Odd things – Casino Banking

If you entrust your money to JP Morgan Chase you will be perturbed to learn that the bank managed to have lost $2 billion due to errors sloppiness and bad judgement and that more losses are on the way. It did not lose the money because of some crooked employee; it lost it in what is the casino in which banks participate, hedging wrongly – in other worlds making best without, as every good bookmaker does, laying of appropriately to minimise loss potential. Continue reading

Tony, Can you Spare a Dime?

Banking scandals continue. The banks are so powerful and multinational that governments are rather scared to get to grips with scandals for fear of wrecking what is an important part of the economy. In the last few months we have seen a number of scandals or potential scandals. Continue reading

Banks Selling Investments

The history of banking is not a glorious history. Frequently small and sometimes vicious money lenders managed to acquire a cloak of respectability which covered their hideous bodies by making a lot of money and becoming indispensible to people who wanted to borrow money in order to make a lot of money of their own. It should not surprise us then when banks are exposed in some wrongdoing; it should be the exposure that should surprise us, not the wrongdoing. Continue reading

The great persuader and climate change policies

Someone who consults for JP Morgan Chase and Co and also for the Zurich Insurance Group is trying to persuade countries like China to drastically cut their carbon emissions. You may ask what JP Morgan Chase & Co and the Zurich Insurance Group have done themselves to cut carbon emissions; the answer is not very much.

When you understand that the consultant in question is none other than Tony Blair you might be even more puzzled.Mr Blair was Prime Minister for ten years and during that time he had plenty of opportunities to legislate for the UK to cut carbon emissions. He did nothing of the sort. Although during his period of leadership the UK’s carbon emissions did fall marginally, the fall was really due to Mrs Thatcher’s fight with the coal mining unions Continue reading