Tuesday, 9 September 2014
September has been a stunning month as the campaign moves into new areas of identifying fraud in the factoring industry
One of the hardest parts of running a campaign such as Regulation Asset
Based Finance is fatigue.
Fortunately the campaign has a momentum of its own now and that is clearly driving it forward.
Close Brothers my personal crusade has now been recognised at the highest levels of government as effectively criminals that we shall see if ABFA keep their word to throw out bad members of their organisation a commitment given to the Treasury select committee.
We are now moving deeply into police and soon the Serious Fraud Office - ABFA have been given several years to drive through the reforms that are needed and have just moved the deck chairs.
Lloyds Commercial Finance and Metro Bank have shown their true colours and will continue to be exposed for what they are.
Ashley Finance should have been closed a long time ago and we wait for Ultimate to lance that boil.
We have two demonstrations under plan one at the Finance Professional Show and the other at the Close Brothers AGM.
I know from those involved in the campaign are door is open for the ABFA to have meaningful conversation with to put together robust reforms that address the errors of the past and allow the industry to grow.
Unfortunately while law firms like Squire Sanders threaten jail and financial ruin and grab obscene money for their corrupt clients we seem to be a million miles from a solution other than through the police.
Fortunately the campaign has a momentum of its own now and that is clearly driving it forward.
Close Brothers my personal crusade has now been recognised at the highest levels of government as effectively criminals that we shall see if ABFA keep their word to throw out bad members of their organisation a commitment given to the Treasury select committee.
We are now moving deeply into police and soon the Serious Fraud Office - ABFA have been given several years to drive through the reforms that are needed and have just moved the deck chairs.
Lloyds Commercial Finance and Metro Bank have shown their true colours and will continue to be exposed for what they are.
Ashley Finance should have been closed a long time ago and we wait for Ultimate to lance that boil.
We have two demonstrations under plan one at the Finance Professional Show and the other at the Close Brothers AGM.
I know from those involved in the campaign are door is open for the ABFA to have meaningful conversation with to put together robust reforms that address the errors of the past and allow the industry to grow.
Unfortunately while law firms like Squire Sanders threaten jail and financial ruin and grab obscene money for their corrupt clients we seem to be a million miles from a solution other than through the police.
Saturday, 30 August 2014
Where I am now for the campaign for justice for my former staff at Smart & Kleen, family & my self
In a week where I have seen some of the worst abuse of power by the legal
elite - my resolve not to give in to expose Squire Sanders, Close
Brothers and those factoring companies that commit fraud (including Close
Brothers Invoice Finance).
It has come clear that there is now a general view in a lot of the heavy weight papers - there is no point in getting justice from a face less institution such as Close Brothers - it is the individual in the organisation that justice must be the person brought to justice.
I have had conversations with some of the members of RABF team and the decision is to raise the anti in the media while still working through Parliament.
Those at all levels within some organisations involved in factoring that still do not get - that contractual terms applied wrongly is fraud.
I will grind out a result
It has come clear that there is now a general view in a lot of the heavy weight papers - there is no point in getting justice from a face less institution such as Close Brothers - it is the individual in the organisation that justice must be the person brought to justice.
I have had conversations with some of the members of RABF team and the decision is to raise the anti in the media while still working through Parliament.
Those at all levels within some organisations involved in factoring that still do not get - that contractual terms applied wrongly is fraud.
I will grind out a result
Tuesday, 29 July 2014
Throw crooked bankers in jail: Clamour grows as Bank of England chief says Lloyds traders 'clearly broke the law' - There are Asset Based Lenders whose business model is based on fraud - they even use it as a selling point
Admin: It is clearnow there is a strong desire for justice not just for the banks that profitered from fraud but from those individuals that committed fraud!
- Mark Carney says Lloyds staff involved may be guilty of 'criminal conduct'
- Bank ripped off Treasury during financial crisis with creditworthiness lies
- It gained access to tens of billions from Government at favourable rates
- MP says public don't understand why rogue bankers haven't been jailed
Bank of England governor Mark Carney has said Lloyds staff involved in an astonishing scam to defraud taxpayers could be guilty of ‘criminal conduct’.
Lloyds was yesterday discovered to have ripped off the Treasury at the height of the financial crisis by lying about its creditworthiness.
This allowed the state-backed bank to gain access to tens of billions from a Government ‘lifeline’ scheme at favourable rates – but left taxpayers out of pocket.
Scroll down for video
Anger: Details of a letter sent by Bank of
England governor Mark Carney (pictured) to the Lloyds chairman revealed
the governor's fury
Yesterday – as Lloyds was fined £218million and a senior MP said the public did not understand why rogue bankers had not been jailed – details of a letter sent by Mr Carney to the Lloyds chairman revealed the governor’s fury.
He wrote: ‘Such manipulation is highly reprehensible, clearly unlawful and may amount to criminal conduct on the part of the individuals involved.’
He added that ‘in view of the seriousness of this matter’, the Bank will consider pursuing further action against Lloyds and the individuals involved. Lloyds also faces a possible investigation by the Serious Fraud Office.
Lloyds chairman Lord Blackwell replied: ‘This was truly shocking conduct, undertaken when the bank was on a lifeline of public support.’
Last night Tory MP Mark Garnier, who sits on the Treasury Select Committee, said: ‘The public doesn’t understand why bankers have not gone to prison.
