Home » Posts tagged "Cobden Partners"

Tag Archives: Cobden Partners

Bank of England’s Haldane endorses concerns on bogus bank accounting

The Bank of England’s Executive Director Financial Stability, Andy Haldane, has set out the case for banks to be held to different accounting standards because the existing rules have may allowed banks to overstate their profits and exacerbate their losses. This is something I covered in a private members’ bill last year, with particular reference to derivatives. As reported in the Guardian: Accounting rules for banks have bent with the financial stability wind in ways which have amplified investor and […]

Tags: , , , , , , , ,

How banks unjustly inflate profits, boost capital and pay unearned bonuses

Yesterday in Parliament, I chaired an event with Gordon Kerr, launching his report The Law of Opposites, which is covered in the Guardian today: Banks use accounting loopholes to inflate their profits and bolster staff bonuses, according to a report published on Wednesday that calls for changes to the international accounting rules. According to the paper by the Adam Smith Institute, banks are able to use complex financial products such as credit default swaps to report profits that they might […]

Tags: , , , , , ,