UK PM STANDS UP FOR CITY OF LONDON

Prime Minister David Cameron was defending the City of London and banks from a take-over by the EU. Mr Cameron would definitely protect the City of London and banks from being included into the European Central Bank system which will have its head office in Frankfurt.

The reason is that he is so adamant because they are his boys and contribute heavily to the economy. He does not lift a finger to stop the gas, electricity and petrol’s prices rising because these are affecting the ordinary people. Yet, the gas and electricity showed a profit of over £1.5billion last year and surely would have been more than enough to stay that way instead of increasing the tariffs by up to 10 per cent.

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So far the coalition did not show any care whatsoever towards the public. Yet, his motto was “We are all in this together” which was soon forgotten when elected and they showed their real faces.

Furthermore, when everybody went up in arms about the banks and city’s sky high bonuses and people demanded from Prime Minister, times and times again, to stop it; he kept promising it but did nothing. Yet, when OCCUPY formed and started first to camp in city but then in front of St Paul’s Cathedral in no time at all David Cameron got a law through the court that they should be removed.

Both incidents show clearly how one-sided the government is which is totally wrong. It is forgotten or just brushed aside that it is the general public voted them in and it is the general public they should represent.

HEDGE FUND BETS

For the first time an EU ruling made sense. The EU ruled from 1 November the Financial Service Authority has to disclose any shortening by Hedge funds.

The scale of short-selling by Hedge funds has been made public for the first time. This occurs when Hedge funds bet on a company’s share price falling. As before it was a very secretive Hedge fund bet on shares falling and shorting by borrow shares and sell them hoping they can buy them back at a lower price which will give them a profit.

Another fiddle disclosed. We had the Libor scandal and hope this had been regulated now. We had the tax avoidance scandal and now the Hedge fund bets scandal.

Shares of about 150 companies are on the list of around 50 funds which were shortened.

The bets adding to hundreds of millions of pounds and right across the whole industries which include builder Barratt, online grocer Ocado, web retailer Asos, insurer Admiral, Marks & Spencer and bookmaker William Hill to name but a few.

The biggest short position in per centage of market value is fund manager David Einhorn’s Greenlight Capital against Daily Mail & General Trust.  His 4.4 per cent against DMGT amounting to £80million. DMGT is the owner of Daily Mail and Sunday Mail.

Under the new EU ruling the FSA will have to publish short positions above 0.5 per cent of a firm’s market value.

The banks and finance sector have a lot to answer for the crisis of the economy. It is high time they are going to be regulated again. It only came about after Margaret Thatcher de-regulated the banks and Finance.  The disclosure due to the new EU rules shows and proves creamed off hundreds of millions of pounds.

There again the government should have stepped in much earlier and stopped it instead of cutting ordinary people’s benefits which surely don’t add up to half of these amounts.

BUT THEY ARE THE CITY BOYS WHO SUPPORT THE CONSERVATIVE PARTY.

CITY TRADER -- MONEY TO WASTE

That is how Mr Cameron's and Tories' friends live while families are brought down so low they have to rely on food banks. Mr Cameron still puts on a show of concern about the "hard-working people".

A city trader spent this incredible sum of £40k in one night. He treated nine friends to a night out and partying beside a famous film star of Hollywood on the night of Halloween. An eye witness stated the he didn’t hold back the moment he saw this famous star and maybe he tried to show off at the Raffles in Chelsea’s Kings Road.

They city trader started with 10 Zombie cocktails which are made of rum, absinthe and grapefruit at £30 each.

Soon he was dancing the night away at the 230 capacity members only club. When the famous star turned up at 11pm the city trader ordered three giant bottles of vintage Dom Perignon champagne methuselahs amounting to  £24,000. After came seven bottles of vintage Dom Perignon Oenotheque 1996 adding another £3,500; two Belvedere jeroboam vodkas adding £1,640; seven glasses of Don Julio 1942 tequila adding £224; two vintage Dom Perignon Rose 2000 magnums adding £2,200; six bottles of Krug rose adding £2,400; Red Bull for £87.50; Havanna rum at £350 and finally 16 café parton with tequila adding £160.00.

The final bill came to £34,861.40 plus £5,229.23

This is a glimpse how the city boys live and the world they live in. To spent £40k in one night without padding the eye lid while the country struggles to survive and not only the ordinary people but also the economy and the government does nothing to curb their bonuses. At the very same time David Cameron and his friends always shouting about AUSTERITY and benefits have to be cut for England’s economy to survive.

