Banking and Finance

Nationalising money?
Positive Money
SJWWed, 04/07/2018 - 12:48

At the session on nationalising the banks at the AWL’s Ideas for Freedom event (21-24 June), we had, alongside Patrick Murphy speaking for that policy, a speaker from the campaign group Positive Money.

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Comeback for super bankersSJWWed, 04/07/2018 - 11:28

The thermometer-busting moment of the 2008 economic crash was the collapse on 15 September 2008 of Lehman Brothers, then the USA’s fourth-largest investment bank. It was the biggest bankruptcy in US history.

After it, it seemed doubtful for a while whether the other big investment banks could survive without drastic reshaping.

By 2017, so the Financial Times reports (12 June 2018), “group-wide profits last year of $78.4 billion across the top nine investment banks — excluding the much-changed Bank of America — were higher than the $75.4 billion recorded in 2007”.

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For a workers' audit!SJWTue, 22/05/2018 - 19:52

Two Parliamentary committees, both headed by right-wing Labour MPs (Frank Field and Rachel Reeves) have called the UK’s big four accountancy firms to be referred to competition authorities for potential break-up.

Investigating the collapse of Carillion, which made its bosses millions from taking on outsourced contracts, the MPs found that the firms supposed to audit (check) the firm’s figures were a “cosy club incapable of providing the degree of independent challenge needed”.

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Slump-prone economySJWTue, 01/05/2018 - 21:16

In the last year or so, world capitalism has had its nearest approach to a general economic revival since the crash of 2008.

A clutch of figures at the end of April show that the revival is very weak. Britain’s first-quarter GDP growth was reported at just 0.1 per cent. Britain’s GDP growth figure is only 1.2% during the past year, the lowest figure since 2013.

The “purchasing manager’s index” for Britain’s industry was at a 17 month low in April.

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The bankers’ let-out
Wall Street bull
cathy nFri, 24/11/2017 - 09:14

The big banks — UBS, Royal Bank of Scotland, JP Morgan Chase, Citigroup, Barclays, HSBC, and others — are nearing a deal with the EU over their rigging of foreign-exchange markets.

They have already paid American, British and Swiss authorities more than $10 billion for the rigging, and the EU over $2 billion for rigging interest rates.

The 2008 crash has been followed by a cascade of investigations and scandals, triggered by resentment built up against the banks by government authorities and non-bank capitalists.

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