Following a long, drawn-out silence on the government’s failure to adequately address the HSBC tax scandal, George Osborne has finally spoken. Washing his hands of any responsibility, the Chancellor says it is up to HSBC to puts its house in order.
Royal Bank of Scotland (RBS) is to drastically cut its investment banking unit, with media reports suggesting as many as 14,000 out of the department’s 18,000 workforce will be laid off by 2019, mainly in Asia and the US.
The fourth biggest bank in Ukraine, Delta Bank, has gone bankrupt after months of non-compliance, according to the National Bank of Ukraine. Two smaller banks in the Delta Banking group have also gone belly-up.
Winston Churchill once said, “I feel lonely without a war.” He also badly missed the loss of empire. Churchill’s successor – the ‘Empire of Chaos’ – now faces the same quandary. Some wars – as in Ukraine, by proxy – are not going so well.
Royal Bank of Scotland (RBS) chief Ross McEwan has conceded the 80 percent state-owned bank will pay staff lucrative bonuses from a pool of £421 million, despite the fact it faced losses of £3.5 billion in 2014.
Just as the British government announces the deployment of troops to Ukraine as ‘advisors’, it is rapidly becoming apparent that the average Member of Parliament in the UK is as crooked as Uri Geller’s cutlery.
The US Department of Justice is in the early stages of an investigation into at least 10 international banks—including JPMorgan Chase, Goldman Sachs and Barclays—over alleged manipulation of the precious metals market.
In an era of wanton government economic illiteracy, the latest case of ‘Kickcanistan’ mentality from Europe’s government caste has led to a political fudge ignoring economic reality allowing victory bleats by politicians with policies doomed to failure.
Bonuses paid by financial firms since the onslaught of the financial crisis will surpass £100 billion in 2015. Campaigners warn that Britain’s finance sector is continuing to breed inequality, while ordinary taxpayers clean up the mess.