To spent this kind of money in one night they must be used to it. This only can be done with all their high salaries and top bonuses. Therefore, the prime minister and the coalition should step in where it should be done. Also the Bank of England was talking about and promised to bring in regulation of the bank and city.

This regulation had been well overdue and when the people started a movement under the name of OCCUPY they soon were removed but the government will no confront the banks and city.  It is no wonder when banks go bankrupt but then the government makes the taxpayer to step in to rescue them. Yet when it shows a profit it is soon distributed in bonuses instead of being made to pay it back to the taxpayers.

There is another broken promise of David Cameron of stopping these huge bonuses. Times and again he promised but when it came to it, it was quietly sidelined. At stage he said it takes time to do this but when Occupy launched a protest in no time he had it through the courts and they were removed. All the government’s action is certainly one-sided and not democratic.

All this mess is since Margaret Thatcher de-regulated the banking and finance system. That lady has a lot to answer for, for the shamble ever since exists and until the government does not regulate the banks and finance market there will be nothing but scandals coming up.

The scandal of the Libor but after it hit the headline we never heard anything about it and apart from one man being sacked but with a more than fat golden handshake which should have never been given. He also will receive big pension while ordinary people’s pension is getting cut.

David Cameron is certainly in this altogether and he must be smirking away at the ordinary people he keeps well down. However in the long run it will backfire in the economy when next year all the cuts will bite and the people have even less to spend. Well it also could be that the public will remember and not being swayed by more promises in the future. Time will tell.

AGAIN BANK BONUSES PAID OUT

The root of the problem lies with Margaret Thatcher having de-regulated the banks. Ever since there has been nothing but financial chaos.  The public has been up in arms about these undeserved, massive bonuses and David Cameron had been promising time and time again to put a stop to it but nothing ever happened.

This time the bonuses were even paid out at the Bank of England. The staff receives a £25million over five years.  This had been in spite of not foreseeing the credit crunch and the Chancellor George Osborne manage a double-dip recession and will have another on in September.

The statement released by the Bank showed executives having received up to £30,000 a year performance related pay added to their salaries.  This is utterly undeservedly since they did not take measures to forestall the credit crunch and the recession.  Yet they get a performance-related pay. In the commercial world they would have got a dismissal and that would have the right bonus.

Furthermore, the figures showed that in just last year their bonus increased by 4 per cent to £4.9million but the country’s economy is in a recession. 

Sir Mervyn King and his team couldn’t even see the financial crisis and had to revise the economy forecast 12 times over the past year.  For all that failure they receive a performance- related pay. Has there ever been such a financial mismanagement in any government?

But wait a minute because here is the famous wipe the slate clean. A spokeswoman said: “Staff on a two year pay freeze which began in 2011. Bonus payment is based on individual performance. The pot has been frozen at six per cent of the total salary bill for the last three years.”

An utter non-sense in every word. If they didn’t see the financial crisis coming and didn’t forestall it why did they get a bonus at all? Furthermore they get paid a salary for the work they do and they just do the work they are there for. So, why a bonus? They don’t do any extra work and by the looks of the result they didn’t even do that.

Yet, David Cameron the great knight in shining armour would not dare to stop it. It is still sticking together and you scratch my back and I scratch yours. It always was going on but nowadays it has gone out of control and the country is going down rapidly.

NHS TRUST BROKE -- Update: 14 June, 2015

UPDATE: 14 June, 2015 --  
At the General Election campaign David Cameron promised to put in £8billions. 

The newly elected Prime Minister and his Tory Party have not shown any sign or effort to keep his promise even so the NHS is on the verge of collapse. 

Only the very dedicated nurses and doctors keep it going. They admit that they work extra unpaid hours. Would the Prime Minister or his MPs do this? No they claim extra expenses and big sums. 

Since the investment of £8billion is of great urgency it would be expected to be his priority. Instead, the first thing was to put an anti-strike law, fracking and without the people consent, snooping laws through as fast as posible and itching to sign the TTIP which includes the NHS and would bring £800trillion alone never mind if the people can not afford private insurance.

That is the real face of the David Cameron and his Tories who conned the people into voting for him spreading smears and lies about the Labour Party which would have brought back the NHS to its former glory.

