs to respond quickly to correct this abuse.

The Guardian: “In the finest traditions of his calling, the Barclays whistleblower has lobbed a sizeable hand grenade into his own place of work, no doubt sending both his bosses and colleagues diving for cover. In doing so, he has shed some fascinating light upon the bank’s highly secretive, enormously lucrative and – we should stress – entirely legal tax-dodging operation.

But he has done much more than this. He also provided a 3,200-word covering letter that offers a vivid picture of life at the heart of this anxiety-ridden and testosterone-powered enterprise. Along with the documentation that Vince Cable, the recipient of the letter, felt compelled to pass on to HM Revenue & Customs, the whistleblower has given us Fear and Loathing in Canary Wharf.

“Hidden away on the top floor of 5 The North Colonnade sit the formidable Barcap SCM (Structured Capital Markets) team,” he writes. “A team of some 110 people with the sole purpose of structuring tax-aggressive transactions to avoid tax not only for Barclays but also for banks and companies across the world. Once upon a time the story was about the avoidance of UK tax, this rapidly expanded into the avoidance of US tax too but now the business has grown to encompass Europe, Brazil, the Middle East, South Africa and other emerging markets.” More see link below;

via Fear, revenge and ingenious tax deals – life on the top floor at Barclays | Business | .

Call for ‘people’s postal bank’

March 17, 2009 Leave a comment

Keep the Post Office Public.  CWU.

Keep the Post Office Public. CWU.

It is staggering that a Labour government wants to partially sell off the Post Office to some shady outfit and yet there remains tremendous opportunities for developing the Post Office into a real public service.  The idea of a Post Office bank is not new, we have seen before the  example of the successful National Girobank which the Tories sold off to Alliance Leicester.

The Post office is ideally situated in most high streets and operating banking services may well be an attractive option for those who are wanting a service which is out of the hands of the  grubby joint stock banks.  Give the Post Office a boost give a role in providing a full range of financial services, open up closed Post Offices – most of all sack the current inept and useless management – Leighton & Crozier.

BBC NEWS | Politics | Call for ‘people’s postal bank’.