While the action of the parliamentary commission on banking standards, in naming “the architects of a strategy” which led to HBOS having to be bailed out by the taxpayer, is laudable, its work, surely, has just started (Former HBOS chief asks to have his knighthood revoked, 10 April). Do not the bankers responsible for the morally “toxic” decisions that led to Libor-rate fixing also need to be, not only named and shamed, but banned from any further involvement in financial activities in the City?
The same applies to those responsible for the laundering of Mexican drug money; it cannot be sufficient to castigate only the bankers who cost the nation money, as the net must be cast much wider if there are to be any changes to the banking culture as we know it. The banking industry’s attempts at self-regulation, epitomised by Barclays’ “transform” programme, was revealed to be a sham almost immediately by the ridiculous bonus paid to Rich Ricci. If ever there was a time for Labour to open a debate on the creation of a people’s bank it must be now, especially as RBS seems ripe for nationalisation and the ring-fencing of “socially useless” banking is not due until 2019. As for knighthoods and other honours, all should be removed from anyone in the City guilty of condoning unethical financial transactions, and that includes advising on, and participating in, tax avoidance.
• How refreshing that the role played by former head of accountants at KPMG, the auditor for HBOS, is coming under scrutiny. Accountants are rarely called to account in the many cases where a half-awake person of integrity would have known about and refused to sign off the published company accounts. The accountants at News International, for example, were apparently unaware of countless illegal payments made to police and others in the long-running phone-hacking scandal.
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The ABI’s Huw Evans told BBC Radio 5 live Breakfast why thousands of homes at risk of flooding could lose their insurance
View post: AUDIO: Flood homes ‘risk losing insurance’
Economists Menzie Chinn and Jeffry Frieden argue that as debt is the major factor dragging on economic growth, inflation should be allowed to rise. This “would reduce the real burden of debt on households, corporations and governments, spurring both investment and consumption.” However, while the Chicago Fed’s Charles Evans supports the idea, Ben Bernanke doesn’t. (Summary) 5 comments!
Originally posted here: Economists Menzie Chinn and Jeffry Frieden argue that as debt is the major factor dragging on economic growth, inflation should be allowed to rise. This "would reduce the real burden of debt on households, corporations and governments, spurring…
Eighteen Olympians, including swimming greats Mark Spitz and Janet Evans, and diver Greg Louganis, have sued Samsung Corp. over a Facebook app they allege misuses their names and images.
According to the lawsuit filed in Los Angeles Superior Court on Wednesday, the athletes object to the Samsung Olympic Genome Project, which shows Facebook users how they are connected to famous Olympians.
See original here: 18 Olympians sue over Facebook app
Could the U.K. take a page from the Swiss and put a floor under the euro/sterling cross? With the economy possibly sunk back into recession and no room for fiscal stimulus, a weaker pound may be the only way left to ease policy, writes Ambrose Evans-Pritchard. 1 comment!
See the article here: Could the U.K. take a page from the Swiss and put a floor under the euro/sterling cross? With the economy possibly sunk back into recession and no room for fiscal stimulus, a weaker pound may be the only way left to ease policy, writes Ambrose…
NEW YORK (TheStreet) — Goldman Sachs Chairman and CEO Lloyd Blankfein saw his compensation fall by 35% in 2011 even as the company’s earnings dropped by 47%.
Blankfein’s pay fell by $6.6 million to $12 million as his bonus and share-based awards decreased by 44.4% each. His salary, however, more than tripled to $2 million.
Goldman Sachs Chairman and CEO Lloyd Blankfein earned $12 million in 2011.
Other senior officers at Goldman, including President and COO Gary Cohn, CFO David Viniar, and vice chairmen Michael Evans and John Weinberg, saw nearly identical changes to their compensation. Each was paid $11.85 million in 2011– slightly less than Blankfein — after having received $18.6 million in 2010. Also like Blankfein, they saw their cash bonuses and restricted stock units fall by 44.4% while salary more than tripled.
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See the article here: Goldman CEO Pay Falls 35% as Earnings Drop by 47%
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The Fed should continue to try to help fuel a more robust expansion, even with the easing it has already done and despite recent encouraging data, Chicago Fed’s Charles Evans says. Countering Jeff Lacker’s earlier remarks, Evans says the greater risk is that Fed officials “buy too quickly into thinking” Fed policy can’t do more to lower the unemployment rate further. 6 comments!
Continued here: The Fed should continue to try to help fuel a more robust expansion, even with the easing it has already done and despite recent encouraging data, Chicago Fed’s Charles Evans says. Countering Jeff Lacker’s earlier remarks, Evans says the greater…