Ripped off the Treasury: Lloyds was fined
£218million and a senior MP said the public did not understand why rogue
bankers had not been jailed
His Tory colleague Andrew Tyrie, chairman of the committee, said: ‘The banks were manipulating Libor [the inter-bank lending rate] and the repo rate, in the process deceiving the Bank of England in its operation of a taxpayer-backed support scheme.’ He called it ‘appalling behaviour’.
EVERY LITTLE HELPS! HOW THE BANKERS BOASTED ABOUT FIXING LENDING RATE
July 27, 2006
- ‘Morning
skip… my little [racial slur removed] friend in Toyko wants a high 1m
[month] fix from me today… am going to set .37 [percentage] – just for
your info sir.’
Employee from Dutch firm Rabobank. - ‘That suits mate as got some month end fixings so happy to ablige [sic]…rubbery jubbery… :-O’
Lloyds employee.
- ‘Morning skipper… will be setting an obscenely high 1m again today… poss 38 just fyi [for your info].’ Rabobank employee to Lloyds employee.
- ‘Oh dear… my poor customers… hehehe!!’ Lloyds employee’s response.
- ‘Every little helps… It’s like Tescos.’
Email from Lloyds trader to his manager about a request to manipulate Libor. - ‘Absolutely, every little helps.’
Reply from Lloyds manager.
- ‘I
ain’t got any 3s [3 months’ sterling] fixings mate. I’ve got no fixings
today. So I can do my Libors wherever U f****** want to put them.’
Lloyds trader to broker.
- ‘I
have always got loads of loans going out at the end of the month so I
always try and fix it higher. Trouble is mate they keep calling it
f****** lower.’
Lloyds employee after receiving request from colleague for higher Libor rate.
Participating banks were charged a fee by the Bank. This fee was intended to make the overall cost of SLS funding comparable with commercial borrowing.
Crucially, the banks were allowed to set their own ‘repo rate’ which would determine the level of fees.
During the period that Lloyds TSB and HBOS used the SLS, they paid £1.28billion in fees.
High street giants Barclays and Royal Bank of Scotland have already received hefty fines for manipulating Libor, which is a key inter-bank lending rate used to set mortgages.
But Lloyds is the first to be penalised for attempting to fix repo rates to reduce fees for the Special Liquidity Scheme.
Lloyds was the biggest beneficiary from the SLS, receiving more than £90billion in emergency funds before the scheme was closed in 2012. Yesterday regulators said that by manipulating the rate, Lloyds also reduced fees paid by other banks, meaning taxpayers were left further out of pocket.
Damning messages published by regulators showed how traders joked about rigging the interest rates.
One message sent by a trader to his manager on July 19, 2007, joked: ‘Every little helps…It’s like Tescos.’ The Lloyds manager replied: ‘Absolutely, every little helps.’
Reflecting the seriousness of the scam, £70million of the £105million penalty imposed on Lloyds by the UK’s Financial Conduct Authority was for rigging the repo rate. The remainder was for manipulating Libor.
A further Libor-linked fine of £113million was imposed by regulators in the US, bringing Lloyds’ total fine to £218million.
In total, 22 former and current Lloyds staff were involved in manipulating both rates. The bank said all of them have either left, been suspended or will now face disciplinary action. Lloyds has also agreed to a demand from Mr Carney to pay back the £7.8million. The taxpayer still has a 25 per cent stake in the bank.
Critics have complained that no bankers have been jailed for a string of scandals, although 12 people have been charged by the Serious Fraud Office over Libor-rigging so far.
Lloyds’ bill for mis-selling payment protection insurance is set to hit £10billion on Thursday, when it is expected to set aside more money to compensate customers.
Monday, 28 July 2014
Where we are now and why do people attack their own side
Just over a month ago I came under sustained attack from some one I went
that extra mile to help who encouraged others to wade in due to unsubstantiated
allegations which were based on thin (vacuum) air.
During the last month the campaign has moved on well mostly under the radar. It had reached the stage that RABF would go in and speak to an organisation and ABFA would follow as quickly as possible.
Due the actions of the individual concerned who managed to do what Squire Sanders could not do was effectively put the campaign on a back foot - With others involved in the campaign we have reviewed the strategy and are pleased in the general direction.
But the lack of blogging and using twitter has had effects that we had not anticipated - So the RABF blog will move to being updated at least three times of the week. With Close Brothers the focus now appears to pilot attending their AGM with a demonstration.
We must stop suffering what my staff and family went through with the forced closure of Smart and Kleen by the greed of Close Brothers.
During the last month the campaign has moved on well mostly under the radar. It had reached the stage that RABF would go in and speak to an organisation and ABFA would follow as quickly as possible.
Due the actions of the individual concerned who managed to do what Squire Sanders could not do was effectively put the campaign on a back foot - With others involved in the campaign we have reviewed the strategy and are pleased in the general direction.
But the lack of blogging and using twitter has had effects that we had not anticipated - So the RABF blog will move to being updated at least three times of the week. With Close Brothers the focus now appears to pilot attending their AGM with a demonstration.
We must stop suffering what my staff and family went through with the forced closure of Smart and Kleen by the greed of Close Brothers.
Monday, 7 July 2014
Campaign for Regulation of Asset Based Finance (RABF)
Fortunately there are so many good people that have come out of the woodwork over the last few years that with their support the campaign has gained even greater momentum over the last few weeks.
I now believe as long as we continue to move in the direction we are heading that robust regulation will be achieved. I personally would like to see this with the trade body ABFA and the virtual organisation RABF working together. So far in four years we have met three times, which is a bit depressing.
This week will be I hope a major step forward in the campaign.
On another point my feelings over Close Brothers are as strong today as four years ago
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