The conditions of the cash strapped NHS is getting very suspicious. There is always billions available when a bank is in trouble. Billions available for the Afghanistan, Iraq and Libya’s wars. Billions available for the IMF to bail out Greece, Ireland, Italy, Spain and Portugal. There are never any squabbles about not any money available, recession and austerity but comes to the NHS the doors close instantly.

There is now a new report about the critical conditions of the cash-strapped health service and had to be put into administration.

Health Secretary Andrew Lansley stated that South London Healthcare NHS Trust was losing a £1million a week and was taken into the Department of Health. This Trust includes Queen Mary’s Hospital in Sidcup, Kent, the Queen Elizabeth Hospital in Woolwich and Princess Royal University Hospital in Bromley.

There are some points to be disputed. One is the promise at the general election that the NHS is safe with us, meaning Conservative Party. Second, there was a report out the other day that over a £1Billion should be paid into the NHS and it is withheld.  Third, to sack doctors and nurses and then hiring Agency staff is financial suicide. Agencies charge twice as much. Surely Mr Lansley is aware of that if not he should be. Another point and this is the main point what happen to the huge sums of money paid to the National Insurance? People paid National Insurance all their lives and they deserve a National Health Service.

A suspicious mind thinks that this is all done on purpose. In order to break the NHS back and to move it along to be privatise. It is so obvious that the government is bent over backward to see it through.

Last year Chancellor George Osborne allowed £70billion to be poured into the banks under the ‘Merlin’ scheme. It didn’t work because the banks were reluctant to lend money and the consumers and companies to take on more debts. Nobody knows where that money went. No account given. Mostly properly it was used to pay these incredible salaries and bonuses.

Now again the Bank of England issued another £80billion to encourage consumers and companies to take a loan and to improve the economy. It is a good idea but if the order books are half empty hardly any company would saddle themselves with further debts. As for the consumers they hardly can pay their present way. So most properly it goes the same way.

These are huge sums all spend wrongly. The Prime Minister David Cameron will not intervene in spite of having one scandal after another. The public is pressuring to make Mr Cameron to stop these bonuses, sky-high wages, wasting money on wars which have nothing to do with Britain and bail-outs for countries in the EU.  Yet, no matter how much the demand is the Prime Minister sits back and does nothing.

All these sums should be spend on Britain and the NHS.

Apparently there are 22 more hospital earmarked for putting into administration. The administrator being sent from Mr Lansley could and would find out all the ins and outs of the hospital which makes it easier to be privatised. After all the Government is determined to privatise the NHS and of course Mr Lansley will do his best.

If privatised if will be like in America that the insurance are sky-high and many people can’t afford it. Mentioning Insurance something just crossed my mind that it would increase the insurance income tremendously and with the Fat Cats having share in every thing and every way they would be getting another load. Is that the root of the government determination to privatise?

UK CHANCELLOR GEORGE OSBORNE -- UPDATED 23 May, 2014

UPDATE: After reading this report from 2012 it is interesting in respect that you can see nothing has changed ever since. 

Even after calls in 2012 for his resignation, which David Cameron did not accept, Chancellor George Osborne has not issued one good budget ever since. 

The country gone to ;pieces with his austerity but still will not change his policy. Even the IMF, Germany and France advised him to stop. Now, he and David Cameron dancing about that they achieved a 0,3 per cent improvement in the economy. 

While they are hopping about but ignore Germany three per cent and the USA seven per cent from countries which did not apply austerity. It proves it all while Mr Osborne still carries on with austerity and in spite of it all borrows billions of pounds more. 

Let’s go back to March, 2012 when Chancellor George Osborne announced his budget. A budget which surely had been prepared for weeks and read by quite a number of the top politicians. 

Eventually when it was read out there was quite an uproar in the House of Commons. Amongst the points which were implemented was the so called Granny tax. An addition which pensioners have to pay if they work on after their retiring age plus National Insurance. 

A number of other cuts of previously installed benefits by the Labour Party to help families with children. Additions such as 3p of fuel tax on petrol already sky high and so on.

Since budget was read there were so many u-turns it must be dizzy by now. This does not give a good picture of a financial expert or his colleges who work with him on it. It never happened before that so many points were cancelled after a budget.  In other words Mr Osborne made a mess.

If any ordinary person in a company would produce such an almost useless document he or she would be sacked. But Mr Osborne still carries on as the great Chancellor. Furthermore, the government had a double-dip recession in the first six months in spite the idea of austerity. Anybody with half the knowledge of politics and economics knows a cut-back slows down the economy. The Conservatives inherited not a great economy because of the credit crunch but not as dismal as they make it out. They could have built on it and improved the economy.

