UK Banking facing Judicial enquiry


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Profile Chris S
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Message 1253666 - Posted: 30 Jun 2012, 9:04:31 UTC

Following an extraordinary week of scandal and disgrace, senior politicians and church leaders called for a financial equivalent of Lord Leveson’s Press inquiry. Labour leader Ed Miliband wants the Prime Minister to set up a judicial investigation into the banking world that would lead to a standards board and code of conduct.

UK Banking

I think we are starting to see the beginning of the end of maverick banking as we have known it. The financial sector has been warned time and again that if they can't or won't self regulate, then it will be imposed upon them. The public have had enough and are taking action at Annual General Meetings by blocking Executive bonuses, and now Senior Politicians are demanding action, as are also other major public figures.

But the downside may be that if they are forced to abide by a code of practice, it will likely mean that their profits will drop, and might cause large shareholders like Pension Funds to invest elsewhere. We don't want to be bailing out any more ailing banks.

It could be said that if they didn't have pushy shareholders demanding high rates of return for their investment, then the banks wouldn't be tempted to behave as they do. But a Pension Fund has to maintain the growth of its assets to cater for an ever growing aging population. It's all a vicious circle with many knock-on effects.

Bank of England Governor Sir Mervyn King admitted ‘something went very wrong’ in the finance industry, criticising ‘excessive’ salaries and bonuses, ‘shoddy’ treatment of customers and ‘deceitful’ manipulation. He said the latest abuses by UK lenders reinforced the need to press on with the sweeping reforms recommended by the Independent Commission on Banking, rather than a Judicial Enquiry.

Any way you look at it the Banks are under heavy scrutiny and won't get away with it any more. I think they knew it was always going to happen one day and they just made hay while the sun shone, unfortunately, it's come over all cloudy for them.

Profile Sirius B
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Message 1253667 - Posted: 30 Jun 2012, 9:06:14 UTC - in response to Message 1253666.

The same ought to be said for International banking.
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Message 1253675 - Posted: 30 Jun 2012, 9:25:38 UTC

I would agree. I expect the international banking world is monitoring the UK situation with great attention, and not least some trepidation, as I suspect existing tax havens are.

Profile Sirius B
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Message 1253687 - Posted: 30 Jun 2012, 10:34:08 UTC

King attacks banks

"He slams 'excessive levels of compensation', 'shoddy customer treatment' and 'deceitful manipulation'

Had this been one of us, we would be looking at a conviction & possibly 5/10 years in prison! Instead, we get.....



..plenty of finger wagging......

"You naughty boys, don't worry friends, we'll reject any calls for prosecution"
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Message 1253733 - Posted: 30 Jun 2012, 14:18:55 UTC

I don't particularly like the guy as I think he's a "Yuppie throwback", but in this case, he's right (then again, even a broken clock is correct twice a day).

Inter-bank lending to be reviewed

"Nobody has confidence that the current plans of this Government or the industry will be sufficient.

Nobody believes either that the scandals of the last week are the end of the story. So we need a full, open and independent inquiry which the public can trust."
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Message 1253813 - Posted: 30 Jun 2012, 18:09:05 UTC

The way these so called "traders" in investment banks have behaved is an insult on the word "trader". A real market trader looks to see what is selling, what he stands a reasonable chance of making a profit on, and buys that out of his own money. And then he goes to the market with his goods. He knows his costs (fuel, storage rent, pitch rent and so on), he also knows how much his exposure is to having bought at the wrong price, or the wrong item. But in the main he has only spent his money, out of his pocket (or at least the fund that will go to his next holiday - if he takes one that is).

Bank "traders" on the other hand don't go out and buy with their own money, they buy with money that not even the bank has. They then take this thing they've not bought to the market, pass it off as "theirs"', or "the bank's" and sell it to someone else, who doesn't have the money, but has invented a pseudo pot of gold... And so the circle goes on, until someone sneezes. Now all their hopes of getting away with it for another cycle are in doubt, they panic, and so the panic spreads faster and faster. These so called "traders" are nothing more than a combination of con-merchant and gambler. They con their bosses into thinking they can never loose, and then gamble with the bank's money in that false belief. of course the day of reckoning comes round every so often and they cry the tears of a con man...

Give me a good honest market trader any day. He knows the price and the value of everything on his stall, and will strike you a fair deal - today he might make a loss, but he wants you to come back, then (eventually) he will make a profit, but not a huge one.

Do I sounded jaded to you? I probably am, I've met both, one I respect, the other I find no respect for, only pity that they are so shallow and full of themselves they can't see it collapsing around them even when the rubble is up to their armpits....
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Profile Sirius B
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Message 1253819 - Posted: 30 Jun 2012, 18:41:09 UTC - in response to Message 1253813.

No you're not jaded, jusr speaking the truth. Shame the politicians can't do the same.
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Message 1253869 - Posted: 30 Jun 2012, 22:13:14 UTC

Market traders in Futures and Derivatives etc etc, who are good at their jobs, can make their banking employers very rich. The money that they deal in is the Banks investors money. If they get it right then the bank makes a nice profit and they get a hefty bonus. If they get it wrong, then the bank loses it's depositors money, and hopes that they don't want to withdraw it any time soon.

These so called "traders" are nothing more than a combination of con-merchant and gambler

That is a bit strong! The banks will only let traders with a proven track record, deal in the markets with the banks money. Lets face it, they wouldn't want another Barings with another Nick Leeson. They are not gamblers as such, they run calculated risks, just like professional card players do.

