Archive for Bank of England

Do you need it to be sent to you by fax?

Posted in Crisis, current events, Economy, Financial crisis, Macro-economy, Power with tags , , on 02/12/2012 by Living out of Eden

There’s a new governor in the Bank of England (yes, the same central bank that was pointed at, by the Head of the Barclays as instructing them to cheat on the Libor affair by the middle of the year), and guess what?

Bull’s eye!!! The man comes from “The Bank” (you know, Godman Sucks). And there’s more, he’s a Canadian, so he would not care about the country, if to impose unpopular measures.

How many more hints do we need to become aware this is a chess board and they are spreading their pieces to make us surrender?

When Will Immoral, Unprincipled Bankers Be Held Accountable for Their Crimes

Posted in Accountability, current events, Economy, Financial crisis, politics, Society with tags , , on 06/07/2012 by Living out of Eden


They say that patriotism is the last refuge 

To which a scoundrel clings

Steal a little and they throw you in jail

Steal a lot and they make you king

Bob Dylan, “Sweetheart Like You” (1983)

The record-breaking fine of £290m to which Barclays was subjected this week for financial crimes committed from 2005 onwards sounds significant, until you realise that Barclays chief executive Bob Diamond was paid £17m for last year alone (and that the bank also paid £5.7m to cover his tax bill), that he has been paid almost £100m since 2006, and that the amount of the fine (£60m in the UK and £230m in the US) is basically peanuts — just 10 days’ worth of profit for Barclays, as Paul Lewis of Radio 4′s Money Box programme explained to the BBC.

The first thing that occurred to me was that, however much bankers are caught committing financial crimes, they always seem to get away with it, as Bob Dylan explained back in 1983. Moreover, Bob’s recognition of the disparity between the rich and the poor when it comes to crimes involving money also rings horribly true still, as is clear from the punishment for Barclays — a slipped wrist — and the punishment for those involved, however peripherally, in last August’s “riots” in the UK, when judges decided to “make an example” of the mostly unfortunate young people who came up before them. The most shocking example I came across was described in the Guardian as follows:

Occupy Trafalgar Square, or Bank, or Monument, or Buckingham Palace, or 10 Downing St ….

Posted in Crisis, current events, Economy, Ethics, Financial crisis, Government, News, politics, Power, Society with tags , , , on 03/07/2012 by Living out of Eden

“This morning, British investment bank Barclays announced that its CEO Bob Diamond would immediately resign in the wake of a massive fine over manipulating interest rates a few years ago.

Specifically, Barclays has been accused of submitting false numbers about the rate at which it was borrowing money, skewing LIBOR (which is an index measuring the rate at which banks borrow money).

Diamond will be at a government hearing tomorrow, and in preparation for that, Barclays has submitted a stunning letter to the government, basically accusing the Bank of England of being the real conspirator behind the interest rate manipulation scheme.”

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