Bob Diamond's Barclays rigged LIBOR interest rates. What's next?

The gang look on the bright side...

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Rip-off News round-up. Our pick of the last week's media (Thu 28th Jun)

Bob Diamond shamed into giving up bonus after Barclays fined £290m for attempting to rig money marketsBy repeatedly submitting artificially low figures, Barclays gave a false impression of its financial strength. DAILY MAIL Mis-selling scandal set to destroy thousands of small businesses and jobsBritain's big banks were today accused by MPs and the Federation of Small Businesses (FSB) of a huge new mis-selling scandal that could destroy thousands of small firms and cost 80,000 jobs. FEDERATION OF SMALL BUSINESSES G4S chief predicts...

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Is it immoral not to pay tax using perfectly legal loopholes, Prime Minister?

Chris asks if tax avoidance is a moral issue...

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Liebrary: Do massive pay packages compensate CEOs for the high price for failure?

A report by the High Pay Commission stated: "It is commonly argued that executives receive high levels of remuneration to compensate them for the high-risk nature of the job…… In a survey conducted by the High Pay Commission of CEOs in the current FTSE 100 between 1 January 2009 and 31 December 2009, only six CEOs left the company, giving a turnover rate of 6%, compared with the national average employee turnover rate of 13.5%. Thus it appears that CEOs experience significantly lower rates of labour market risk than other employees. Of the CEOs...

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Liebrary: Is the Financial Sector really the engine of prosperity and growth for the UK?

If you repeat a lie often enough, people will believe it to be true. If there was a GCSE, or O'Level, in Propaganda this would be in Chapter 1.Particularly since the banks crashed the World economy, we have been told by bankers and politicians alike that in spite of the financial sector's misdeeds we should leave it with light regulation, allow its executives to extract excessive salaries, and pump in billions of pounds taken from the rest of the economy to rescue it. We are told that the job cuts, pay freezes, reduced pensions, cuts to the...

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Rip-off News round-up. Our pick of the last week's media (Thu 21st Jun)

Rule change: you cannot bring a spouse into the UK unless you earn above £18,600. The price of love?Unless you have an annual income of at least £18,600 per year the government proposes that you will not be allowed to bring a spouse into the UK (regardless of whether you are foreign born or you are a direct descendent of Boadicea). According to Oxford University's Migration Observatory, These changes mean that, of British citizens in employment:- 47% will not qualify to bring in a family member.- 58% of people aged between 20 and 30 will not qualify...

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How best to honour the City?

The gang try to win a conservation competition to name a British spec...

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As Osborne ignores advice on how much banks can borrow, has the government decided to protect bank profits and bonuses rather than protect Britain?

In June 2012, John Vickers who headed the Independent Commission on Banking was very upset that some of his recommendations were rejected by the Chancellor, George Osborne. Was it just his hurt pride? Or does he spot another rip-off being pulled over our heads while we aren't comprehending?The most important recommendation rejected by Osborne was:"All ring-fenced banks with a RWAs-to-UK GDP ratio of 1% or more should have their minimum leverage ratio increased on a sliding scale (to a maximum of 4.06% at a RWAs-to-UK GDP ratio of 3%)."(RWA...

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Tax havens boost their lobbying efforts in the UK and Brussels

by Melanie Newman, Bureau of Investigative JournalismBritain’s Overseas Territories and Crown Dependencies have been boosting their lobbying strength in the UK and Brussels in recent years amidst growing criticism of tax havens.NGOs such as Christian Aid have argued that the Territories’ image as tax havens puts them at ‘serious reputational risk’ and if they continue with their current policies ‘then their international profile as facilitators of corruptions and tax evasion will increase’.Jersey, Guernsey and the Isle of Man have also come under fire, most recently from Labour leader Ed Miliband, who said the...

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A return to Victorian inequality, says Oxfam

As FTSE 100 bosses' pay continues to rise, Chris and his wife come to terms with growing inequality in the...

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Rip-off News round-up. Our pick of the last week's media (Thu 14th Jun)

UK graduates contribute to UK Plc almost 10 times what it costs the state to educate them"In 2000 the UK had the third highest number of graduates among advanced industrialised nations. By 2008 it had fallen to fifteenth because competitor nations had been investing at a faster rate" BBCUK Uncut allowed to challenge Goldman Sachs tax deal'Sweetheart' deal between HMRC and Goldman Sachs can be reviewed for legality, judge rules.  GUARDIANFury as top bosses' pay soars yet again: Average rise of 12% for FTSE 100 fatcatsManifest/MM&K survey...

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What's the difference between the Food Standards Agency and the Financial Services Authority?

The Financial Services Authority has always let banks get away with murder. Will its replacement, the Financial Conduct Authority, do any better...

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Compulsory Financial Education in Schools - can the government continue to dodge its responsibility?

"We're a financially illiterate nation, with millions caught by misselling, overborrowing and being ripped off. Is it any surprise we’ve just had a debt imbued financial crisis. This must change. Companies spend billions on marketing and teaching their staff to sell – it's time we got buyers' training. The most cost effective way to start is to ensure every child in the country gets a basic understanding of personal finance & consumer rights before leaving school."Martin Lewis, Moneysavingexpert.comOf all the iniquities we Britons have to endure,...

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