Mervyn King turns on the bankers
Mervyn King, the governor of the Bank of England, yesterday hit back at the UK banking profession and admitted that UK regulators missed an opportunity to clamp down on excessive bonuses and remuneration packages during the depths of recession. As we covered in one of our earlier articles, Mervyn King was most certainly in apologetic mood yesterday and appeared to be attempting to curry favor with the unions.
Despite the fact that a number of union representatives turned their backs on the Mervyn King and walked out of during his speech he was given a far better reception than many had expected. When the governor of the Bank of England turns on the UK banking community then we know that the sector is most certainly public enemy number one. Quite why Mervyn King has taken this particular stance at this particular moment in time is something which is slightly puzzling.
However, the bottom line seems to be that the UK banking arena has been cut adrift more than ever before and historic friends that have defended the sector now appear to be turning against it. Whether the introduction of Mervyn King to the mix will make the UK banking arena think again is something which many people will be considering.
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The twists and turns regarding the Cadbury takeover continue with speculation in the market today that Hershey is on the verge of launching its own independent bid for the operation. While analysts are sceptical as to whether the company could match the financial power of Kraft Foods, assuming Kraft Foods is determined to acquire Cadbury, some analysts expect a bid in excess of £8 a share and pos...Read More
Vintage wine fraud on the increase
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Are US banking reforms purely cosmetic?
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Richard Branson the peoples champion?
As the battle between Richard Branson and British Airways looks set to move up a notch after the announcement of the proposed merger between British Airways and American Airlines many people are now questioning his motives behind the move. The people's champion, or a business man looking to protect his own patch?
Whatever you make of Richard Branson there is no doubting that once h...
Key UK businesses may be given an option to sell stake to government
The UK government has also announced plans for a £50 billion investment scheme which could see a number of key businesses throughout the UK sell part of their equity to taxpayers in exchange for additional funding. While on the surface this may look like an interesting option and something which could breathe life into a very lacklustre market, there are potentially enormous liabilities at stake....Read More