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Message 1253880 - Posted: 30 Jun 2012, 22:36:23 UTC

We should have put some of these bankers in charge of our government. We could
have become a rich country had we done so. Still, not to be, well not yet
anyway but they are going to be made accountable for their misdeeds though.
Even if it means only their books get opened up, unlike the scoundrels in
Brussels who still will not fess-up to where the missing billions have gone.
.....ay, it's al'right for some!!....

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Message 1253886 - Posted: 30 Jun 2012, 22:43:51 UTC

but they are going to be made accountable for their misdeeds though.

And quite right too.

unlike the scoundrels in Brussels who still will not fess-up to where the missing billions have gone.

That investigation will happen...

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Message 1253897 - Posted: 30 Jun 2012, 23:00:14 UTC - in response to Message 1253886.

but they are going to be made accountable for their misdeeds though.

And quite right too.

unlike the scoundrels in Brussels who still will not fess-up to where the missing billions have gone.

That investigation will happen...

Hopefully whilst the miscreants are still alive to be bought to book.


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Message 1254117 - Posted: 1 Jul 2012, 13:07:40 UTC

The first decade of the 21st Century has seen unprecedented public challenges and inquiries into all sorts of previously sacrosanct establishment situations, MP's expenses, the Press (Levenson), etc. But, being an MEP is almost a licence to print money, and it is well known that many of them turn up at 8am, sign on for the day, then disappear.

The current monthly pre-tax salary of all MEPs (within the new statute dating from July 2009) is €7,957 which is the equivalent of an annual salary of €95,484. Office Costs formally called the General Expenditure Allowance is from 2011 €4,299 per month. Staff costs, formally called Parliamentary Assistance Allowance, €21,209 per month. Daily Attendance Allowance is a payment of €304 per day. Travel allowance €4,535 a year, personal travel allowance €4,243 a year

It comprises:

Twelve four-day part-sessions in Strasbourg and six additional two-day part-sessions in Brussels; Two weeks a month for meetings of parliamentary committees and interparliamentary delegations; One week a month for political group meetings; Four weeks a year where MEPs concentrate exclusively on constituency work.

I make that 205 days.

Add that lot up ...... I make it €472,678 in monopoly money and £381,590 in real money. They have to provide receipts, and this presupposes though that they have a big office, employ 3 or 4 staff, and travel/stay in Europe every day that the EU Parliament sits. I would reckon that most MEP's are on about 1/4 million a year. A UK MP's salary is £65,738 which they can usually double using all the expenses rules legitimately open to them. No wonder some want to stay in Europe :-))

How long will the Euro gravy train be running before it gets derailed???

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Message 1254138 - Posted: 1 Jul 2012, 14:11:16 UTC

How long will the Euro gravy train be running before it gets derailed???

Most probably derailed already and just bumping along on the sleepers.
Can't be long before most ECM countries insist on a reduction in fees
payable to Brussels.

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Message 1254145 - Posted: 1 Jul 2012, 14:19:56 UTC

Perhaps we need a specific Euro thread. This was the meant to be the UK banking thingy. My bad as well, want to set one up Nick?

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Message 1254152 - Posted: 1 Jul 2012, 14:24:36 UTC - in response to Message 1254145.

Perhaps we need a specific Euro thread. This was the meant to be the UK banking thingy. My bad as well, want to set one up Nick?



It's already running as you well know!
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Message 1254163 - Posted: 1 Jul 2012, 14:41:18 UTC
Last modified: 1 Jul 2012, 14:42:42 UTC

I presume you mean "What's Next" ?

That is a bit of a catch all isn't it?

OK, real life has taken over, I have to go and mow the lawn, then take a load of stuff down the Council dump. I'll may be back later ...

Profile Sirius B
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Message 1254174 - Posted: 1 Jul 2012, 14:57:42 UTC - in response to Message 1254163.

I presume you mean "What's Next" ?

That is a bit of a catch all isn't it?

OK, real life has taken over, I have to go and mow the lawn, then take a load of stuff down the Council dump. I'll may be back later ...


no it's a continuation of the other 2...stop acting like a dumbo, we know you have brains...just use some comon sense now & again.
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Message 1254191 - Posted: 1 Jul 2012, 15:34:14 UTC - in response to Message 1254174.
Last modified: 1 Jul 2012, 15:36:27 UTC

I presume you mean "What's Next" ?

That is a bit of a catch all isn't it?

OK, real life has taken over, I have to go and mow the lawn, then take a load of stuff down the Council dump. I'll may be back later ...


no it's a continuation of the other 2...stop acting like a dumbo, we know you have brains...just use some comon sense now & again.

That's Sirius sounding off like a Head Master. I think Sirius has just accused
Chris of being a "Buffoon". You do though have to be fairly well educated before
one can possibly be categorised, under any circumstances, as a "Buffoon".
For certain, no ordinary uneducated oik could ever qualify though.
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Message 1254192 - Posted: 1 Jul 2012, 15:39:56 UTC - in response to Message 1254191.

Then thank gawd I'm an uneducated slob...... :)
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Message 1254200 - Posted: 1 Jul 2012, 16:00:23 UTC - in response to Message 1254192.

Then thank gawd I'm an uneducated slob...... :)

We're not at church, Sirius; here is not the place for confessions.



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The Kite Fliers

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Kite fliers: An imaginary club of solo members, those who don't yet
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