Monday, 10 March 2014

Prosecute bankers and not just banks

  • Lawsky to step up assault on Wall Street’s corporate wrongdoing – Benjamin Lawsky, New York’s aggressive banking regulator who is campaigning to clean up Wall Street, is turning his sights on the individuals as well as the institutions who squeeze struggling homeowners or help banks violate US sanctions. ‘Corporations are a legal fiction. You have to deter bad individual conduct within corporations’, said Mr Lawsky, superintendent of NY’s Department of Financial Services, in an interview with the Financial Times. ‘People who did the conduct are going to be held accountable’.”
  • Forex probes set to dwarf Libor cases – The global probe into possible price rigging in foreign exchange markets has spawned a new industry centred on investigating the £5.3tn a day sector as regulators and global banks throw enormous resources at shedding light on the allegations.
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  • David Cameron mocked for paying for Facebook friends – “Prime minister’s ‘selfie’ gaffe on Twitter followed by news that Tory party paid to get him more ‘likes’ on social network… The Mail on Sunday reports that the Tories have spent thousands of pounds on advertising to encourage Facebook users to “like” Cameron’s page. Marketing experts estimated that the campaign cost about £7,500, and succeeded in boosted Cameron’s “likes” by 47,000 to 127,000, overtaking Nick Clegg’s 80,000 in the process.
  • Diamonds: Natural and unnatural wonders – “How much more do you think someone should pay to propose with a stone that’s a billion years old, as opposed to one made last week in a factory?”
  • Migrants die in Yemen boat sinking - Forty-two African migrants have drowned when their boat capsized off the coast of Yemen, according to officials… Every year thousands of Africans make the perilous journey to Yemen in crowded boats. Hundreds have died.
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