Speaking on BCFM Drive Time with host Tony Gosling, the former financial editor of the Scottish Sunday Herald, Ian Fraser, revealed how senior bankers avoid prosecution while getting away with committing fraud on a massive scale for decades.
While these criminals are responsible for the loss of billions of pounds and the collapse of the economy, it appears that high level bankers are exempt from facing justice as the financial sector itself desperately attempts to protect and hide the cesspool of corruption embedded in the banking system.
This interview blows the lid on the historic culture of crime within our financial institutions.
Download the MP3 here or listen online here (second hour).
Former financial editor of the Scottish Sunday Herald now London based blogger Ian Fraser on the Big Bang open season on fraud indicated by the Court Of Appeal overturning four fraud convictions in the County NatWest Blue Arrow rights issue where dealers fraudulently misrepresented the share price.
Fraser also reveals the extent of bribes in the financial sector, and examined how the:
European Central Bank (ECB), European Union (EU) & International Monetary Fund (IMF) or Troika impose one off tax of between 6% & 10% on Cypriot bank accounts in exchange for bailout. Blue Arrow, County Nat West trial, rights issue for Manpower buyout; financial bribes for Libor rigging.
Perhaps most startlingly, he explains how a previous fixer is now trying to get vitally important information on corruption at the highest levels into the public eye:
Libor ‘Rain Man’ dealer Tom Hayes was known to be the best Libor fixer in the business. Hayes’ pay package more than doubled from $2m to $5m when he moved from UBS to Citi bank, however, he was fired by Citi in September 2010 and in December 2012 he was arrested by London’s Serious Fraud Office (SFO) and bailed without charge.
Separately, he was charged with wire fraud, price-fixing and conspiracy by the US Department of Justice and his extradition requested. According to an article in the Wall Street Journal, Hayes is now turning queen’s evidence, ‘singing like a canary’, and seeking to prove to the authorities that Libor rigging was condoned at the highest levels at his former employers.
Jennifer Arcuri, a close friend of Hayes, said he is helping police with their inquiries. He believes he’s innocent, Arcuri told the WSJ. She added that trying to rig Libor was common industry practice. It was like spanking children in the 1970s — condoned from the top.
Trader Roger Darin also charged with conspiracy, wire fraud and an antitrust violation; Robert & Vincent Tchenguiz are suing the Serious Fraud Office for more than £200m following the agency’s botched investigation into their role in the collapse of Iceland’s banks. Financial press too close to the city; Cyprus and contagion; the ECB as Europe’s feudal overlord.
Interview with Labour’s former mayor of Frome Bob Ashford, who was barred from standing for Police and Crime Commissioner because of a minor offence committed when a teenager. His campaign to change the law is called Wipe The Slate Clean www.wipetheslateclean.co.uk