bankers en The euro zone: the central bankers' latest view on the crisis ECB's Draghi calls for euro zone fiscal union, Bank of England's King calls for bankers to forego bonuses and use the money to prop up their balance sheets.<p><a href="" target="_blank">read more</a></p> Bank of England bankers ECB euro zone crisis Home Mario Draghi Mervyn King Europe United Kingdom Europa GlobalPost Blogs Thu, 01 Dec 2011 12:22:00 +0000 Michael Goldfarb 5683020 at "Crisis of Capitalism?" Europe: daily economic round-up <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Cameron speaks, Stock markets up, bonds sell </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The &quot;crisis of capitalism&quot; is a phrase more associated with Marxists than Conservative politicians like British Prime Minister David Cameron, but with the public still dismayed by what it sees as the excesses of the financial services industry - particularly bankers&#39; pay and bonuses - and with bonus season about to get underway, Cameron needed to address the issue.</p> <p><a href="" target="_blank">read more</a></p> bankers bonds crisis of capitalism David Cameron euro zone debt crisis France Home RBS Regions Sir Fred Goodwin Spain Business Debt Crisis France Europe Global Economy Spain United Kingdom Europa GlobalPost Blogs Thu, 19 Jan 2012 17:29:00 +0000 Michael Goldfarb 5688112 at British Bank chief gives back million pound bonus <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Stephen Hester, CEO of Royal Bank of Scotland, bows to public pressure </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> When a banker gives back a seven-figure bonus that&#39;s news. Of course, there is a story attached.</p> <p> Stephen Hester, is head of RBS, Britain&#39;s largest bank and epicenter of the banking crisis in 2008. The British government bailed out the ultimate too big to fail institution and that means the British taxpayer owns 83 percent of the bank.</p> <p> Hester was recruited by the government of Labour&#39;s Gordon Brown to run the bank after the previous management was forced out as the price of the rescue. He took a paycut to try and turn the bank around. He has by all accounts done a reasonable job.</p> <p> But to wipe debt off the bank&#39;s books he has had to shed staff. I <a href="">blogged</a> about the latest cuts last week.</p> <p><a href="" target="_blank">read more</a></p> bankers executive pay George Osborne Home RBS Regions Stephen Hester Business Europe Global Economy United Kingdom Europa GlobalPost Blogs Mon, 30 Jan 2012 16:24:00 +0000 Michael Goldfarb 5689475 at British bankers: another slap in the face <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Former head of troubled RBS, is stripped of his knighthood. </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Fred Goodwin built the Royal Bank of Scotland into Britain&#39;s largest bank in the bubble years and was given a knighthood in 2004 for &quot;services to banking.&quot; Goodwin then drove RBS over a cliff in the crash, leaving the British taxpayer to pick up the bill - so far &pound;45 billion ($ 71.6 billion).</p> <p> Yesterday it was announced that Sir Fred would revert to being plain, old Fred. The papers will probably continue to call him by his pre-kinghthood nickname of &quot;Fred the Shred&quot; for his slash and burn approach to management.</p> <p> It was conservatives who led the charge to have Goodwin&#39;s knighthood taken away. George Osborne, Chancellor of the Exchequer, <a href="">applauded</a> the decision, &quot;RBS came to symbolise everything that went wrong in the British economy over the past decade.&quot;</p> <p><a href="" target="_blank">read more</a></p> Antony Blunt bankers bonus culture Elton John Fred Goodwin Helen Mirren Home Judi DEnch knighthood Mick Jagger RBS Regions Robert Mugabe Royal Bank of Scotland Europe United Kingdom On Europe Europa GlobalPost Blogs Wed, 01 Feb 2012 09:35:00 +0000 Michael Goldfarb 5689818 at UK banks and insurers blacklist cluster munition makers <p> Major banks and insurers in the United Kingdom have halted business with a dozen companies that make cluster bombs, according to the Guardian.</p> <p><a href="" target="_blank">read more</a></p> bankers insurance United Kingdom United Kingdom Tue, 10 Apr 2012 03:25:00 +0000 Alexander Besant 5699801 at Student banking: Now available with a happy ending <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> (VIDEO) A Czech banking commercial makes student bank accounts sound positively orgasmic. </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Iva Roze Skoch </div> </div> </div> <!