Now we come to the Barclays bank scandal where the libor (Interest rates charged on loans from one bank to another) was rigged by top executives.

At the Questioning Time in the House of Commons Mr Osborne tried to shift the blame onto Labour. This immediately backfired because Shadow Chancellor Ed Balls denied any involvement in rigging the Libor.

This statement was furthermore backed by the Bank of England’s deputy governor Paul Tuckers.  He claimed several time that Ed Ball or any of the Gordon Brown’s government were never involved. He emphasized that in 2008 he spoke several times with bank bosses because of the credit crunch.  However, he pointed out that neither the government (Labour) nor the Bank of England ever put pressure on Barclays or any other bank to rig the rates.

Surely Mr Osborne or his adviser should have thought such statement, if not true, has a very short life.  Looking at the almost useless budget and now the embarrassing statement being denied by all parties concerned it makes you wonder if Mr Osborne trying to commit political suicide? In view of this entire incompetent not one word is uttered of resigning or being asked by the Prime Minister to resign.

Mr Tucker stated further he was appalled by the revelations including Barclays fixing the Libor rate. He called it a cesspit and went further that it could be just the tip of the iceberg with corruption rampant across the City.

The Labour Party is now demanding a complete change in the City and Banks. 

BOB DIAMOND BARCLAYS EX CHIEF EXECUTIVE - Update 4 March, 2015

UPDATE: 4 March, 2015 -- Looking back at the scandalous period the result of Bob Diamond's severance money is beyond any description.  Bob Diamond part of the Libor scandal which caused 12,000 savers losing their money; costing the taxpayers £500million is being beyond any belief what happened in the banking system. Not one of the top executives were prosecuted. Thousands of bank clerks lost their jobs because banks, involved in the Libor scandal, cut back to pay their fines. 

Bob Diamond even refused to give up his £2million salaries and was allowed to resign, not to be sacked as any ordinary person causing fraud would have been. Today it is said that he received at least £20million severance money with his salary, bonuses and shares.  He soon set up an investment bank in South Africa and all these years earned high profits on buying and selling in South Africa, Nigeria and Botswana. He is now worth an estimated £105million and is back in the City of London.

Bob Diamond's life and career as far as we know it. Ever since the banks’ executives are getting sky high bonuses on top of their salaries which increase by 40 per in the last two years, Bob Diamond has been in and out of newspapers’ headlines.

Bob Diamond is the Chief Executive of Barclays Bank. Barclays bank and so far three others had been found out that they were monopolizing the interest rates. It is called Libor and it occurs when one bank lends to another and keeps the interest rates high.

Mr Diamond, 60, was one of nine children born in Concord, Massachusetts, USA. His parents were school teachers.

He also started as a lecturer at a university but changed over to investment banking at Morgan Stanley as a bond trader in 1979. Later he joined Credit Suisse First Boston.

Mr Diamond joined Barclays in 1996 as the head of investments banking division, Barclays Capital.

Now comes the interesting point that he narrowly missed in 2004 to be Barclays Chief Executive but at the start of last year he managed to be Chief Executive. Since it was at the beginning of last year it makes you wonder whether there was not more behind than meet the eye.

He is married and has three children. He love playing golf and is a great supporter of Chelsea. He often watches the team from the best suite at Stamford Bridge. Well that again is an eye opener that he would be such a great supporter of Chelsea. It is also said that he flies many time to the USA to watch his beloved Boston Red Sox baseball team.

Furthermore, Mr Diamond sits on board of the Old Vic Production and is a trustee of the Mayor’s fund for London.

Earlier on it was stated that if he was forced out of Barclays he would stand to receive a £20million severance package. After all they done to banking which in any other industry would be criminal that shouldn’t be paid.  But knowing how they stick together he will receive it. It also had been revealed that Mr Diamond made around £100million out of banking.

It is people like that who had a free hand because Margaret Thatcher de-regulated the banking system. There never was a credit crunch as such. They hoodwink the public with that and all the time there were millions and billions of bonuses being paid out while the public was pressured more and more.

The quicker they get back to the old banking system the better. PM David Cameron already starts to build a wall to protect them. At a summit in Brussels he stated that doesn't need to be told what to do he knows what to do. This will only lengthen the suffering but eventually it will have to be done.