CORPORATE CRIME: Nothing to see here, move along now please…

 Jerry del Missier, the former Barclays executive at the centre of the Libor-rate rigging scandal, is understood to have negotiated a ‘golden goodbye’ deal with Marcus Agius of £8.75m. This is believed to be a record-payout to an aurally challenged employee whose body-location divining skills are nevertheless thought to be prodigious.

Lord Green of Bermuda & Switzerland says he has ‘no case to answer’ after ten years spent running a bank whose main skill was in money-laundering and tax evasion. There are no signs of much pressure for him to go, and David Cameron thinks he is a fine man who knew no more about what was going on in HSBC than Rupert Murdoch did about Newscorp.

Nobody has yet gone to jail at Lloyds Banking Group for PPI mis-selling, but Eric Daniels did walk away with £15m.

In the wake of appalling revelations about the behaviour of Libor brokers Michael Spencer, Michael Fallon and Terry Smith, nobody at the Met Police media room is aware of any plans for Plods to grasp collars.

Equality before the law. It’s the only equality that really matters.

Will the Decade of Denouement be a Decade of Justice?

 

30 thoughts on “CORPORATE CRIME: Nothing to see here, move along now please…

  1. Oh… I think we are well past equality before the law… it’s never been the case, why start now. The only difference these days is the bold assed nature of these sociopathic gangsters… they don’t even bother being apologetic because they know they will never face judgement from any kind of authority. At the end of the day… only regular people are to blame as they allow the Cameron’s, Merkel’s, etc. of the world to continue.

  2. Lord Tax of Haven did say that he dealt with problems if he stumbled accross them. Surely the boards role includes pro-actively seeking out areas of concern and putting people and checks in place to prevent fraud and loss. He did also say the only responsibility which can be pinned on him was that he was leading HSBC at the time it all happened……Yes, exactly.

  3. Pingback: John Ward – Corporate Crime : Nothing To See Here, Move Along Now Please… – 26 July 2012 | Lucas 2012 Infos

  4. Corporate crime? Well,maybe.But, Terry Smith is not there,and his latest enterprise,Fundsmith,has so far turned out to be a stellar manager of his client’s money.

  5. You can p*ss and moan, or you can do something about..
    How about starting a cash drive to fund private criminal
    prosecutions.It not like there is a shortage of evidence out
    there in the public domain.The crown has to refund the costs in the
    cause after conviction.
    Then let the politicos try and pardon them without causing a
    revolution.

    • Alas, as civilians we cannot bring criminal actions – only the Crown, via the CPS, can bring criminal actions.

      You can make a complaint to the police (or direct to the Attorney General i think) but it will still be for the CPS to confirm that they have sufficient evidence to secure a conviction.

      Given that the AG is a political lap-dog, I think we would be onto a non-starter.

      • @Peterloo
        Wrong.
        All that is required if for the Crown to decline to prosecute.
        Or have they abolished Magna Carta without an announcement ?

      • @winston smith

        “All that is required if for the Crown to decline to prosecute.”

        Isn’t that what I said? I doubt Her Maj would intervene personally so UKgovInc would be the final arbiter on Her behalf.

        “Or have they abolished Magna Carta without an announcement ?”

        I don’t think MC was ever a statutory instrument. It was the framework upon which a number of common law rights and entitlements were hung. Over the years those rights have been variously diluted or erased by statute.

  6. As others have pointed out, it is as ever it was. Politics, banking and many big businesses are all dysfunctional because of one thing, there are no consequences for corporate failure of any kind, let alone criminality. The picture becomes clear when you consider who the stakeholders of government are: the political class, government bureaucracy, banks, big business, the quangocracy, national institutions and political cronies and sychophants. It is not unexpected that all of these stakeholders are religiously protected from any consequences of failure, venality or outright criminality, the truth is the law was never intended to apply to them.

