UK Banking facing Judicial enquiry

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.

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.

The same ought to be said for International banking.
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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.

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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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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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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Bob Smith
Member of Seti PIPPS (Pluto is a Planet Protest Society)
Somewhere in the (un)known Universe?

No you're not jaded, jusr speaking the truth. Shame the politicians can't do the same.
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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

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

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

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.

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?

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?

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 ...

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 ...

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