Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Treasury Minister admits more shocking announcement to come about City banking scandals
"Well, if Libor is rigged, then what wasn't rigged?"

A good question and the implication seems to be that everything was rigged.

Quote:More banking scandals to come, admits Treasury Minister Andrea Leadsom

[Image: Andrea-Leadsom.jpg]

'Cringeworthy announcements' about the City will emerge

ANDREW GRICE [Image: plus.png]


Thursday 03 July 2014

More scandals in the financial sector are in the pipeline, the Treasury Minister responsible for the City of London has admitted.

Andrea Leadsom, who previously worked in banking and finance for 25 years, warned that there were more "cringeworthy announcements" to come and that there was "still a lot of baggage" in the financial industry.
Ms Leadsom, who held senior roles at Barclays and Invesco Perpetual before becoming an MP, told the parliamentary magazine The Housethere was still a long way to go change the City's culture. Asked whether it is learning the lessons of the financial crisis, she replied: "I would say that at the top echelons of the banks, absolutely. But I think there's quite a long way to go to really change the culture. I think it did become very transaction-oriented and I think it will take time to recover that. I think we are still going to see a lot of cringeworthy announcements."
She admitted that when she heard about the Libor interbank lending rate scandal, she thought: "Well, if Libor is rigged, then what wasn't rigged?"
Mrs Leadsom said: "We've had a number of issues over bank wrongdoing. There are inquiries going on, there are some pretty serious allegations out there, we've still got PPI going on. There are still things happening and redress under way. So it's quite difficult to just forget about that and move on. There's still a lot of baggage."
Shortly after she was appointed Treasury Economic Secretary in April, The Independent revealed that she had previously used trusts to reduce her potential tax bill and offshore banking arrangements for her buy-to-let property company.
In the interview, Ms Leadsom declined to say whether she would vote in favour of the HS2 project - even though it is championed by her Treasury boss George Osborne. It would affect her South Northamptonshire constituency and while she is a backbencher, she opposed the Bill paving the way for the scheme. "I'm absolutely firmly committed to getting decent compensation and mitigation for my constituents and I think there's a long way to go yet," she said.
She also departed slightly from the party line on Europe, saying that there might be case for leaving the EU. The founder of the Conservative Fresh Start project aimed at getting a better deal for the UK, she said: "Obviously [if there's] a nonsense reform that doesn't achieve anything, then it might be. But at the moment I've spent four years working extremely hard trying to find things that would make it worth staying in."
Ms Leadsom dismissed calls by Tory Eurosceptics for David Cameron to set out his shopping list of demands for the renegotiation of Britain's membership terms.

Defending the controversial Help to Buy mortgage guarantee scheme, she said: "Overwhelmingly, it's achieving its aspiration of helping people to get their first home. I get many more letters from people saying 'I'm desperate to get a mortgage, why have you done this mortgage market review?' rather than people saying 'oh, you know, property prices are ridiculously high'."
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
"What isn't rigged."

In a world where "full spectrum dominance" is the goal, why wouldn't everything be rigged?
"We'll know our disinformation campaign is complete when everything the American public believes is false." --William J. Casey, D.C.I

"We will lead every revolution against us." --Theodore Herzl
Everyone should improve their Marx. The system is rigged. It's in the DNA of its very being. There are other and better ways of organising.
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.

Possibly Related Threads…
Thread Author Replies Views Last Post
  Florida banking agency helped Stanford set up unregulated office to sell his phony CDs Magda Hassan 3 6,598 21-03-2019, 08:47 AM
Last Post: Marius Titulescu
  Case study of the banking crisis - Japan's "Lost Decade" David Guyatt 2 3,918 16-05-2013, 01:26 AM
Last Post: Magda Hassan
  Online banking encryption broken Bernice Moore 0 2,067 23-09-2011, 04:45 AM
Last Post: Bernice Moore
  ECB boss directly "threatened" Irish finance minister Brian Lenihan into asking for bailout, or else Magda Hassan 0 2,156 11-09-2011, 10:19 AM
Last Post: Magda Hassan
  China cuts holdings of US treasury bonds Magda Hassan 3 2,579 18-02-2010, 07:26 PM
Last Post: Jan Klimkowski
  Busted: The Fed Buys Last Week's Treasury Notes Magda Hassan 0 1,995 07-08-2009, 03:22 PM
Last Post: Magda Hassan
  Americans are the new outcasts of banking. Magda Hassan 1 2,696 01-08-2009, 05:31 AM
Last Post: Magda Hassan
  Diplomatic tensions in USB banking secrecy and US tax case Magda Hassan 0 2,497 09-07-2009, 08:44 AM
Last Post: Magda Hassan
  Banking regulation 'not to blame' says Chancellor David Guyatt 4 3,635 19-06-2009, 11:51 AM
Last Post: Peter Lemkin
  Merkels believes "dodgy" Anglo-Saxon practices caused banking crisis David Guyatt 2 2,894 26-03-2009, 09:27 AM
Last Post: David Guyatt

Forum Jump:

Users browsing this thread: 1 Guest(s)