--paging_filter--><p> Collecting grossly inappropriate Eastern European advertisements is one of my long-time hobbies.</p> <p> Yes, it is a bit like shooting fish in a barrel, but hey, it&rsquo;s more fun than collecting stamps.</p> <p> You may remember the <a href="">billboard I saw in Slovakia</a> last year.</p> <p> It featured a nude woman with no pubic hair with a slogan that read: &ldquo;Have you been neglecting your front year lately?&rdquo;</p> <p> It was, naturally, an ad for a hardware store.</p> <p> Well, I think I can top that one today.</p> <p> Straight from prime time Czech television comes this gem:</p> <p> A young woman on the screen is having an orgasm for about ten seconds. You are not sure what&rsquo;s happening. Has my TV accidentally switched to a German porn channel?</p> <p> No, no, no.</p> <p> Shortly, you find out it&rsquo;s an ad for banking. For student accounts, to be precise.</p> <p><object style="height: 390px; width: 640px"><param name="movie" value=";feature=player_detailpage" /><param name="allowFullScreen" value="true" /><param name="allowScriptAccess" value="always" /><embed allowfullscreen="true" allowscriptaccess="always" height="360" src=";feature=player_detailpage" type="application/x-shockwave-flash" width="640"></embed></object></p> <p> The message is this: You wish your &ldquo;first time&rdquo; was as good as your first bank account.</p> <p> The bank account package, by the way, is called G2. Students thus have their own banking G-spot in each branch of Komercni banka. Quite handy, eh?</p> <p> The ad comes (literally) in two variations. One features a woman.</p> <p> The other one features a man:</p> <p><a href="" target="_blank">read more</a></p> Advertising bankers Czech Republic Offbeat Wanderlust Tue, 08 May 2012 20:31:00 +0000 Iva Roze Skoch 5700547 at Barclays CEO Bob Diamond quits "The external pressure has reached a level that risks damaging the franchise – I cannot let that happen," Diamond said.<p><a href="" target="_blank">read more</a></p> bankers Companies Business United Kingdom Tue, 03 Jul 2012 12:57:00 +0000 Jessica Phelan 5710426 at Mad as hell at Barclays <p>LONDON &mdash; After the interest rate scandal at Barclays, Brits are pulling their money from High Street banks at a rate faster than during the 2008 crash. Is the end near for abusive financial institutions?</p> <p><a href="" target="_blank">read more</a></p> bankers Business Europe Politics United Kingdom Wed, 04 Jul 2012 10:00:15 +0000 Barry Neild 5710512 at Iran sentences 4 to death for billion-dollar embezzlement The scandal involved an Iranian investment company that allegedly used forged documents to secure loans worth $2.6 billion.<p><a href="" target="_blank">read more</a></p> bankers Iran Mon, 30 Jul 2012 13:55:00 +0000 News Desk 5714104 at 13 Wall Street phrases that have no meaning There's plenty of interesting and helpful Wall Street terminology out there. However, it's an unfortunate tendency of pundits and analysts alike to try to sound smarter or more connected by tossing around jargon that can be meaningless and even misleading. These are cliches, placeholders, and half truths that we see all day on TV and in analyst notes. If you hear them, change the channel. You're not likely to hear anything of use. <p><a href="" target="_blank">read more</a></p> bankers Americas Business Culture & Lifestyle Global Economy United States Mon, 30 Jul 2012 18:22:00 +0000 Max Nisen, Business Insider 5714201 at Beijing firm that guarantees 3 billion Yuan worth of loans is on the verge of collapse When investors talk of a Chinese hard-landing they're referring to either four consecutive quarters of below 5 percent GDP growth, or, as China expert Patrick Chovanec points out a financial crisis. And as loan guarantee company Zhongdan Investment Credit Guarantee Co. that has over 3 billion yuan in loan guarantee contracts stands on the brink of bankruptcy according to Caixin Online, concerns about a financial crisis are beginning to surface too.<p><a href="" target="_blank">read more</a></p> bankers Beijing China economy Business Asia-Pacific China Tue, 14 Aug 2012 16:55:00 +0000 Mamta Badkar, Business Insider 5716016 at