Heroes of capitalism

Written By: - Date published: 10:18 am, June 30th, 2012 - 24 comments
Categories: capitalism, class war, crime, International - Tags: , ,

Capitalism! Free markets! Risk taking entrepreneurs! Wealth creators! Randian heroes!

Reality:

Barclays market manipulation scandal spreads

More global banks are being investigated for the alleged financial market manipulation that led to fines of $US453 million against Barclays Bank, British Treasury chief George Osborne said today, driving financial stocks lower. …

Osborne said Barclays was not the only bank to be involved in market fixing. Beyond the UK, there are also investigations in several countries involving numerous global banking groups. …

“Banks were clearly acting in concert,” said Andrew Tyrie, a British lawmaker who chairs the influential Treasury Committee in the House of Commons. “I fear it’s not going to be the end of the story, that we are going to find that other banks have been involved.”

Market fixing, broke the law, someone’s going to be held accountable, right?

Diamond waived any bonus for this year, as did finance director Chris Lucas, chief operating officer Jerry del Missier and Rich Ricci, the chief executive of corporate and investment banking. Diamond said the decision reflected “our collective responsibility as leaders.”

Waived their bonuses for the year? The WHOLE year? Oh well, that’s all right then. Carry on.

24 comments on “Heroes of capitalism”

  1. ghostwhowalksnz 1

    Too big to fail-
    I guess that would have to be the best marketing slogan of the last 50 years, designed to benefit the big banks.

    It ranks alongside ‘diamonds are a girls best friend’ for its marketing genius

  2. freedom 2

    There was an interesting segment broadcast on the UK Sky News early this a.m. One of the talking heads said although there is close to zero chance of any criminal charges ever being set, in this case and many others that are escaping the media spotlight, there is a long line of civil suits lining up out the door and round the block. Civil suits for which there is a much lower threshold of evidence required. Maybe some of those heads with roll after all.

    • mike e 2.1

      Murdoch investment bankers apple nestle etc etc etc.
      WE need a world corporate watch dog sooner than later.

      • travellerev 2.1.1

        We don’t a need corporate watch dog. We have those and they are on the take. That is what happens if you allow private money creation and Corporations are called legal entities with the same rights as individual human beings.

        What we need to do is break up the banks and corporations in hundreds of small banks and enterprises. We need to take back our right to print our own money and Issue social credit to get the economy going again and lay criminal charges against these scumbags.

        According to Max Keiser this has been going on for decades (In fact as soon as the came up with the LIBOR scam in 1986) and I suggest we start with a criminal investigation into John Key’s banking history as he was involved with the first criminal destabilisation of a countries currency with Derivatives in October on the Thursday after Black Monday in 1987 with Andrew Krieger who is identified as Patients Zero in the book Infectious Greed from law and finance professor Frank Partnoy.

      • locus 2.1.2

        mike e – the corruption in the finance sector is just a reflection of its endemic condition in a society which increasingly rates success in terms of how much profit you make, or how much you earn, and which accepts that it’s okay to ‘get what you can’ out of the company or customer or supplier or taxaman or rich fool who doesn’t deserve his money, or the stupid cashier who underbills you, or whoever.

        As for the scale of the corrupt practices in the banking/financial sector – I think that this is the encouraged by massive cash bonuses and a culture which rewards profit, particularly if achieved in a cunning way, rather than encouraging ethics, honesty, fairness, decency, consideration (i.e. the things that a customer wants out of their financial service provider).

        So what we need now is much more than a watchdog. We need radical plans and action that will uproot this culture: regulation which demands accountability and governance; laws with teeth; an indpendent anti-corruption aagency with the necessary authority and resources to investigate; public re-education; and effective prosecution of all corrupt practices.

        • vto 2.1.2.1

          Look at this for one of our very own shit-heroes David Kirk, mentioned a few times previously. It surprised me when he said it but it clearly reflects his own outlook and approach. David Kirk has a shit approach and attitude. He is a John Key / Mark Weldon shithead. First, Locus above said this …

          “the corruption in the finance sector is just a reflection of its endemic condition in a society which increasingly rates success in terms of how much profit you make, or how much you earn, and which accepts that it’s okay to ‘get what you can’ out of the company or customer or supplier or taxaman or rich fool who doesn’t deserve his money, or the stupid cashier who underbills you, or whoever. ”

          Now look at this, paragraph 7, where David Kirk says…

          ” “But there’s no point saying ‘they deserve it’ because you don’t get what you deserve in life. You get what you’re good enough to take. ” …. reported here http://www.telegraph.co.uk/sport/rugbyunion/international/newzealand/8820946/Rugby-World-Cup-2011-former-New-Zealand-captain-David-Kirk-tells-All-Blacks-its-time-to-be-unstoppable.html

          Shallow greedy selfish shits with no value to society. It is worth remembering this for when Kirk next pops up somewhere smiling away pretending to be someone special. He is worthless.

  3. ropata 3

    Up, up and away: how money power works Down Under

    Founded in the outback town of Winton, Queensland in 1920, Qantas is today the world’s oldest continuously operating airline and, along with the great cricketer Don Bradman and the Sydney Harbour Bridge, occupies a place in the nation’s affections. Most important, it is the only major international airline in the jet age never to have lost an aircraft in a fatal accident. Perhaps wary of holding such a distinction to fortune, Qantas advertising never mentions it.

