The firing line
There is no doubt that an inquiry is called for in the Libor manipulation saga, but the fines should be targeted at the dealers and the management, not the banks. Shareholders did not have a say in the internal dirty dealings, nor did they share much of the loot. Bonuses mostly went to the staff. Remember who the ordinary investors are: Isa-holders, pension funds and insurance companies. Also, the government should come out and say to the world that the crimes happened in the UK and punishment will be meted out by local judiciary according to the law here. We already have two zombie banks in the UK (a third one is not in our interest). We and the rest of world were financially crippled by the US credit crunch. Did the yellow UK government prosecute or fine the culprits? No. So the UK government should either stand up and fight or resign.
[Re: Would a vote for Scottish independence be boon for its businesses?, yesterday]
Stewart Hosie MP argues that the SNP should be able to set Scottish corporation tax at 20 per cent to encourage further investment in Scotland. However, in the 2012 Budget, the rate of corporation tax was reduced to 24 per cent, and is being lowered further to 22 per cent by 2014. How much lower would the SNP go? There is no need to divide tax liabilities and tax assets between the jurisdictions in relation to UK tax. Many companies, especially retailers, have multiple purchasing, processing, and selling across the UK. If a different tax system were introduced firms would need to comply with two different sets of rules. Thus, a reduction in corporation tax could actually increase the absolute tax burden for businesses across the entire country.
No one in the world I admire more than my dad. 16 years building Barclays. Shame to see the mistakes of a few tarnish the hard work of so many.
CEO of a global bank is one of those jobs that’s much harder to get than it is to do.
Barclays CEO resigns but investigations and lawsuits are industry wide, the question is who’s next?
So central banks manipulate interest rates? Say it isn’t so.