There Is Much to Fear

By: Monday September 29, 2014 9:03 am

One of the exceptional things about Post-Constitutional America is how instead of using the traditional tools of an autocracy– secret police, torture, mass round ups– the majority of Americans have given up their rights willfully, voluntarily, almost gleefully. The key tool used by government to have accomplished this is fear-mongering.

 

Banks Threaten to Leave Scotland if People Vote for Independence

By: Thursday September 11, 2014 5:59 am

Some of the biggest banks in Scotland are threatening to leave if the people vote for independence from Britain. In a move designed to pressure the people of Scotland to stay within the UK, the Royal Bank of Scotland and Lloyds Banking Group have said they will relocate if Scotland votes for independence in an upcoming referendum. The banks have said thousands of jobs will be lost and that it will be more difficult for people in Scotland to get a mortgage.

Snowden Reveals America and Britain Spied On G20 Members

By: Monday June 17, 2013 6:40 am

Something tells me the State Department staff are not Edward Snowden fans. The first set of Guardian leaks came right before the Sino-American summit on cybersecurity where the United States was preparing to take a firm line with China regarding alleged cyber-attacks. Now the Guardian is reporting that documents disclosed by Snowden reveal that British and American intelligence services spied on other countries at the G20 summit in London in 2009 which comes as Britain hosts the 39th G8 summit beginning today.

Austerity Still Taking a Bite Out of Europe

By: Wednesday December 5, 2012 12:35 pm

While debating how much austerity outside of the magic no-budgetary-impact spending on the Pentagonto enact, the United States could take a lesson from, well, from the rest of the developed world. The relative lack of austerity in the US compared to Britain and the rest of Europe led to better economic performance (and it’s important to say “relative,” because US fiscal policy turned negative for growth at the federal level in 2010, and at the state and local level it’s been full-speed ahead for austerity since 2008).

FERC Set to Announce Fines on Barclay’s Bank for Energy Trading Manipulation Today

By: Wednesday October 31, 2012 12:35 pm

Barclays Bank, the only bank to date to settle in the Libor scandal, could face more regulatory probes down the line on a number of other issues, including an energy trading scandal in the US.

We Don’t Have an American Foreign Policy Debate

By: Tuesday October 23, 2012 9:10 am

While Mitt Romney hid behind Barack Obama and displayed about as much independent thought as a college student who didn’t cram enough the night before the test and spent the whole time looking at his neighbor’s paper, his neighbor Barack Obama reflected so strongly the smoldering wreck that is this nation’s foreign policy consensus.

British Regulators Announce Overhaul of Libor

By: Friday September 28, 2012 11:24 am

The Financial Services Authority, the top regulator of the banking industry in Britain, announced its changes to how the Libor, the benchmark interest rate which undergirds hundreds of trillions of dollars in financial products, will be derived. As expected, the British government will take responsibility for setting the Libor away from the British Bankers’ Association. They did not name a replacement for the BBA, but said they would appoint one sometime in the next year. Data providers like Bloomberg and Thomson Reuters have already shown interest in taking over.

More interesting, Martin Wheatley, the head of the FSA, said that he wants to make Libor rigging a criminal offense, to provide more of a deterrent.

Royal Bank of Scotland Trader: Any Employee Could Change Libor

By: Friday August 24, 2012 6:49 am

The Royal Bank of Scotland is not having a good week. Earlier in the week they became the latest to be subject to investigation on the grounds of money laundering. Now they are embroiled in the Libor scandal, with one trader claiming that anyone at RBS had the opportunity to rig the benchmark interest rate.

New York Financial Regulator Doing His Job, Upsetting His Counterparts in US and Britain

By: Friday August 10, 2012 11:20 am

The story so far: this week, the DFS cited Standard Chartered with $250 billion in illegal money-laundered transactions with the government of Iran. It’s only the latest in a series of money laundering revelations at the world’s major financial institutions, something that can only be described as epidemic. These have been resolved by global financial regulators by either ignoring it or setting up some predetermined settlement. But Lawsky didn’t get the memo. He filed the complaint and set up a court date for next week with Standard Chartered, with the ultimate goal of taking away their ability to do business in the state.

Libor Manipulation a Two Decade-Old Problem, According to One Trader

By: Friday July 27, 2012 10:08 am

We knew that the banking industry was corrupt. We didn’t know how corrupt, and for how long. But we’re beginning to get the picture. And the solution cannot be to arrest a couple marginal traders and let it end. A dismantling of this corrupt financial system is the only recourse — unless you want to tolerate an economy based on fraud.

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