    Ever since its inception, in British terms from 1066 on, government has operated in the interests of those same stakeholder classes. Prior to the late nineteenth century this did not really matter to us, the little people, as government rarely impinged on our daily lives; no tax, no welfare, little regulation and so on. Since then, starting with the Social Liberalism movement, government has extended the electoral franchise in terms of universal democracy which has given ‘the people’ a modicum of power, mostly illusionary as was always the intention, power is never given away willingly, leading to a need for the political class to bribe the electorate on the one hand and to mould it into what it considers a suitable shape on the other, this we have gone from government having little to do with our daily life to ever more intrusive attempts to micromanage everything we do while also desperately trying to persuade us that they have the answers and the solution to every problem, neglecting to mention, of course, that they are actually the cause of nearly all those problems. Be that as it may, the reality is that nothing else has actually changed, government still operates in the interests of its stakeholders and we are not on that list.

    • Peter C, does this sound familiar. (From Wiki)
      South Sea Bubble. 1721
      A considerable number of persons were ruined by the share collapse, and the national economy greatly reduced as a result. The founders of the scheme engaged in Insider Dealing, using their advance knowledge when national debt was to be consolidated to make large profits from purchasing debt in advance. Huge bribes were given to politicians to support the acts of parliament necessary for the scheme. Company money was used to deal in its own shares, and selected individuals purchasing shares were given loans backed by those same shares to spend on purchasing more shares. The expectation of vast wealth from trade with South America was used to encourage the public to purchase shares, despite the limited likelihood this would ever happen.

      By the end of September the stock had fallen to £150. The company failures now extended to banks andgoldsmiths as they could not collect loans made on the stock, and thousands of individuals were ruined, including many members of the aristocracy. With investors outraged, Parliament was recalled in December and an investigation began. Reporting in 1721, it revealed widespread fraud amongst the company directors and corruption in the Cabinet. Among those implicated were John Aislabie (the Chancellor of the Exchequer), James Craggs the Elder (the Postmaster General), James Craggs the Younger (the Southern Secretary), and even Lord Stanhope and Lord Sunderland (the heads of the Ministry). Craggs the Elder and Craggs the Younger both died in disgrace; the remainder were impeached for their corruption. Aislabie was imprisoned.
      A resolution was proposed in parliament that bankers be tied up in sacks filled with snakes and tipped into the murkyThames.[28] The crisis had significantly damaged the credibility of King George I and of the Whig Party.

  7. ‘ Mario Draghi has declared that the ECB will “do whatever it takes to preserve the euro”. He repeated comments made to Le Monde newspaper last week that the euro is “irreversible,” adding:

    Quote within our mandate the ECB is ready is ready to do whatever it takes to preserve the euro, and believe me, it will be enough.
    http://www.telegraph.co.uk/finance/debt-crisis-live/9427827/Debt-crisis-live.html
    Finger poised gently over the button marked ‘Print’
    Fat Lady leaves the building.

      • I agree. Perhaps lower. The devalued euro plus hidden printing and dodgy accounting seems the current version of can kicking. Though IMHO this will come to an end over the next few months – one way or another. I think it is likely to be something unrelated that triggers the crisis (eg war in the Gulf). But looks like too many plates are spinning…

        Back stop date – Christmas?

      • It’s not only the the euro that is devaluing, the pound is in the race to the bottom and currently lies in silver medal position.

    • I’ve been saying that for the past 4 years. I guess I underestimated the can-kicking skills, law-dodging aptitude and intestinal fortitude of TPTB.

      Interesting to note that there is now a trickle of ‘turncoats’ appearing from the woodwork and starting to decry the corruption, greed and general graft. They’re only saving their own skins, of course, as it became obvious that the ‘real’ elite – a few thousand or so, globally – will cheerfully throw their erstwhile country-club dinner companions to the wolves, come the day.

      • Aye, the NotW circus has shown that when the shit starts flying you better have a big pile of shit to throw back or you end up in the dock ala Rebecca Wade.

        If Camoron has fixed it so she ends up sweeping the park for a few days then there will be no fun. If not then I wonder just what ‘ammo’ she is packing come the cross-examination?

  8. @ Peterloo
    I think you are missing my point.
    Private criminal prosecutions can only go forward after the CPS
    declines.Must be offered the opportunity formally ,and reply
    within a set time.
    I’m not sure what rights you think were bestowed by MC have
    been curtailed.There were very few in it.P.C.P. was one of them.
    It would require act of parliament to remove as it is one of the very
    first Statute laws,.not Common law..

  9. Pingback: WAR CRIMES: Milosevic intimate about to become Serbian Prime Minister | A diary of deception and distortion

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