Today, I had two questions during statements. I welcomed the progress the Prime Minister is making towards a referendum on our relationship with the EU and asked him to remind us who denied the public a say on the Lisbon Treaty – Labour. I then asked the Chancellor to look […]
Read MorePost Tagged with: "Banking"
Two simple steps to transform the culture of banking and to forestall the next outrage
It’s time to privatise commercial risk in banking and insist on prudent accounts. Government should: Eliminate moral hazard from the financial system by implementing this measure to make bank directors strictly liable without limit and to treat as capital both directors’ personal bonds and, for five years, the bonus pool. Introduce […]
Read MoreWriting for The Express, Stephen Pollard backs my Bill to make bankers responsible
Via Express.co.uk – Make the bankers personally liable for risks they take, Stephen Pollard backs my bill to make bankers responsible for their own actions: This isn’t capitalism – it is taxpayer-guaranteed gambling. It is basic human nature that only when people are held responsible for their actions do they act responsibly. […]
Read MoreThe Barclays LIBOR scandal – the world seems to have shifted towards my last bill: those at the top must be held responsible.
The Prime Minister has said he wants responsibility in banking, right to the top. The National Association of Pension Funds wants bonus clawbacks from the people who made the related trades. There’s endless talk of the irresponsible culture in banking. All that is addressed by my last bill. Nick Robinson […]
Read MoreLow rates and the damage they are doing to the economy and society
Via Another “Operation Twist” will cause more damage to the economy » The Cobden Centre, Frank Shostak explains the damage that will be done by further credit market interventions: Last week the US central bank has announced that it will expand its “Operation Twist” program to extend the maturities of […]
Read MoreThe limits to monetary activism are being acknowledged
Via Bank of England’s money printing is putting UK economy at risk – Telegraph: In its annual report, the Swiss-based Bank for International Settlements (BIS) warned that artificially low rates and inflated asset prices could also be holding back growth by masking lenders’ bad debts and deterring them from cleaning […]
Read MoreThe UK faces a €149.2 billion liability to the EU
The Bruges Group’s latest report has exposed that the UK is facing a maximum potential loss of €149.2 billion on its financial commitments to the EU and the Euro. The report reveals the full extent of our obligations in respect of the present and future debts of EU institutions including: […]
Read MoreIn the House today: Financial Services and Prudential Requirements
This afternoon an EU document relating to Financial Services and Prudential Requirements was placed before the House of Commons. It was not debated: debate took place in Committee last week. I attended, though I was not formally assigned to the Committee. The EU’s proposals amount to further European Union encroachment […]
Read MoreBanking: from Goldman Sachs to David Fishwick?
Two days ago, Greg Smith, a Goldman Sachs executive director, resigned in sensational fashion, writing a column in the New York Times. In the article, he laid out the reasons for his resignation, citing the change in culture at the firm over the ten years he worked there. He wrote, […]
Read MoreGovernment faces fresh questions over accounting rules | The Guardian
Further to my work on accounting: The government is facing fresh questions about whether current accounting rules are suitable for banks, amid claims that they permit the overstatement of profits and fail to provide a proper picture of losses. The issue is being raised by Lord MacGregor, chairman of the […]
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