David Cameron once famously said that; "lobbying is the next big scandal", he may be right about lobbying being a big scandal waiting to happen, however, I think the next big scandal to hit the Tory party will not be lobbying (that will come at a later date) it will be over revelations about just how closely tied the British Conservative party is to the Financial Sector.
Where does the Conservative party end and the banking industry begin, or vice versa? Further down this post w you will come across a list of those in the Financial sector who all donate to the Tories.
It is impossible to put a fag paper between the Conservative party and the banking industry, they appear to be one and the same, they are inexplicably linked as you will clearly see as you read on. This information is freely available on the internet, however, it is not until you see it all placed collectively that you realise that we do have a massive problem with Conservative party (aka the Tory led coalition) and City of London's financial sector.
The Conservative party and the banking system have become cohabitees. They are so entangled and inter-dependent upon each other that it is impossible to separate them and now one cannot function properly without the other, they are tantamount to Siamese twins sharing one heart. The amount of money that is passed between the Conservative party, Conservative MPs and Conservative advisers etc and different parts of the financial sector is astonishing, it runs into millions (as you will read further down) and it is all happening with the full blessing of the Conservative prime minister who fully endorses his party's "robust political donations system", this admission in itself is absolutely staggering!
None of us were really that surprised when further revelations concerning "dubious" immoral and possibly illegal inter-banking practices (LIBOR) have come to light this past week, when the FSA and the US authorities fined Barclays Bank $453 million for inter-bank interest rate fixing.
The public who are suffering horribly who are losing their jobs, homes, businesses and seeing their standard and quality of life plummeting while struggling to pay for the mess which the greed of these bankers caused to the British and global economy, are now reeling after learning of yet another banking practice scandal. It's clear that the banking industry and it's twin the Conservative party/government just view the public as "cash cow irritants" and treat us with utter contempt.
The Labour leader and leader of her majesty's opposition, Ed Miliband, is leading the calls for a full Judicial (Leveson style) public Inquiry into banking practices, however, the Prime Minister isn't, and has said an Inquiry isn't necessary - why? Why doesn't David Cameron want a fully public Inquiry into banking practices too, why is he so reluctant? What is Cameron so worried about? Has he got anything to hide? What has he to fear from such an Inquiry? Why is the best that David Cameron will offer is a review? Reviewed by who? Will it be the same kind of review he put in place over the former Tory co-Treasurer Peter Cruddas Cash for access scandal? A scandal which went right to the heart of his [Cameron's] Government and the way the Conservative party operates? An internal review carried out by people connected to the Tories and the banks? The Gold inquiry is nothing but a whitewash' designed to keep people quiet until the fuss has died down Where is Cameron's judgement? has he got any?
David Cameron's Judgement:
Why should we trust the judgement of the prime minister to handle this latest banking crisis properly and come to the correct decisions when his judgement has been seriously poor and mostly completely lacking?
How can we trust that David Cameron will make the right decisions for the right reasons when it is common knowledge that the Conservative party is mainly funded by City financiers, bankers, hedge fund managers, Venture capitalists, even dubious loan companies like WONGA and just plain old fashioned loan sharks etc etc?
All these City donors to the Tory party just do not write cheques for millions of pounds for the Conservative party out of the goodness of their hearts, they give their money in the hope of gaining access to David Cameron and to influence government policy and with all their connections to the Conservative party, how do we know that these people haven't already influenced policy regarding banking services?
Governor of the Bank of England, Sir Mervyn King (who was bestowed his knighthood from David Cameron), has backed David Cameron and has also said there is no need for an inquiry and that the banks just need reform. King said that "something had gone very wrong with our banks that needed to be put right" Really? That is a complete understatement if ever I saw and read one. There is also a question of judgement regarding Mervyn King, his forecasts on inflation and growth have been incorrect every single time and he has allowed himself to become politically compromised with the Tories.
Quite honestly, if David Cameron, George Osborne, Nick Clegg and Mervyn King are all saying there is no need for an inquiry, then judging by their past competence I seriously believe that an inquiry should be launched immediately. David Cameron's judgement is not only seriously flawed, so is his ability to tell the truth! He is an habitual liar. As well as there being zero trust in Cameron, past events have also clearly demonstrated that he has on many occasions deliberately misled the public and intentionally misrepresented what others have said and written.
