Link to article at Channel 4
Last Modified: 10 Feb 2009
By: James Blake
Four of the men at the centre of the banking crisis deny being "personally responsible" for what happened and say they have all lost money.
The four bankers in the firing line were Lord Stevenson of Coddenham, the former chairman of Halifax Bank of Scotland, Andy Hornby, the bank's former chief executive, as well as Sir Fred Goodwin, the former chief executive of the Royal Bank of Scotland and Sir Tom McKillop the former chairman.
It was the "s-word" that everyone wanted and expected, as bank bosses finally said "sorry" in public this morning for the chaos that led to the massive taxpayer bailout.
The apologies came as they faced hostile questioning from MPs on the treasury select committee.
Wednesday, 11 February 2009
Interview: Barclays CEO John Varley
Link to the article at Channel 4
Last Modified: 09 Feb 2009
By: Faisal Islam
Barclays group chief executive John Varley talks to Faisal Islam about the decision for executive directors not to be paid bonuses for 2008.
He called for "adjustments" to be made to "compensation structures in the industry", stating that "willingness to take risks was definitely fuelled by the banks".
Last Modified: 09 Feb 2009
By: Faisal Islam
Barclays group chief executive John Varley talks to Faisal Islam about the decision for executive directors not to be paid bonuses for 2008.
He called for "adjustments" to be made to "compensation structures in the industry", stating that "willingness to take risks was definitely fuelled by the banks".
Barclays Bank says no bonuses for senior executives
Link to the article at Channel 4
Last Modified: 09 Feb 2009
By: James Blake, Faisal Islam
As Barclays announces a £6bn profit for 2008, bank chief executive John Varley tells Channel 4 News he is already cutting back on reward payouts.
Barclays Bank has said it will not give bonuses to its senior executives this year, despite making a profit last year.
Britain's fourth biggest bank announced it made £6bn last year, but that was well down on the year before. And the chief executive, John Varley, said none of its directors would be given a bonus.
Treasury Minister Yvette Cooper said bankers had a "moral responsibility" to forego their bonuses this year, as pressure grows on the government to do more to curb executive pay.
Last Modified: 09 Feb 2009
By: James Blake, Faisal Islam
As Barclays announces a £6bn profit for 2008, bank chief executive John Varley tells Channel 4 News he is already cutting back on reward payouts.
Barclays Bank has said it will not give bonuses to its senior executives this year, despite making a profit last year.
Britain's fourth biggest bank announced it made £6bn last year, but that was well down on the year before. And the chief executive, John Varley, said none of its directors would be given a bonus.
Treasury Minister Yvette Cooper said bankers had a "moral responsibility" to forego their bonuses this year, as pressure grows on the government to do more to curb executive pay.
Rates cut amid warning of a 'severe and synchronised' downturn
Link to the article at Channel 4
Last Modified: 05 Feb 2009
By: Faisal Islam
The Bank of England base rate is cut by half a per cent to stand at just 1 per cent, the lowest level ever, as Faisal Islam reports.
The Bank of England today warned of a "severe and synchronised" economic downturn spreading across the world.
But with rates now heading towards zero, attention is switching to what else the bank can do to keep boosting the economy.
Last Modified: 05 Feb 2009
By: Faisal Islam
The Bank of England base rate is cut by half a per cent to stand at just 1 per cent, the lowest level ever, as Faisal Islam reports.
The Bank of England today warned of a "severe and synchronised" economic downturn spreading across the world.
But with rates now heading towards zero, attention is switching to what else the bank can do to keep boosting the economy.
Tuesday, 10 February 2009
EU protectionism row escalates
Feb 10 - The Czech presidency of the European Union calls an emergency summit, accusing some members of breaking bloc rules in efforts to shield their economies from recession.
A 'Buy American' provision in a U.S. economic stimulus package adds to concern over the prospect of a rising tide of protectionism.
Peter Parker reports.
Link to the article: Reuters
A 'Buy American' provision in a U.S. economic stimulus package adds to concern over the prospect of a rising tide of protectionism.
Peter Parker reports.
Link to the article: Reuters
Monday, 9 February 2009
Brown talks tough on bonus culture, but no ban
Link to the article
Last Modified: 09 Feb 2009
By: Faisal Islam
Prime Minister Gordon Brown slams the city's bonus culture, but stops short of actually banning them.
They're economically and politically outrageous, but they're not going to be banned.
Gordon Brown said Britain was leading the way in sweeping aside the city's bonus culture, insisting there would be no rewards for failure.
But despite the harsh rhetoric there are no concrete promises, unlike the United States which has just slammed a mandatory cap on top bankers' future pay.
The head of Barclays Bank told Channel 4 News bonuses were part of the problem, but he's not getting rid of them altogether.
Last Modified: 09 Feb 2009
By: Faisal Islam
Prime Minister Gordon Brown slams the city's bonus culture, but stops short of actually banning them.
