UBS today settled its global libor fraud case by paying fines of just under £1 billion – over twice the fine dumped on Barclays.
No senior manager at UBS will be losing their jobs, or resigning. And naturally, none of them will be going to jail.
UBS has paid the UK’s Financial Services Authority alone £160m, the largest fine ever levied by the regulator. The FSA mentions ‘ a litany of abuse and fraud perpetrated by a significant number of employees over a number of years from January 1 2005 to 31 December 2010.’ UBS ‘routinely manipulated Libor and Euribor to benefit trading positions and gave the job of determining its Libor submissions to traders themselves in a deliberate conflict of interest’. The bank colluded with inter-dealer brokers and individuals at other banks.
Two senior Tory donors, Michael Spencer and Michael Fallon, were employed at the most senior level in the biggest libor broker in the EU. Neither is even under suspicion. Neither has been cautioned. Nobody anywhere to date in all the banks and brokers involved in this, the greatest rate-rigging scandal in financial history, has gone beyond the most superficial police questionning.
But David Cameron thinks that the police fiddling the evidence against Andrew Mitchell is “shocking and very serious”. He thinks the Met have “serious questions to answer”. About one arrogant pol who might or might not have called a bobby “a f**king pleb” outside the gates of Downing Street.
So then, todays count on the rule of law and equality before it in the EU outpost previously known as Britain looks like this:
To one riot involving several thousand lazy, poor, desperate or dishonest looting people…..that adversely affected some 740 businesses: 3000 jail sentences within a month.
To one global fix involving practically every major bank and broker on the planet…..that adversely affected the savings, earnings and jobs of over 240 million people: 0 jail sentences after seven years.
You don’t have to be left wing to object to this, you just need an ounce of decency, and a gram of comprehension about why a society without law will become an oligarchic dictatorship within a decade.
Where are the Tory voices of dissent? Where are the LibDems outside the Coalition when this kind of legal obscenity is allowed to happen and go unremarked?
But above all, where is the Labour Party? To which the answer is, “Hiding under the stairs, hoping that nobody notices the light under the door…because they’re all scared of the dark”. They know perfectly well that Blair, Brown and Darling were up to the worthless necks in this smelly mire too.
Why should I or anyone else take any of them seriously? And by way of a postscript, why should any EU citizen take seriously a Union meant to be serving its citizens allowing tons of unjust, inhuman crap to go down? Over now to another outpost of the Eumpire, to that once happy land of Retsina and Metaxas formerly known as Greece:
Two recent opinion polls in Greece from established pollsters MRB and Public Issue show that disappointment (65.6%), rage (64.1%), fear (48.1%) and shame (38.4%) are by far the four prominent sentiments in Greek society at the moment. Two in three Greeks feel rage about what’s been inflicted upon them.
When questioned about how they see the economic situation in the country over the next 12 months, 86.4% think it’s going to get worse, with 58.8% significantly worse. With regard to their personal financial situation, 81.2% expect it to get worse, 54.2% significantly worse. So clearly, all those Belgian pen-pushers and economics ministers are the only ones, looking in from the outside, who know how truly wrong 9 out of 10 Greeks are.
This is a society that next year will see 4.9 billion euros taken away from pensions and social benefits, 1.2 billion euros from public sector wages and 465 million from healthcare. A total of 9.4 billion euros of spending cuts is expected in 2013.
Unemployment already reached 26% in September and unless something changes dramatically in the new year, it will be edging towards 30% before long. The research institute of Greece’s largest union, GSEE, is estimating a figure of 35% in unofficial numbers. Approximately 771,000 of those are unemployed for over a year with no unemployment benefits and medical coverage.
What we are looking at here is three quarters of a million first-world europeans facing unemployment with no welfare net at all.
These folks aren’t going to eat cake. They’re going to eat the brutal lunatics who put them in that place….the same ones who manage time after time to keep the guilty out of jail.
It will happen in Greece before too long. But unless Camerlot pays heed, it will happen here too.