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.
FSA flexes its muscles on insider trading
The FSA has today confirmed the arrest of a 64-year-old gentleman in relation to alleged money laundering and the provision of false information in connection with a suspected insider trading investigation. While no further details have been announced this is just the latest in a long line of FSA arrests in relation to market abuse and insider trading. Indeed six people have been sentenced to jail...Read More
Sir Victor Blank surprised at demise of HBOS
While former chairman of Lloyds bank, Sir Victor Blank, ultimately lost his job due to the situation which is unravelling today, he has now expressed surprise at the pace at which the HBOS operation crumbled and the rate at which losses were accrued. For many months now we have heard rumours circulating the city that Lloyds bank may not have done as much due diligence as might be expected due in t...Read More
Business and Enterprise Minister thinks outside of the box
Mark Prisk, the UK government's business and enterprise Minister, has today introduced a very interesting topic into the small business arena. As the liquidity crisis continues in the UK financial arena he believes that some small businesses should be looking to swap equity for additional funding in the short to medium term. While this is commonplace in the property sector it is not something that...Read More
UK financial industry hits out at EU hedge fund proposals
In what is becoming a concerted effort to grab more control of the UK financial sector it has been revealed that EU ministers are looking at increasing the regulatory and compliance burden for hedge funds operating in Europe. This is a backhanded attempt to snatch yet more power from the UK authorities as London is widely regarded as the financial capital of Europe.
Under new propos...
London remains Europe's premier investment Centre
For the seventh year in a row, London has retained top spot in the Ernst & Young annual report on Europe's most attractive cities to invest in. This is a welcome boost for the UK government as the report, which surveyed 800 executives around the world, singles out London as one of the best placed cities in the world to rebound from the ongoing economic crisis. This is very much at odds with a numb...Read More