It has been brought to my attention by PIRC that Barclays are leaving £2 billion of bonuses out of their accounts within IFRS rules. Taken together with another flaw in IFRS, it appears that Barclay’s true profit is about half that allowed under the rules. Via the PIRC site: Barclays is still […]
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Three flaws in the Financial Services Bill
Under the heading, Osborne looks to limit damage of ‘credit busts’, the FT gives a neat summary of the Chancellor’s plans. In particular: He said the FPC would also look out for dangerous linkages in the financial system and identify exotic new instruments that might undermine stability. It would be […]
Read MoreLord Lawson condems the present accounting regime for banks
In the Irish Times: ON JANUARY 1st 2005 the European Union imposed accounting rules on Irish banks containing a significant but simple flaw that had an impact on the fatal decision by the Irish government in 2008 to give Irish banks a blanket guarantee. via Bad loans were legally hidden […]
Read MoreSpeech to Positive Money on money and banking
A speech on money and banking given to Positive Money’s conference last October (sorry about the cold!): See also my writing on economics here and for The Cobden Centre.
Read MoreBank 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 […]
Read MoreDetlev Schlichter on Start the Week with Andrew Marr shortly
Via The Cobden Centre, Detlev Schlichter, author of Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown writes: On Monday, 16th January, I will be one of four guests on Andrew Marr’s show Start the Week on BBC Radio Four. The programme will start at 9 am. […]
Read MorePressing the Chancellor on bank accounting
Via Hansard: Steve Baker (Wycombe) (Con): Chapter 3 of the Government’s report, on loss absorbency, seems, perhaps reasonably, to take for granted the adequacy of accounting standards. I press the Chancellor in his forthcoming White Paper to consider seriously the pernicious effects of the international financial reporting standards, which were applied […]
Read MoreBanker 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 […]
Read MoreWe won’t achieve financial stability under IFRS
I spoke by Skype link to the Local Authority Pension Fund Forum this afternoon on a panel about the International Financial Reporting Standard and its faults. The LAPFF has just published a report which critiques the Standard as a key contributor to the financial crisis. I first met IFRS in […]
Read MoreSomething to look forward to from the BBC on money and banking (perhaps)
In this mad age of yet further taxpayer-backed lending, the BBC’s new series may or may not be something to look forward to: More here.
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