They're economically and politically outrageous, but they're not going to be banned.
Gordon Brown said Britain was leading the way in sweeping aside the city's bonus culture, insisting there would be no rewards for failure.
But despite the harsh rhetoric there are no concrete promises, unlike the United States which has just slammed a mandatory cap on top bankers' future pay.
The head of Barclays Bank told Channel 4 News bonuses were part of the problem, but he's not getting rid of them altogether.
Thursday, 5 February 2009
Interest rates hit another all-time low
Link to article at Channel 4
Last Modified: 05 Feb 2009
By: Channel 4 News, Faisal Islam
Interest rates fall to 1 per cent as the Bank of England announces a cut for the fifth consecutive month.
The decision by the Monetary Policy Committee (MPC) reduces interest rates to another historic low as the bank grapples with the deteriorating UK economy.
The announcement is the first decision from the Bank of England's policy makers since the UK's slide into recession was officially confirmed and an International Monetary Fund (IMF) forecast that Britain would suffer worse than all other advanced nations in the worst global slump since the Second World War.
The dramatic reductions from 5 per cent last October have been good news for most borrowers with tracker mortgages but dealt a savage blow to savers.
Last Modified: 05 Feb 2009
By: Channel 4 News, Faisal Islam
Interest rates fall to 1 per cent as the Bank of England announces a cut for the fifth consecutive month.
The decision by the Monetary Policy Committee (MPC) reduces interest rates to another historic low as the bank grapples with the deteriorating UK economy.
The announcement is the first decision from the Bank of England's policy makers since the UK's slide into recession was officially confirmed and an International Monetary Fund (IMF) forecast that Britain would suffer worse than all other advanced nations in the worst global slump since the Second World War.
The dramatic reductions from 5 per cent last October have been good news for most borrowers with tracker mortgages but dealt a savage blow to savers.
A depressing slipup, or economical with the truth?
Link to the article at Channel 4
Last Modified: 04 Feb 2009
By: Faisal Islam
Gordon Brown talks about taking action to bring the world out of depression, a word seized on by the Conservatives and a slip that may prove costly.
Mr Brown's spokesman said afterwards that he didn't think the world was in depression, despite what he said during Prime Minister's questions today.
But after the Prime Minister's warnings about the dangers of talking down the British economy, his use of the dreaded "D" word is bound to come back to haunt him. Here's our economics correspondent Faisal Islam.
Last Modified: 04 Feb 2009
By: Faisal Islam
Gordon Brown talks about taking action to bring the world out of depression, a word seized on by the Conservatives and a slip that may prove costly.
Mr Brown's spokesman said afterwards that he didn't think the world was in depression, despite what he said during Prime Minister's questions today.
But after the Prime Minister's warnings about the dangers of talking down the British economy, his use of the dreaded "D" word is bound to come back to haunt him. Here's our economics correspondent Faisal Islam.
Wednesday, 4 February 2009
Iceland's Kaupthing bank not 'fit and proper', FSA told
Link to the article at Channel 4
Last Modified: 03 Feb 2009
By: Siobhan Kennedy
The FSA is accused of failing to act, or listen to the alarm bells, before Kaupthing went bust, taking the savings of millions of British investors with it.
The financial watchdog was warned that the Icelandic bank Kaupthing was not "fit and proper" to run the British bank it took over, MPs heard today.
As Channel 4 News revealed yesterday, the head of Singer & Friedlander, Tony Shearer, told the treasury select committee he had become concerned when he saw Kaupthing's accounts and met the people in charge.
Last Modified: 03 Feb 2009
By: Siobhan Kennedy
The FSA is accused of failing to act, or listen to the alarm bells, before Kaupthing went bust, taking the savings of millions of British investors with it.
The financial watchdog was warned that the Icelandic bank Kaupthing was not "fit and proper" to run the British bank it took over, MPs heard today.
As Channel 4 News revealed yesterday, the head of Singer & Friedlander, Tony Shearer, told the treasury select committee he had become concerned when he saw Kaupthing's accounts and met the people in charge.
Tuesday, 3 February 2009
FSA failed to heed doubts about Kaupthing
Link to article at Channel 4
Last Modified: 02 Feb 2009
By: Siobhan Kennedy
Channel 4 News learns that when Kaupthing bought British bank Singer and Friedlander, its chief executive told the regulators the deal should not go through.
He will share his concerns with a committee of MPs tomorrow, but his intervention has raised fresh questions about whether regulation of the banks was tough enough.
The collapse of Iceland's banks last autumn created uncertainty for millions of UK savers who had billions of pounds tied up in their British subsidiaries.
Siobhan Kennedy reports.
FSA statement
"It would be our usual practice to talk to the directors of a financial institution going through a 'change of control' i.e. when an authorised firm is acquired by another.