Full Public Inquiry:
Most members of the public would probably agree that there needs to be a full public inquiry which needs to look into all the shady the practices of banking industry. The City of London did not earn the nickname of "The Money Laundering Capital of the World" for no reason at all! Francis Maude the Conservative Cabinet Office Minister has even announced that "it's a compliment to be regarded as a tax haven" and how he wants foreign investors to come here to be able to pay less tax than in their own countries!
We need to know if laws were broken and if they were then the culprits investigated, charged and judged in a court of law and if found guilty then punished.
If laws were not broken, then those immoral practices need to be identified and good workable laws need to be introduced with strict penalties to ensure that this does not happen again and if it does then the culprits punished.
How can Cameron and King say there is no need for an inquiry - just reform? Who is going to reform the financial industry? People/bankers with vested interests? It is blatantly obvious that the Tory chancellor cannot reform the industry because 1).he is just not intellectually capable in fact he is wholly incompetent (just look at the mess he has created with his budgets) and 2).he is totally biased, his own party is in hock to the banking industry up to its eyeballs!
Mervyn King isn't capable of doing the job either because he has allowed his role to become politicised and he is now compromised politically to the Conservative Government, the prime minister, and the chancellor. Which once again clearly demonstrates the atrocious judgement of David Cameron for allowing this situation to develop with the Governor of the Bank of England! Astonishingly, Mervyn King and David Cameron cannot even bring themselves to say if they believe Bob Diamond of Barclays is a fit and proper person to run that bank, despite calls for him to resign.
How can someone like Bob Diamond of Barclays not have known what was going on? If he didn't it makes him incredibly stupid and if he did then it makes him highly culpable.
We need a full independent Leveson style public inquiry, all the facts need to come out, we need to assess where things went wrong and we need to work out what to do and where to go in the future, we need a change in the laws that govern banking and wrongdoing. The secrecy and covert dealings has to stop, it must all come out in public. People must be held accountable. It is simply not good enough that people can take vast sums of money out of the system by fixing interest rates between themselves and then when their greed brings the global economy to its knees simply walk away with their money leaving the poor, the sick, the vulnerable and every single ordinary working person to pick up the pieces and pay for it all. As well as a public inquiry, there needs to be a police investigation and if people have been found doing wrong then they must stand trial and if found guilty must go to prison, why should they be treated any different? If anyone of us fiddled the taxman, or defrauded the benefit system then we would be prosecuted, why should these Tory banker types just be allowed to get away with it all? We do not need a sticking plaster whitewash review, we must have a full public inquiry, not only to establish wrongdoing, but to establish the way we move forward from this scandal.
Currently we have Cameron and his government attacking people, calling them "scroungers, cheats, fraudsters, lazy, idle and wasters" just because they have fallen on hard times, or have lost their jobs. they are forcing people to work full time for nothing, giving their corporate buddies and banker friends free labour bankrolled by the the taxpayer, if people refuse then their unemployment benefit (JSA) is stopped. In short what this hideous Tory government are doing is actually blaming people for being born poor and attacking them for it, yet at the very same time they are doing this, they are allowing their mates, their Tory doning banking mates etc to get away with billions of pounds of our money, where is the justice? Where is the parity in what this government is doing?
In one year when Barclays Bank made a record profit of £11.6 Billion it only paid the UK Treasury HMRC £113m in UK corporation tax.
When Bob Diamond openly admits that Libor was being falsified at Barclays to protect the bank during the financial crisis, how on earth can he stay on in his position? And how on earth in all that is logical can David, Cameron, Mervyn King and George Osborne say that we do not need a full public inquiry? Next they will be telling us that Bob Diamond has been "asked to lead" the banking review. Apparently he has now accepted an invitation to appear in front of the Treasury Select Committee, wow, that should really "sort" this mess out then. Cameron has said there is no need to make a snap decision, no there isn't, which is why we should have a full scale public inquiry.
How on one hand can Mr Diamond plead ignorance as to what was going on in the area he was actually in charge of and in control of, and yet on the other hand freely admit in an open letter to Conservative PM Andrew Tyrie that Barclays falsified Libor? It is totally inconsistent!
This is just like the Culture Secretary, Jeremy Hunt's plea of ignorance to the hundreds of emails which clearly pointed to corruption and wrongdoing in News International, yet he said he did not know about them.
(Yet more inconsistent and utter garbage and lies from the Tory party.) We have people in charge of our country and in charge of the banking system who think absolutely nothing of lying in order to get away with wrongdoing.
