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Oonagh McDonald

the ways in which LIBOR manipulation took place, as does the CFTC (and the US Department of Justice). A selection of the emails, oral trader requests to submitters and trader-to-trader requests are presented in the remainder of this chapter, for two leading UK banks, Barclays and the Royal Bank of Scotland (RBS), so that the nature of the evidence is clear. Barclays The FSA’s final notice to Barclays Bank, 27 June 2012 Barclays was a contributor to various benchmark rates, including LIBOR and EURIBOR, published by the European Banking Federation (EBF), making

in Holding bankers to account
Abstract only
John Wilson

involvement in Ferranti International. This laissez-faire attitude was born of an ideological commitment to market solutions; even though the DTI especially had been heavily involved in regional economic activities throughout the 1980s,66 with the abolition of the National Enterprise Board by Margaret Thatcher it was clear to all parties that the state would not be investing directly in private enterprise. Of course, Donald Dewar and a group of Scottish Labour MPs lobbied the Scottish Secretary, Malcolm Rifkind, on behalf of the Ferranti operations around Edinburgh, while

in Ferranti: A History
Oonagh McDonald

to fail. He was unable to establish relationships with Citi’s yen LIBOR submitters in London and his attempt to use a junior interest rate swaps trader to convey messages and requests to the submitters also failed. At the last attempt, on 25 June 2010, the senior managers elevated his conduct to compliance and legal and he was dismissed. The bank then alerted the CFTC about the behaviour and conducted an internal inquiry, the results of which were reported to the CFTC in early autumn 2010. Bank of Scotland/HBOS and Lloyds Bank On 28 July 2014, the FCA issued its

in Holding bankers to account
John Wilson

. This organisational characteristic must always be borne in mind when assessing the events of the 1980s, given that while Alun-Jones was pursuing certain objectives for the business as a whole, at times it was difficult to persuade the major divisions (computer systems and Scotland) to follow this line rigidly. This highlights the weakness of Alun-Jones’ managerial style, in that while he often used harsh words to describe divisional strategies, rarely was this converted into decisive action on product range or capacity. One of the most dangerous manifestations of the

in Ferranti: A History
John Wilson

USA, Ferranti could expect to open up significant commercial opportunities for those divisions that possessed a competitive advantage. As far as the latter was concerned, given the quality of the products developed by the Scottish, computer, instrumentation and electronic components divisions, the USA was seen as the obvious market, stimulating respective management teams to conduct extensive investigations into prospective acquisitions. The divisional teams were also often supported by the work done by John Pickin, the Ferranti technical director who worked mostly

in Ferranti: A History
Oonagh McDonald

senior executive whose lack of oversight permitted it to happen.24 252 Regulatory reform Part of the rationale for holding senior bankers to account was provided by Lord Turner in his Foreword to the FSA report The Failure of the Royal Bank of Scotland: Banks are different because excessive risk-taking by banks (for instance through an aggressive acquisition) can result in bank failure, taxpayer losses, and wide economic harm. Their failure is of public concern, not just a concern for shareholders. There is therefore a strong public interest in ensuring that bank

in Holding bankers to account
Joe Earle, Cahal Moran, and Zach Ward-Perkins

be so that they can articulate clearly in which decisions and spheres of life economic values and ways of thinking aren’t appropriate. It is important that citizens are able to participate in economic debate because it is natural that experts are trained to see every issue as an economic one. Here we use two contemporary examples to highlight the importance of unlearning the economic ways of thinking that now dominate our political decisions. The 2014 Scottish independence referendum debate centred on economic issues, with the ‘No’ campaign especially making an

in The econocracy
Oonagh McDonald

the UK banking system meant that it would require more extensive regulation. At the end of the 1950s about 100 banks gave information to the Radcliffe committee, which was established to review the workings of the UK monetary system. Of these, the 16 London and Scottish clearing banks held £8.3 billion in assets, amounting to 85% of total UK banking assets. The banks were narrowly focused on customer deposits. The building societies (mortgage lenders) held a further £2.6 billion of mainly mortgage assets (about one-third of the value of clearing bank assets) in 1960

in Holding bankers to account
Oonagh McDonald

, B and C (‘hes sat back in his chaoir [sic] … feet on desk … announcing to desk … thats why i got the bonus pool’ and ‘yeah made most peoples year’). CFTC order issued to the Royal Bank of Scotland, 11 November 2014 In this example, an RBS trader has a client order to sell the sterling–dollar pair at the WM Reuters fix.7 The RBS trader shares this information with other traders and learns that they also have orders to sell at the fix. After the fix, the chatroom participants discuss the trading. 15:45:357 RBS Trader: im getting abt 80 quid now … fixing 15

in Holding bankers to account
Benjamin Franklin, Samuel Smiles and Victorian moralism
Alison Hulme

as a ‘convenient example of mid-​Victorian individualism and middle-​class values’, his work, especially Self-​Help, shows how Smiles, and others at the time, felt that political and personal reform were not mutually exclusive (1977:161). For Travers, this same reconciliation between personal moral reform and political reform can be seen in the lives of Chartists such as Lowery, Vincent, O’Neill and Lovett (1977:164). For Travers the explanation for this is to be found in the combination of Smiles’ early Scottish background and Calvinist training, with its emphasis

in A brief history of thrift