Thursday, July 19, 2012

Financial firms full of crooks

Post crisis we have MF Global. After a short interregnum, in a flash comes JP Morgan trading losses, followed by the Barclays run in with BoE over LIBOR. In the background Peregrine got into trouble because its founder CEO stole clients' money even as HSBC was found to be in criminal breach helping drug syndicates and terrorist tap into America's financial network.

Pretty clear that bankers do anything to enrich themselves. They believe the only moral is making money by any means fair or foul. Just don't get caught. Easy to do in a bull market and in abundant liquidity, but the good times never last. So now all the skeletons are falling out from the cupboards.

We are only starting.


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  2. The New Way of Banking? Co-op Buys 632 Lloyds Branches
    Co-op Pledges Shakeup of High Street Banking After Lloyds Deal

    Co-operative secures cut-price deal to take over 632 Lloyds branches in sale ordered after breach of EU rules on state aid

    By Jill Treanor, City Editor, The Guardian – July 19, 2012