The eurozone turns its nose at Geithner’s bazooka
Eurozone finance ministers should perhaps have been a little more respectful of Tim Geithner, writes Economics Editor Faisal Islam.
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Eurozone finance ministers should perhaps have been a little more respectful of Tim Geithner, writes Economics Editor Faisal Islam.
The Financial Services Authority is to investigate the alleged £1.3bn fraud at Swiss banking giant UBS, as the man accused with false accounting breaks down in a London court.
The European Union will not make a decision about the next tranche of bailout money for Greece until October, weeks later than expected.
Five of the world’s most powerful central banks have flooded the international financial system with dollars to stave off a liquidity crisis in European banks.
The board of Swiss bank UBS is to meet after an employee was arrested in connection with allegations of rogue trading that will cost the bank around $2bn.
Unemployment is rising at its fastest level for two years, as the number of young people without jobs surges.
Three years after the global financial crisis and the virtual implosion of the British banking system, Jon Snow asks why no bankers have yet been prosecuted.
These reforms are momentous, and quite elegant – in theory. The lesson of a decade or two of banking dominance in Britain’s political economy is that they will get their way in watering down the detail of this proposal, particularly in the many years it will take for legislation and enforcement
9/12, and they are already pumping oil again in Libya. 9/12, and we are still at war in Afghanistan. 9/12, and can anyone claim that Iraq is at peace? It is hard to imagine that in 2021 when we consider the twentieth anniversary of 9/11, the terrible loss in New York, Washington, and Pennsylvania will remain isolated from the terrible death, maiming and displacement of civilians and military alike that have flowed from the West’s response to the Al Qaida attacks.
Britain’s banks are asked to ring-fence their retail and investment banking arms by 2019, but one analyst tells Channel 4 News that “all stakeholders will be hit by the costs”.
The Labour leader, Ed Miliband, says regulators should get tough new powers to bar irresponsible bankers from the profession to avoid another crisis.
“Sadly, the markets have drooped because they believe Obama’s jobs initiative won’t dig America out of the economic quicksand.”
Faisal Islam pores over Alistair Darling’s memoir and finds some extraordinary revelations about the banks which still have relevance today.
Channel 4 News Economics Editor Faisal Islam asks whether bad news for the economy could end up being good news for the banks?
Royal Bank of Scotland, which is majority owned by the UK taxpayer, has stopped lending money to manufacturers of banned cluster bombs after pressure including a Channel 4 News investigation.