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 found a £25 billion black hole in RBS’ accounts this May, astonishingly missed by the FSA and Bank of England, and RBS’ response to this exposure;
- The way out of this mess.
Kevin Dowd will put the present crisis into historical context and explain the threat to sterling presented by continued failure to fix the banking system.
Gordon Kerr is a banking insider and author of The Law of Opposites to be published on 13 December by the Adam Smith Institute. Professor Kevin Dowd is a leading economist and author of Alchemists of Loss (Wiley, 2010). Both Kerr and Dowd are with Cobden Partners.
Gordon and Kevin are taking a courageous step in doing this. They are likely to inflame and dismay the financial community while providing authoritative, scandalous information to the protestors. I hope it goes well: things must change and, as I said before, if this is capitalism, I am not a capitalist.