Jul 02 2012

A Leveson Inquiry for the City of London, now!

Posted by: Nick Shaxson in: Thoughts

That’s the headline from a new publication from the indefatigable and oft-overlooked Center for Research on Economic and Social Change at Manchester University, which has put out some of the best analyses (marred by overly academic language) of the mess that the UK financial sector has generated.

“Barclays alone may do for the banks what the expenses did for MPs and phone hacking did for the press.”

They may well be onto something here, as this Bloomberg story points out, and as my last story notes. Top politicians are calling for a criminal investigation. And the CRESC report gets to the point:

“If there is to be an inquiry into the Libor and banking it needs to be less like the spectacularly timid Chilcot Inquiry into the Iraq war, and more like the recent Leveson inquiry.”

Perhaps there’s even a slogan in there: “A Leveson Inquiry for the City!”

On past form, the mainstream media won’t pay this latest CRESC report too much attention, but I do hope I’m wrong.

Finally, a quote of the day, from former Met police commissioner Lord Blair:

“Anybody, the youngest detective, would say this is conspiracy to defraud. It can mean nothing else. And therefore someone has to launch a criminal inquiry into this behaviour.”

(For a second there, I thought that was the banksters’ best buddy Tony Blair who had said that. No, it was a different Blair.)

Things are really heating up. At long last.

2 comments so far

John Lipnicki 7nd July, 2012 4.48 pm

The City of London or Corporation must surely also be the subject of such an inquiry. It is intimately bound up with the financial businesses that elect its Councillors and represent its interests. That it is exempt from the Freedom of Information Act is a difficulty. I cannot see how this is justified nor how the failings of the banking industry be addressed without also looking at the City of London Corporation which hides behind the vague term ‘the City’ which is used for both business and the Corporation interchangeably.
Your views ?

Maria das Santos 7nd July, 2012 6.04 pm

With the extradtion treaty we have with the USA,and to cover the SEC’s unwillingness to regulate,I see quite a number of British bankers doing time in the US rather than here.After all the investigation into mis sold bonds in America is really hotting up,and why bite the hand that feeds them,the politicians in the US will unleash the hounds on foreign enemies as the scapegoats.

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