Archive for June, 2012 – Barclays Bank PLC Settlement with Authorities #bank #scandal

Jersey Français : Jersey

Jersey Français : Jersey (Photo credit: Wikipedia) – Barclays Bank PLC Settlement with Authorities.

In the latest scandal to hit a financial organisation, it turns out that a bank has been rigging prices in a marketplace to gain an advantage!

Well shock horror, this has been going on since time immemorial, it’s just that the tolerance towards this kind of activity has reached breaking point.

Where does it leave Bob Diamond? Without a bonus, without a job? The activity dates back to 2005 so what about bonuses paid during those years? What about John Varley, who was in charge of the lender at the period under investigation.

Mr Varley is currently seen as one of the frontrunners for the governorship of the Bank of England!

Where does it leave shareholders? In a mess. Where does it leave our pension funds? In a bigger mess.

So what good has come out of it? Not sure to be honest but it looks as though we are heading back towards a complete separation of banks’ retail and investment activities. Bank deregulation is history.

Common sense, don’t run a bank without it.


RBS cancels Wimbledon corporate hospitality after IT meltdown | Business |

English: Wimbledon Championships

English: Wimbledon Championships (Photo credit: Wikipedia)

RBS cancels Wimbledon corporate hospitality after IT meltdown | Business |

Seems as though the tax payer and punter in the street is finally getting noticed.

In a stroke of marketing genius, Stephen Hester has avoided a public backlash by cancelling corporate hospitality. It’s a bit of a shock if you were ready to have a freebie day at Wimbledon though.

Funnily enough, my tax payer invite must have got lost in the post, doesn’t look like Mervyn King was invited either?

It remains to be seen however, what happens with the spare tickets. Usually these are to watch games on the show courts and are largely unused in the earlier rounds as corporates watch the tennis from the booze tent. It would be nice to see those tickets distributed to the real fans.

Common sense, don’t run a state-owned bank without it.

Shades of Maggie #poll #tax #riots

German Logo of the ECB.

German Logo of the ECB. (Photo credit: Wikipedia)

Tuesday 26th June 2012, another momentous day in the Eurozone, as Spain draws ever nearer to a full bailout. This of course will be followed soon after by Italy.

The ECB has stated that Cypriot government bonds are no longer acceptable as collateral (worthless?) and to cap the day Frau Merkel said that Europe will NOT have a shared liability for debt as long as she lives.

Interesting comment…………. common sense, exactly how long is, “as long as she lives?”

Olympic opening ceremony will recreate countryside with real animals | Sport | The Guardian

English: 2012 Summer Olympics countdown clock,...

English: 2012 Summer Olympics countdown clock, Trafalgar Square, London, July 1, 2011 (Photo credit: Wikipedia)

Olympic opening ceremony will recreate countryside with real animals | Sport | The Guardian.

Another example of  “losing the plot.”

I’m not anti The Olympics, in fact I wish I could get a reasonably priced ticket to watch just one event and I don’t disagree with the idea of recreating the countryside but how on earth can this 3 hour spectacle cost £27m.

That works out at £150,000 a minute

It’s just madness, total madness. Somebody somewhere, is making a fortune out of The London 2012 Olympics and it isn’t the taxpayer.

Interserve confirmed winner of Corby Link Road Ι Construction Enquirer

Logo Labour Party UK

Logo Labour Party UK (Photo credit: Wikipedia)

Interserve confirmed winner of Corby Link Road Ι Construction Enquirer.

How is it, that costs of infrastructure projects are now being estimated substantially below the levels of the past decade?

This project to build the new A43 Corby Link Road is 1/3 below initial cost estimates.

Although this project is a mere £24m, it goes someway to explain why the UK government has a huge budget deficit. Ministers in charge of large infrastructure projects lost touch with reality and simplistically handed over open checkbooks to constructors.

So while the taxpayer overpaid, the UK plc and it’s shareholders benefitted. So is it time to redress the balance and impose a one-off windfall tax on huge companies, that have been reaping huge rewards as a result of Labour incompetence?

Not sure it would go down too well, although it would help to reduce the deficit.

Week 25 of 2012 what happened? #austerity #hypocrisy #politics #greece #Germany #moodys #JimmyCarr

Whale los cabos

Whale los cabos (Photo credit: Wikipedia)

Monday 18th June – It’s official Greece must be austere…or what exactly? Well no money I suppose and the indignation of being booted out of the Eurozone. That’s what top officials said as they made their way to the delightful Mexican holiday resort at Los Cabos on the Baja California peninsula.

Tuesday 19th June – As the economic situation deteriorates in Greece we see a sad reminder of the effects of austerity.

Wednesday 20th June – Poor old Jimmy Carr has been found out for tax avoidance. Although he has legally done nothing wrong, as they said in “Yes Minister”, there is a moral issue. It’s fair to say that normal folk are getting seriously annoyed about how the rich and super rich are avoiding taxes, whilst the ordinary taxpayer (easy target) is supporting the country. Unfair and unjust are words that spring to mind.

Thursday 21st June – Moodys are at it again. In hindsight Moodys are correct….banks are essentially in a mess, sovereign states are broke. Not much point in telling us what we knew 3 years ago, so why not just put a sock in it Moodys. This is irresponsible behavior that is actually making things worse by spreading panic.Perhaps the likes of the FSA should take a look?


Tax (Photo credit: 401K 2012)

Friday 22nd June – Tonight for one night only, Greece have an opportunity to overthrow Germany. If the Greek PM is shrewd he could even solve the debt crisis!

And finally after meeting at Los Cabos and Rome this week, Euro ministers will be looking forward to lunch in Brussels next Thursday and Friday. What a load of nonsense and waste of taxpayers money, jetting ministers, secretaries and security all over the world. Ever heard of videoconferencing? Time for a taxpayer revolt. Please RT if you agree.

Greece v Germany, the bailout game #opportunity #eurocrisis #solution #debtcrisis

June 22, 2012 1 comment

Coat of arms of Greece since 7 June 1975.

Coat of arms of Greece since 7 June 1975. (Photo credit: Wikipedia)

BBC News – Greece v Germany, the bailout game.

This is it, the BIG match. On Friday evening Greece take on Germany in the 2nd Euro 2012 quarter-final. The odds of Greece winning in 90 minutes are about 8/1

E140bn (the approx size of the latest Greek bailout package) at odds of 8/1 would return over a trillion Euros, enough to sort out Greek finances and leave some spare change to invest in the German property market.

Mr Samaras needs to have a quiet word in Frau Merkel’s ear.

Common sense, how to solve the debt crisis.