The prime minister has got form in ignoring problems hoping they will go away, Andy Coulson, Rebekah Brooks, Liam Fox, Adam Werritty, Jeremy Hunt, The Murdochs etc.
Shady banking Practices:
This is not going to just affect Barclays bank, it will affect all the banks, because it is people in all banks which were colluding with each other to fix the inter-banking interest rates!
Here are just a couple more reasons why we should have a public inquiry into banking.
- How did LIBOR swindle work and shy didn't managers stop it?
- How is my mortgage linked to LIBOR?
- A whole mnnner of shady practices have been allowed to go on apparently unchecked, how could Bob Diamond claim he did not know about them?
Traditionally, this type of scheme was done through cold calling, but with the advent of the internet this illegal practice has become even more prevalent. Pump and dump schemes usually target micro- and small-cap stocks, as they are the easiest to manipulate. Due to the small float of these types of stocks it does not take a lot of new buyers to push a stock higher.
"Bear Raid;" This is not very well known but is another highly illegal practice that is widely used in the banking industry. Basically it is when stories of a company's collapse and bankruptcy is imminent and there is an attempt to push the value of the company's stock down by short selling.
The people that take part in practices like this are the type of person who donate to the British Conservative party!
The Conservative Party Bankrolled By The City:
How can we expect fair and unbiased regulation of the banks and the City when the Conservative party is heavily bankrolled by them? The Conservative Party has become reliant on bankers, hedge fund managers and private equity moguls for more than half its annual income, an independent analysis of Tory finances has revealed. Since David Cameron became Conservative leader in December 2005, the amount of money the City has given to bankroll the Tories has gone up fourfold, to £11.4m a year. Over those five years, the City has donated more than £42m to the party.
- How can we trust the David Cameron, supposedly our Prime Minister, to help sort out banking regulation in a completely unbiased fashion when he has refused to hold a full public inquiry and when his political party is entwined and entangled with the very people that ruined this country's economy and brought the global economy to its knees through their greed, shady dealing and sometimes totally illegal practices?
- How can we trust David Cameron to be honest when he has been shown to be an habitual liar?
- How can we trust Cameron's judgement, when he has demonstrated that his decision making and his judgement is fatally flawed?
- How can we trust David Cameron and the Conservatives to do the right thing concerning banking when they are heavily compromised and indebted to the very people who caused the problems in the first place?
- The Conservative party have taken over £50 million in donations from the City bankers, venture capitalists, Hedge Funds (short sellers) etc directly into the coffers of the Tory party in order to help them make decisions and policy, how can the Tories hope to be seen as unbiased?
Dinners for Donors
During the recent Peter Cruddas the prime minister's office was forced to announce that the Prime Minister had dinner with donors David Rowland, Andrew Feldman, Michael Farmer (Hedge Funder), Michael Spencer and Henry Angest between February 2011 and February 2012.
He also hosted a July 2010 dinner for Conservative Party chief executive Andrew Feldman, and party donors including Lord John Sainsbury.
It took several attempts, where the government said it had "accidentally" omitted some donors names but finally came up with a list of sorts.
The Conservative party and the City of London financial industry are so inter dependent on each other for survival that I believe they are both "institutionally corrupt".
- Michael S Farmer £2,316,600 Conservative Co Treasurer
- Lord Stanley Fink over £2 million (described as "Godfather to hedge Fund Industry) To face a full parliamentary inquiry into allegations he broke sleaze laws.
- Michael Hintz £1.62 million since 2002 Boris Johnson; Liam Fox & George Osborne & Tory party
- Andrew E Law £101,000 (Hedge fund chairman of Caxton)
- Christopher Rokos £100,850 Of Goldman Sachs
- Paul M Ruddock £68,666 Partner of Hedge Fund that bet on collapse of Northern Rock
- John Nash £203,400 Hedge fund boss of The Hedgie Former CEO of Care UK has Connections with Tory Health Secretary, Andrew Lansley (donated £22,000 to Lansley's Office)
- David Rowland £1,160,936.52
- The Funding Corporation Group Ltd, IM House - £130,000 (Sub-prime financial services that loans to people with poor credit ratings from between 45% and 200% interest rates)
- Vincos Ltd £50,000
- Selina Burdell - £25,000 Runs debt Collecting Agency with Husband Paul.
