Tag Archives: libor

Daniel Furr

Opinion: Britain has become a corporate state, not a free society

By Daniel Furr | Fri 24th August 2012 - 8:52 am

In the months after the financial crisis in 2008, I recall a conversation with an American friend of mine; we discussed the fallout and numerous rescue packages by countries. Financial media outlets, such as Bloomberg and CNBC, described the capital injections into financial institutions as a sign we are “all socialists now” – according to my American companion, this was far from the truth. In reality, Western economies have turned the page to fascism, not socialism.

When he mentioned this to me, I confess, it was rather amusing to listen to; very sceptical of such claims, until the request to research the facts myself led me to a worrying conclusion. The truth of matter is that we are not far off from what British fascists in the 1930s thought the financial sector should administrate to the rest of society.

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Giles Goodall

Opinion: Brussels vs. the banksters

By Giles Goodall | Sat 28th July 2012 - 1:21 pm

European Parliament building European Parliament building

Almost no-one in the UK would these days dispute the fact that the country’s banking sector needs a serious overhaul to correct the runaway behaviour which helped nudge Britain (and others) into the financial crisis. The Liberal Democrats have rightly been most persistent in demanding reforms, in particular a break-up of retail and casino banking, as recommended by the independent Vickers Inquiry.

The latest scandal about fixing the benchmark Libor interest rate plumbs new depths – even by the standards of Britain’s banks. Here were …

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Stephen Tall

Barclays and the Bank of England: BAD rate-rigging and GOOD rate-rigging

By Stephen Tall | Wed 4th July 2012 - 11:15 am

The Barclays rate-rigging scandal has conflated a number of issues — Bob Diamond’s bonus, ‘casino’ banking, failed regulators — making it hard to get behind the media’s shouty headlines to understand the issues which should really concern us. Here’s my brief show-your-working attempt, starting with what Barclays.

What Barclays did right: ‘fess up

LIBOR (London Inter Bank Offered Rate) is the rate at which banks in London lend money to each other for the short-term. It’s used as a proxy measure of market confidence in individual banks, as well as a benchmark for setting mortgage interest rates.

Barclays has admitted filing misleading …

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Recent Comments

  • John B Grout
    Excellent piece, Josh. As for seeking others' thoughts on the pitch, here are mine: Labour and the Greens want to do things for you, the Conservatives and R...
  • David Evans
    It's an interesting article, which gives us more to think about, but when it ends with "Government and politics can strive toward this platform ... giving ind...
  • Neil Sandison
    This one of a series of articles recently published in the Liberal Democrat Voice that defines our social liberal values . Frequently the hot house of Westminst...
  • Pawel Urbanski
    This is the right problem to be working on, and I think the answer may be less about the words than about the moments. In my experience people learn what we sta...
  • Simon Robinson
    It's good to have an MP putting herself forward for this. The manifesto seems a bit vague though. All good thoughts and nothing you can really disagree with, b...