How many times have we heard this won't happen again because regulation will save us. We NOW need something similar to Glass Steagall & Volker with the best protection from both of them enforced. Nothing watered down like the recent Conservative slip allowing crazy derivatives within the ring fence, which will be abused > JP "$9billion" Morgan style!!! I tell you the politicians are in on it, they say one thing and laugh behind our backs, or in the "derivatives in the ring fence case", in our faces. The only thing they're good at is clinking those champagne glasses at bankers buffets. I'm not afraid to say we're being run by the mafia, government has been bought and lost our confidence. 1. Financial ((MBS) Crisis, 2. PPI and STRIKE 3. LIBOR manipulation scandal. It's unfortunate that all banking staff should have their bonuses clawed back, not just the top.Reasoning behind this is the industry should pay for the mess not the tax payer. At the end of the day, pre financial crash all staff where strongly pushing loans on to people, I know staff that left banks because it was against their morals in the way they where not serving the customer but ramming loans onto them. All must pay the price with loss of bonuses, if need be for several years. This would be good as it would curtail the bandit culture.
FT Article: Libor firestorm engulfs Diamond
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Thursday, 28 June 2012
Tuesday, 26 June 2012
King Adds to Gloom Over UK Economy
I recommend King gets some Prozac, today USA housing UP, German Confidence UP, 15:20 FTSE 100 UP, S&P 500 UP, Egypt UP significantly yesterday, Euro300 UP. Yes so King is indeed in need of Prozac as this minor macro downturn will wash away as always in Q4 when everyone comes off holiday and buys. Surely he can see the pattern? Justification for QE is not present, minor recession is good for correcting bubbling commodities which stifle growth. Not doing anything now will be a boon for the recovery and deliver sustainability with jobs. QE is now a job destroyer.
FT Article: King Adds to Gloom Over UK Economy
FT Article: King Adds to Gloom Over UK Economy
Monday, 25 June 2012
BOE David Miles is Out of Touch
FT Article: MPC member wants £50bn easing
Monday, 18 June 2012
Response to: Growth demand splits Bank committee
Osbourne should now be working for Labour, for it is the same veiled policy that brought the banks down last time.Also the £100bln round 1 stimulus "tax payer backed", is similar policy to the Bush forced mortgage lending that created the problem. Although this time bankers can make their bonuses without loss to the bank, HA! Let's see how well they pick who they give the loans to, another if you can tie your shoe laces here's some money financial scandal in the making!
FT Article.
Thursday, 14 June 2012
Response To: Vickers says bank reforms are too soft
Stanford sentenced to 110 years in prison for running a Ponzi scheme. Chancellors who sign off on reforms, if watered down should be legally bound to the elements that have been watered down, if they become the cause of another financial bailout, the Chancellor should be personally liable. Only then will the correct and proper decisions be made. The casino on the back of savers is still in play. NOT ACCEPTABLE!
http://www.ft.com
Sunday, 10 June 2012
Response To: Banks to win ground on Vickers plan
DISGRACEFUL & CORRUPT: In effect the ground won is to allow RISKY derivatives to be funded on the back of retail deposits. Derivatives: The use of derivatives to mask credit risk from third parties while protecting derivative counter-parties contributed to the financial crisis of 2008 in the United States. In addition : Derivatives are used by investors for providing leverage (or gearing), such that a small movement in the underlying value can cause a large difference in the value of the derivative. This in effect means the ring fence (firewall) has been broken by a derivative (virus) and will put notable risk within the ring fence should the derivatives turn sour. Consider that USA mortgage backed securities where derivatives, would this not deliver a similar financial disaster? I'm afraid I don't trust this and conider this derivative allowance intolerable, if this goes ahead I recommend people gradually move their money away from UK banks.
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