The British Government’s former top advisor on narcotics, Professor David Nutt has claimed that the global financial crisis of 2008 was caused by widespread overuse and abuse of cocaine in the finances industry.
Banking giant and international doer of evil, J.P. Morgan Chase confirmed yesterday during an event for investors at its Midtown Manhattan headquarters that it plans to cut 17 000 jobs over the next two years while committing to a program of global expansion. With a current workforce of approximately 260 000, the bank plans to [...]
Moody’s announced today that, following the revision of the country’s foreign currency desposit ceiling, it had downgraded South Africa’s five biggest banks. This comes only days after the ratings agency downgraded SA’s government bond rating.
Over the past few weeks we’ve brought you several reports regarding the increasingly worrisome LIBOR scandal. The investigation into interest rate-rigging debacle is quickly snowballing and analysts have now begun wondering if “16 of the world’s largest banks have perpetrated the biggest fraud in history.”
Remember that Dylan lyric: “Steal a little and they throw you in jail/Steal a lot and they make you king”? That’s kind of how I feel when I read that Christine Lagarde, the head of the International Monetary Fund, earns a R4,6m salary annually – without paying tax on it. This is the very same person who very recently attacked the Greeks for failing to pay their taxes.
The dislike for banks and other financial institutions is currently on a worldwide high. But for once, one bank has decided to do something nice for their customers. French bank Crédit Municipal de Paris has scrapped the debt of its poorest customers.