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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 […]

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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 […]

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Banker and economist to explain to Occupy St Paul’s how bankers falsify profits and misappropriate bailout funds

Tomorrow, Saturday December 10th at 1.30pm, my colleagues Gordon Kerr and Kevin Dowd will appear on the steps of St Paul’s Cathedral to explain how bankers falsify profits and misappropriate bailout funds for personal benefit. Kerr will set out: How derivatives transactions are structured to game flawed accounting rules and Basel regulations and create illusory profits and capital; How Basel rules, although deeply flawed, cannot actually function given the present false accounting system; A specific example of how his team […]

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