- Peter M Steward £15,000
- Simon and David Reuben Brothers over £200,000. Donated from their 32 different corporate entities keeping amount below the cap of £50,000.
David Rowland: Former Conservative Party Treasurer - was forced to resigned from his position of Tory Treasurer because of his questionable business deals, where he used a series of tax havens for his take overs (so he would not have to pay UK tax) . Making Rowland Tory Treasurer is another seriously bad judgement call of David Cameron's. Rowland has donated over £1.16 million to the Tories and is linked to the;
- Gloucester Research Limited £166,600
- Shore Capital Group Plc £125,000
- FIL Investment Management Ltd £100,000
- Vivian Imerman £100,000
- Investors in Private Capital Ltd £80,400
- Flowidea Ltd, Arbuthnot House £68,800
- Richard Q Hoare £55,000
- Simon Robertson (Sir) £50,000
- =Jeremy Isaccs £50,000
- David L Mayhew £50,000
- Adam Fleming £50,000J
- James R Lupton £50,000
- Alexander Knaster £100,000
- Edmund G Truell £69,000
- Jonathan P Moulton £53,600
- Roger Nagioff £50,000
- Graham Clempson £50,000
- Jitesh Gadhia £50,000
- =Jeremy Isaacs £50,000
- IPGL Ltd, Park House £163,350
- Peter A Cruddas: £223,600 (Disgraced Former Conservative Party Co-Chairman) Police now investigating his cash for access to Cameron affair.
- CMC Markets UK Plc £100,000
- Neil Record: £35,050
- Nicholas Finegold: £22,600
- Abduladem El Mayet £50,000
- Barnford Industries Limited, Romeo House £25,000
- Killik & Co LLP, 46 Grosvenor Street £25,000
- Julian L Smith £25,000
- Grahame N Elliott £13,200
- Andrew Brannon £50,000
- Henry Keswick £50,000
- Hampden Insurance Holdings, Hampden House £29,400
- Windsor Partners Ltd, 71 Fenchurch Street £25,000
Hedge funds are companies that make huge profits out of the misery of others in a recession. Hedge funds make colossal profits as the wider economy tanks and they place the economies of entire countries in jeopardy. Financiers are to blame for amplifying the volatility in the bank crisis and these are part iof the Financial sector who currently bankroll the Conservative party - how can Cameron, Osborne and Clegg possibly make the regulation needed to stop these practices, especially when David Cameron cannot even find the strength of character needed to call a full independent public inquiry into the banking corruption debacle? The best he can manage is a pathetic little tin pot review, what on earth does he think that will do? The answer to that question of course is precisely *nothing*, which is what he wants and which he has already promised his friends in the Financial Sector in the City.
The Tories know all of this for years, even before they assumed office and they have 'talked the talk' on banking regulation but comprehensively 'failed to walk the walk'. Knowing all of this has not prevented the the Tories aka Cameron and Osborne, "Peter Cruddas" "David Rowland" Michael farmer etc from taking millions of pounds from individuals that own these companies and as the saying goes "there's no such thing as a free lunch", then what exactly are these companies actually getting out of the Tories for their millions of pounds in donations? Silence? and "pretendy" regulation that looks good to the ordinary person but in practice is utterly useless and ineffectual which ultimately allows banks to carry on in their unethical way in some kind of banking twilight existence, where the culture of corruption is rife and is ignored by a seemingly compromised, if not corrupted government, which looks both ways, who are being financed by the banking industry and who have crafted the rules to be just this side of legal?
"The City is in my Blood" - David Cameron
David Cameron is the man who when addressing the City just six months before becoming Prime Minister said:
“The first thing I want to say is a really big thank you to the Conservative supporters in the City Circle, who have helped our party, who have helped fund our party, who have supported our party right up until now. “Key words: "fund the party"
“This party [the Conservatives] values, understands and will always make sure it looks after the important financial services industry that so many of you work in".
Key words: "will always make sure it looks after the important Financial Services Industry".
"........We understand that the City is a world leader and a world leader we want to go on and see leading in the world. There are 250 foreign banks here in the City a fifth of the funds held by Hedge Funds are held here in London......"
Key words: Hedge Funds; Risk; A fifth of the funds held by Hedge Funds are held here in London. (Remember the Cabinet Secretary Francis Maude saying he wanted to make London a tax haven? and remember the accusations form other countries that London is the money laundering capital of the world?) Here we have in the Prime Minister's very own words that he wants this practice to continue and that he encourages the practice of "shorting" by hedge funding! Why wouldn't he? This is where millions of pounds in donations to the Conservative party come from!