"In such circumstances the FSA always conducts 'change of control' checks and only approves the change if we are satisfied our requirements will be met.
"It is not our practice to discuss individual firms but, in this instance, we do not believe the statement made to the Treasury Select Committee represents an accurate summary of the events."
Interview: David Green, ex-global policy head, FSA
Last Modified: 02 Feb 2009
By: Siobhan Kennedy
Channel 4 News learns that when Kaupthing bought British bank Singer and Friedlander, its chief executive told the regulators the deal should not go through.
He will share his concerns with a committee of MPs tomorrow, but his intervention has raised fresh questions about whether regulation of the banks was tough enough.
The collapse of Iceland's banks last autumn created uncertainty for millions of UK savers who had billions of pounds tied up in their British subsidiaries.
Siobhan Kennedy reports.
FSA statement
"It would be our usual practice to talk to the directors of a financial institution going through a 'change of control' i.e. when an authorised firm is acquired by another.
"In such circumstances the FSA always conducts 'change of control' checks and only approves the change if we are satisfied our requirements will be met.
"It is not our practice to discuss individual firms but, in this instance, we do not believe the statement made to the Treasury Select Committee represents an accurate summary of the events."
Interview: David Green, ex-global policy head, FSA
Mandelson: no policy of exclusion
Link to article at Channel 4
Last Modified: 02 Feb 2009
By: Nick Martin
Lord Mandelson says it is important to respect Europe's principle of free movement.
There is no policy of discrimination or exclusion, the business secretary insisted, as wildcat strikes against the use of foreign workers spread across the country.
Last Modified: 02 Feb 2009
By: Nick Martin
Lord Mandelson says it is important to respect Europe's principle of free movement.
There is no policy of discrimination or exclusion, the business secretary insisted, as wildcat strikes against the use of foreign workers spread across the country.
Monday, 2 February 2009
Davos consensus: blame the banks
Link to the article at Channel 4
Last Modified: 01 Feb 2009
By: Faisal Islam
The five-day World Economic Forum in Davos ends today with no clear consensus on the best way out of the current economic crisis.
But the 2,000 business and political leaders, who gathered at the Swiss resort, did agree on one thing - their banking colleagues got everyone into the mess with their extravagant lending policies.
But are the corporate masters of the universe the right people with the right ideas to get the world out of trouble.
Last Modified: 01 Feb 2009
By: Faisal Islam
The five-day World Economic Forum in Davos ends today with no clear consensus on the best way out of the current economic crisis.
But the 2,000 business and political leaders, who gathered at the Swiss resort, did agree on one thing - their banking colleagues got everyone into the mess with their extravagant lending policies.
But are the corporate masters of the universe the right people with the right ideas to get the world out of trouble.
Sunday, 1 February 2009
What lies ahead for budget airlines?
Link to the article at Channel 4
Last Modified: 31 Jan 2009
By: Alex Thomson
Alex Thompson speaks to Sir Stelios and asks what the future is likely to bring to budget airlines as the world's oil runs out.
Last Modified: 31 Jan 2009
By: Alex Thomson
Alex Thompson speaks to Sir Stelios and asks what the future is likely to bring to budget airlines as the world's oil runs out.
Obama slams Wall Street
Link to article
Last Modified: 31 Jan 2009
By: Faisal Islam
Laying the ground for a new financial rescue plan next week President Obama has promised to provide billions of dollars to businesses to create jobs and lower mortgage costs.
But in his weekly televised address he also railed against the "arrogance and greed" of Wall Street bankers after revelations they'd paid themselves a total of $18bn in 2008.
Meanwhile, Gordon Brown, has urged Britons to remain optimistic in the face of economic decline, during an interview at the World Economic Forum.
Last Modified: 31 Jan 2009
By: Faisal Islam
Laying the ground for a new financial rescue plan next week President Obama has promised to provide billions of dollars to businesses to create jobs and lower mortgage costs.
But in his weekly televised address he also railed against the "arrogance and greed" of Wall Street bankers after revelations they'd paid themselves a total of $18bn in 2008.
Meanwhile, Gordon Brown, has urged Britons to remain optimistic in the face of economic decline, during an interview at the World Economic Forum.
Business confidence plunges
Link to article at Channel 4
Last Modified: 31 Jan 2009
By: Carl Dinnen
Gordon Brown may have been insisting in Davos he was confident about Britain's economic future - but is anyone else?
PY Gerbeau, a French businessman and eternal optimist, tells Channel 4 News it's in the British national character to always see the glass as half empty. But if Britain badly needs to regain some confidence where can we get it?
Last Modified: 31 Jan 2009
By: Carl Dinnen
Gordon Brown may have been insisting in Davos he was confident about Britain's economic future - but is anyone else?
PY Gerbeau, a French businessman and eternal optimist, tells Channel 4 News it's in the British national character to always see the glass as half empty. But if Britain badly needs to regain some confidence where can we get it?
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