Tag Archive | society global governance

Public Confidence in British Banks Drops Drastically*

moneyblackholePublic Confidence in British Banks Drops Drastically*

Hundreds of thousands of customers have moved their current accounts out of the big 5 banks in 2012 as public confidence in the British banks sector collapsed in the wake of a string of scandals.

These figures come following a report from the Banking Commission whose investigations ‘…revealed a culture of culpable greed, far removed from the interests of bank customers, corroding trust in the entire financial sector.’

According to evidence received by Move Your Money, building societies, credit unions and co-operatives have all reported a sharp rise in new business over the past 12 months. 500,000 people moved in the first half of this year.  In the last quarter Building societies report a 78,000 increase in savings accounts. The Cooperative Bank has seen a jump of 43% in new accounts in the last year and Credit Unions have seen 20,000 new members.

Whilst a recent YouGov poll shows that as many as 14 million people could switch accounts in 2013 as new regulation and comes in which makes switching accounts easier.  Almost one in three of UK high street bank customers said that they would be very or fairly likely to switch providers if the process of moving their primary current account was made easier.

“Public trust in the big banks has collapsed.  The reputation of one of our leading industry’s is in tatters.  Ultimately customers are on the front line of the battle to save British Banking, by moving their money to banks which are fair and transparent they are forcing banks to think twice about the way they behave.  Cultural change doesn’t come from Whitehall or the boardroom, it comes from people realising the power of what’s in their pockets. ” said Laura Willoughby MBE, Chief Executive of Move your Money.

Source*

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Wells Fargo Sued U.S$190mn, and Bank of America to Follow!

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Your Money, Their Interest – Banking Scandals Continue…

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The Illusive Missing Mubarak Fortunes

The Illusive Missing Mubarak Fortunes

 In August 2012, the report‘Illicit Financial Flows from Africa: Hidden Resource for Development’ involving the High-Level Panel on Illicit Financial that was formed in 2011 by African finance ministers found that amongst the countries U.S$70.5bn illegally left Egypt. How much more has left the country since the January 25 2011 Revolution once the elite realized they were losing ground is another question to a long list of questions.

Now Ahram Online reveals part of the corruption amongst the much esteemed judiciary, that involved blocking the hunt for the Mubarak fortune much needed by the country right now.

The ‘blame game’ is too frequently played serving as a vehicle for the accuser to remove themselves from all responsibility, one that has come to the surface amongst the prestigious Egyptian judiciary forcing a split that has led to the undermining of the country’s first draft constitution to go to public referendum after the democratic election of their first civilian president – not a member of the elite!

Mid-December 2012 witnessed the Federal Supreme Court of Switzerland ‘delete’ a previous decision of the Swiss Federal Prosecution that would allow Egyptian authorities to access the results of their investigation into the assets of the Mubarak family an unnamed member of Egypt’s Justice Ministry told Ahram

 “Such access would give us very crucial information, not only about the source the Mubarak family money, but also about how they would transfer these funds from Egypt”

 “We were nearly there.”

“The chaos in our judiciary and political rifts among judges and prosecutors are the main reason behind such a disappointing decision”, added the official who asked not to be identified.

Mubaraks lawyers in Switzerland assisted in the voiding of the previous permission by stating that Egyptian authorities would use the information against the Mubarak.

 “The elements of the toppled regime are still very active and spend a lot of money to submarine our endeavours to expatriate of billions of dollars, which were siphoned from the public purse,” the unnamed Egyptian judicial official told Ahram.

The Mubaraks also have safes in Swiss banks which Egyptian authorities are curious about!

 “We are very keen to know how many safes Mubarak and his sons have in the Swiss banks and their contents.”

Source

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