".........Let me say something else, it’s important when we think about financial services and when I think about financial services I don’t just think about people in City trading rooms, or City dealing rooms, or working in our great banks….”
Key Words: City trading and dealing rooms and 'great' banks!
Cameron gave this speech 6 months before the 2010 general election, when he knew what the greed of his friends the bankers, hedge funders, City traders and Financiers etc had done to this country (and also helped to do to the global economy). He stood there making his promises and pledges to the bankers, hedge funders, City traders, Financiers etc, when he knew if he won the election he was going to use the smokescreen of so-called "Labour profligacy" to impose deep cuts in public services and the welfare state, while allowing the City bankers, traders etc, the like of which were all crammed into that dealing room to listen to, and to lap up and applaud the deceit of Cameron. he was more or less telling them that he was going to allow them to carry on the way they have always carried on, after all Cameron told them enough times, "he knows"; "he understands" and he will never do anything to "harm" their industry! Yet he gave a completely different speech and impression to the families whose lives these so-called City bankers etc had destroyed when he wanted to hoover up their votes! The businesses, the jobs of ordinary people that were lost because of the greed of those men in that place, apparently failing to resonate with Cameron or with the men in suits all stuffed into that smelly testosterone filled City trading room!
Cameron goes on to say that his; father was a stockbroker, his grandfather was a stockbroker and his great grandfather was a stockbroker. He also had the nerve to stand up in a room full of bankers and accuse the Labour government of being irresponsible! Cameron actually said that “the bottom piece of good news is that the then prime minister had lost all touch with reality and was unable to deal with problems our country had”
Even if that were true, how could that be termed“good news”? Good news for who Cameron? Good news for a what, his election prospects? And as for dealing with the country’s problems, this has to be the biggest joke of all, both he and Osborne have been the worse, the most incompetent government this country has ever had. We have a complete shambles for a government, all Cameron can do is talk, he is hopeless and hapless and hasn’t a clue and for all his talk about borrowing; his own government is borrowing £158 billion MORE than the Labour government would have done!
- Gordon Brown has been criticised for his light-touch regulation of the banking industry that created this crisis.
If this is true then former Conservative Prime Minister, Margaret Thatcher must certainly be criticised, as it was Margaret Thatcher who decimated manufacturing, closed down the steal works, ship building and the coal mines, before going on to deregulate the banks and the City and make the entire country dependent on the Financial Sector!
David Cameron should also be criticised as it was both David Cameron and George Osborne who supported John Redwood's call for even less regulation of the mortgage market in 2007 just as it was all about to come crashing down!
It all adds up to reducing the size of the state, but this will not benefit the vast majority of people, it will only benefit the Tories friends in big business and the financial sector.
The Tories and the banking sector and big business are all interlinked, they are all inter-dependent on each other, and it is impossible to see where one ends and another begins.
Last week we had a major failure of Nat West bank, leaving thousands without money, their bills unpaid, unable to feed their children, unable to on planned holidays. Many lost contracts and many people could not exchange contracts for moving home because the money transfer did not go ahead.
This was closely followed by Barclays being fined for basically fixing the interest rate with other banks and making millions of pounds out of ordinary people's loans, mortgages and businesses packages etc.
The Prime Minister David Cameron came out and made a few words and promised an independent review. A few rehearsed sentences are not going to alleviate peoples concerns and fears and neither is a piddling little review. How can we believe a word Cameron says anyway when he has continually lied to us?
It is obvious that this Tory government are not going to be able to be strong enough to take on the banks, for all their tough talk, what have they actually done? Nothing! Except give the banks that caused all these problems billions of pounds more of our money in the form of Quantitative Easing (QE) with the promise of yet more to come, which to date has done absolutely nothing except give the banks still more money to gamble with. Splitting sturdy High St banks from casino a capitalists is minimum reform, what is needed is radical reform and overall of the banking system and to do this we need a full independent inquiry, but Cameron, Osborne are not strong enough to deliver it. How can they anyway? They are heavily compromised and in hock to the banks, hedge funds, venture capitalists etc to the tune of millions of pounds and Cameron is absolutely terrified of what may be revealed if such an inquiry is held!
In my opinion the British Conservative party and the Financial Sector and corporations are all corrupt and rotten to the core and are institutionally corrupt!