    In recent years, however, the safest airline has had close calls, including an Airbus A330 that went into a sudden dive in 2008 and injured up to 74 people, a Boeing 747 engine that blew up after leaving San Francisco in 2010 and a new A380 whose engine shattered over Singapore later that year. These, and a series of less serious incidents, have all happened since the airline was taken out of public ownership and handed to global banks. The largest shareholders include J P Morgan, HSBC and Citicorp, which are also among the top shareholders of Australia’s major banks and largest mining companies. The national airline, like the Australian economy, is mortgaged: the product of a bi-partisan political system dominated by rapacious business.

    It was an article of faith that the world’s only island-continent, flanked by the two greatest oceans, needed a long-haul airline – until the asset-strippers took control. What followed is a cautionary, universal tale. Last October, without warning, the Qantas Chief executive, Alan Joyce, ordered the grounding of the airline’s global fleet. More than 68,000 passengers were stranded in 22 countries, and the entire Qantas workforce was locked out without pay.

    • Dv 3.1

      I liked the last sentence.
      >> In a choice of words Qantas passengers might find unsettling, the paper said the airline had to “compete or die”.

  4. happynz 4

    Diamond waived any bonus for this year, as did finance director Chris Lucas, chief operating officer Jerry del Missier and Rich Ricci, the chief executive of corporate and investment banking. Diamond said the decision reflected “our collective responsibility as leaders.”

    Without huge bonuses to award wouldn’t there be a resulting lower overhead and that the bank would pass on the savings to customers? Uh…not bloody likely.

  5. Bill 5

    I think it was joe90 who linked to a very good piece by Matt Taibbi in Rolling Stone…

    The Scam Wall Street Learned From the Mafia
    How America’s biggest banks took part in a nationwide bid-rigging conspiracy – until they were caught on tape

    Read more: http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1zF5fX8fd

    Anyone interested in Barclays and others manipulating the Libor rate really ought to read the link above. And then reflect on Cameron being all words and no action.

  6. Colonial Viper 6

    Waived their bonuses but kept their million pound base salary?

    Great deal if you can get it.

  7. ChrisH 7

    The interesting thing would be if the Big 4 Australian-controlled banks had worked together in some kind of nudge-wink sense to flood NZ with mortgage credit and so push up real estate values, thereby maximising their joint mortgage interest returns, while at the same time maintaining the high value of $NZ and thus protecting themselves from currency risk. See this earlier story and comments: http://thestandard.org.nz/eye-on-the-banks/

    • Bill 7.1

      Been wondering what mechanisms exist in NZ that could be manipulated by the banks.

      If it’s happened for years in the UK and the US (see link at comment number 5), then it would be foolish to believe it hasn’t happened here.

      What I’d find ‘interesting’ though is the commencement of criminal proceedings and the handing down of long jail sentences. Or the absence of both. I mean, if a kid can get a couple of years for stealing a bottle of water from a smashed supermarket window then….

    • Colonial Viper 7.2

      Yep. Increasing asset prices is driven by accelerating debt levels.

  8. Herodotus 8

    $US453 million against Barclays Bank- why are not these same individuals who have acted so morally in waiving their bonus for a whole year also not being charged, individuals within these corporations also acted for personnel gain.
    But after reading this I almost had compassion and empathy for these poor bankers.
    http://www.guardian.co.uk/commentisfree/2011/jan/10/banking-bonuses-britain-curbing
    But then I forgot both reports and profits such as what was reported here.
    http://www.stuff.co.nz/business/industries/6794824/NZ-bank-profits-surge-to-3-3b
    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10815675
    Why are penalties so little as to the profits that have arisen from the actions of illegal behaviour ?
    http://www.comcom.govt.nz/fair-trading-media-releases/detail/2006/carterholtharveyfined900000forfals/

  9. muzza 9

    And for those who seem to not understand the meaning of conspiracy, or what one is….

    Follow the banking cartels saga’s, because that is exactly what this all is!

  10. Rusty Shackleford 10

    Banks are the opposite of free market capitalism. They deal in a product that only the govt is allowed to produce.

  11. captain hook 11

    +1 RS

  12. RedLogix 12

    Again from Steven Keen, there are three primary actors in any economy.

    1) Workers whose share of GDP should be about 65-75%

    2) Business owners whose share of GDP should be 15-20%

    3) And Bankers whose share should not exceed 5-10%

    In this country workers share is less than 50%. Business owners, especially SME owners don’t generally fair all that brilliantly either and it’s a mistake to always imagine them to be the enemy.

    It’s the banksters who are the parasites.

    • Colonial Viper 12.1

      It’s the banksters who are the parasites.

      And also the other infrastructure ticket clippers – private telecom, private financial transaction infrastructure, private electricity, etc.

      Banks and financial infrastructure need to be publicly held and treated as utilities run for the public good.

      Business owners, especially SME owners don’t generally fair all that brilliantly either and it’s a mistake to always imagine them to be the enemy.

      Very true. The corporates and the banks suck the life out of SMEs constantly. National pretends to be the party of business, but in reality it is only the party of Big Business.

  13. mike e 13

    when the Berlin wall came down and communism died so did capitalism.
    George H Bush promised us a new world order this is it .
    The robber barons have taken over.

    • locus 13.1

      first it was the robber barons, then it was the robber priests, now it’s the robber barons again – time for a peasants’ revolt

    • muzza 13.2

      Both Comm & Cap, same people mike e, same agenda, same banking families controlling it!

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