e-petition:: join the call for a Judge-led inquiry into banking

Fed up listening to all the media talk around symptoms with fines to swell Govt. coffers whilst we carry all the burden? Sign this petition calling for a judge-led inquiry into fraud, ethics and wrongdoing in British banks and the role of the British Bankers’ Association:

We the undersigned call for an independent, judicial public enquiry into fraud, wrongdoing and ethics of British banks, their management and their staff, and the role of the British Bankers Association. The terms of reference of this inquiry should also include the manipulation of interest rates on about £225 trillion of assets. The inquiry must have full powers to compel witnesses to appear on oath, and to obtain all forms of evidence.


SEC “sick” fine joke: <1% of JP Morgan net income

coughs up

How long before American, British and other European citizens determine that “enough is enough”?

“Elites” do not only come in the form identified with the cause of the “Arab Spring”! By now it should be apparent to any informed person, that weak or biased leadership can be as dangerous to a nation’s health and wealth as an oppressive or brutal regime!

I never cease to be amazed how far removed from the sentiment of the populous Regulators and Governments can be.

JPMorgan Coughs Up $153.6 Million to Settle Mortgage Securities Civil Suit

JPMorgan Chase is paying $153.6 million to settle a civil case the Securities and Exchange Commission brought against them on charges that they defrauded investors regarding mortgage securities, Reuters reports. CBS News says that JP Morgan "failed to tell investors that a hedge fund helped select the investment portfolio and then bet that the portfolio would fail," according to the SEC.

Enhanced by Zemanta

Revisited: RBS Bonuses, Bullying & (more) BS

I had a sick – disgusted – feeling in the pit of my stomach when I read these statements:

Banking: Stephen Hester, chief executive at RBS, yesterday told the Commons public accounts committee that he was “low paid” compared to people in equivalent jobs. (Scotsman page 11).

At the same meeting Eric Daniels, former chief executive of Lloyds, angered MPs by suggesting that the banking crisis was good for the UK.

It did bring to mind an old blog item that does still make me smile…

RBS Bonuses, Bullying & (more) BS BBC News – Royal Bank of Scotland announces £3.6bn of losses In the style of “Points of View”: Why oh why oh why are we subjected to numerous column inches, hours of discussion, Select committee interviews, general politicking and bullsh*t on what are patently SYMPTOMS!? It is all just further evidence that it is the CULTURE that needs to change before anything else of any real significance or permanence will occur. As far as RBS is concerned, it … Read More

via Get “fit for randomness” [with Ontonix UK]

Euro – Austerity to fund failed institutions

German Logo of the ECB. 

Image via Wikipedia

I am not alone in “banging on” about the lack of TRANSPARENCY in the banking system (and wider financial sector). The man on the street didn’t know or care much for how the sector conducted business as long as the had a job (income) and could afford the odd “luxury”. Many were happy in their ignorance and content to leave Governments to get on with the job in hand BUT MUCH HAS CHANGED and with the likelihood of more Corporate defaults (Connaught has been coming for some time), as well as at sovereign and state levels in EU and USA respectively, imminent the levee is gonna break.

What is the difference between a global recession and a global crisis!?

European Banks Still on the Brink

The EU banking system is in big trouble. That’s why European Central Bank (ECB) head Jean-Claude Trichet continues to purchase government bonds and provide “unlimited funds” for underwater banks. It’s an effort to prevent a financial system meltdown that could wipe out bondholders and plunge the economy back into recession.

Related articles by Zemanta

Enhanced by Zemanta

What’s next for global banks – Is it a tent and some dodgy headgear?

Here is some commentary from McKinsey on a topic that is “dear to our hearts”…of course dear may be the most appropriate word (depending upon your interpretation of the the word) and how you carry your wallet!

What has happened to the Global economy in recent times is a matter of record and a great number of, apparently, robust organisations and reputations were laid waste. There can be little doubt about the excessive risk taking and greed but has everyone forgotten what provided a “platform” for this culture?

What gave the industry license for such recklessness, made them so “cock sure” of themselves, dazzled, beguiled and blinded Politicians, Regulators and investors???

The Crystal Ball: An essential tool of Consultants & QuantsThat’s right it was blind faith in financial models that were flawed but given kudos (at great expense) by rating agencies whose reliability, if not objectivity (or worse) must warrant greater scrutiny. SO IMAGINE MY SURPRISE WHEN I READ THIS:

To arrive at a perspective on these fundamental changes, we turned to scenarios that the McKinsey Global Institute (MGI) developed to help model uncertainty about economic recovery and growth. We adapted these scenarios to include the particular forces that most influence banking returns: inflation and the shape of the yield curve, as well as uncertainties about state intervention, including new capital requirements, consumer protection measures, new rules on risk management, pay caps, and the extension of regulation to the “shadow” banking system.

“Uncertainty” is THE key word and there is even reference to markets remaining “severely dysfunctional” but it STILL hasn’t prevented this exercise that can only be down to job creation. You can read the full article here.

You could decide to check your Horoscope OR pick a horse for the Grand National – here is a tip: last years result nor an individual horse’s performance in other races are not necessarily a guide to this years race. But I guess you already knew that.

BUT, if you are really stuck for something to read get your head around the fact that irrespective of the intellect, experience and technology at our disposal we/they cannot predict the future even in times of relative stability. What we know about the past, from our experience, is no longer adequate for an inter-connected world.

If you are interested enough to read to this point you may just be keen to explore some thoughts on why and, more importantly, how we need to prepare for the future you may be interested in this previous post. If you want yet more please drop me an email: david@ontonix.com