Category Archives: Banking

Lehman Brothers’ former CEO blames bad regulations for bank’s collapse

Dick Fuld defended the bank’s culture, pointing the finger instead at government failings and hedge funds aggressively short-selling its stock

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Giles Fraser: my hopes for the Occupy St Paul’s drama that puts me on the stage

When anti-capitalist protesters set up camp on the steps of St Paul’s in London, its canon chancellor found himself at the heart of a crisis that shook the church even more than the City. As a new play, Temple, explores the affair, he questions the very existence of the cathedral itself

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Posted in Anglicanism, Banking, Banking reform, Business, Christianity, Corporation of London, Culture, Donmar Warehouse, Economic policy, Economics, Financial sector, Giles Fraser, Justin Welby, London, Occupy London, Occupy movement, Politics, Protest, Religion, Society, Stage, Theatre, UK news, World news | Comments Off

Why putting bank bosses behind bars is still nigh on impossible

Bankers are known to have been ‘brazen’ in their illegal behaviour, but apart from in Iceland, few top directors have been jailed – for reasons that may start with fear of an Arthur Andersen outrage

US attorney general Loretta Lynch declared last week that five major banks had engaged in “brazenly illegal behaviour” on a “near-daily basis” in rigging foreign exchange markets. But no sooner had she imposed record £2.6bn fines on the banks and extracted guilty pleas from four of them – including Royal Bank of Scotland and Barclays – than she was facing questions about why no charges were brought against individuals.

This is a familiar refrain ever since the 2008 banking crisis led to multibillion-pound bailouts. Some bankers have ended up behind bars: Iceland currently has four former bank bosses in jail, while in the US a few junior bankers have been convicted. Ireland convicted two former executives of Anglo Irish Bank, but did not jail them.

If bank bosses knew about wrongdoing on their watch, they are complicit. If they did not know, they are incompetent

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