Lack of bank arrests vindicates St Paul’s decision to remove Occupy

With the early removal of Occupy, the established church is safe from anyone in Occupy’s tent becoming the next Martin Luther

E-mail-sign-up Donate


This morning, we learn that Standard Chartered bank have signed a confession note that they laundered $250 billion.

occupyGiven that Standard Chartered’s CEO told shareholders it was only $14 million, that’s an accounting change that would embarrass Bernie Madoff, and there’s not been a single News International-style police dawn raid to arrest any board director.

Instead, the shareholders have paid off the board’s accusers to the tune of $350 million.

There’s now no-one left in UK banking that isn’t covered in scandal. HSBC has already admitted that they laundered gobs of drug money.  

And I hope I’m not alone in asking, in the case of Barclays lowering its LIBOR levels two days before its £7 billion capital raising: can someone with inside information manipulate a price in the direction the price will move once the information is announced and it not be investigated?

But again, in both of these cases, the shareholder covered the sins of the board members, £290 million from Barclays’ shareholders and HSBC’s shareholders are expected to pay almost $1 billion.

While it may concern that banks are more willing to pay fines than cover the coalition’s bank levy, we have to take our hats off to the prescient churchwardens of St Paul’s.  Anticipating the lack of judicial action, they removed Occupy before all this guiltless activity by the banks.

The trend was already there: in January, the FSA’s judgment of RBS collapse that not a single non-executive director of said institution deserved a reprimand.  The churchwardens were correct to anticipate this would be the prevailing trend.

Hannah Arendt once wrote that “people change their morals like table manners” and the behaviour of shareholders writing blank cheques for the CEOs is clearly the latest example.  Moreover, churchwardens of an established church have learned the lessons of history.


See also:

European parliament could penalise those involved in Libor rate fixing scandals 25 Jul 2012

Inside the world of the bankers… This is why we need a full inquiry 4 Jul 2012

Occupy have provoked the intelligent debate so lacking in mainstream politics 29 Feb 2012


Isn’t the present judicial stance towards bank directors a secular revival of Catholic indulgences for the St Paul’s City board member flock?  In this modern secular version, however, the shareholders pay:  it’s too medieval for sinful board members to be out of pocket.

And with the early removal of Occupy, the established church is safe from anyone in Occupy’s tent becoming the next Martin Luther.


Sign-up to our weekly email • Donate to Left Foot Forward

Like this article? Sign up to Left Foot Forward's weekday email for the latest progressive news and comment - and support campaigning journalism by making a donation today.

26 Responses to “Lack of bank arrests vindicates St Paul’s decision to remove Occupy”

  1. LordBlagger

    Lack of arrests of MPs.

    52% paid back cash.

    52% claimed their expenses where ‘wholly and necessary for their job’ as an MP.

    52% made a fraudulent instrument

    MPs however were protected by the other fraudsters.

    Meanwhile government accounts don’t include the really big debts because they are planning not to pay out the state pension. Ask the treasury, and that is the plan.

    Meanwhile they carry on taking the money.

    Fraud on a massive scale that is going to hit the poorest in the UK.

    However, because its your mates committing the crimes, you won’t do anything about it.

    You’re a hypocrite.

  2. LordBlagger

    Point 2.

    At 10:1 gearing, that is 2,250 billion less to lend to the economy. When Standard Chartered loans fall due, they will insist on being repaid in full, and they won’t be able to roll those loans over.

    That’s what you get when regulators extort money form banks, and they aren’t protecting shareholders or customers in the process. They are also damaging the economy.

  3. dick

    Are you or are you not ’employing’ unpaid interns at the moment? If so, how does that square with LFF’s previous policy that it was unnaceptable?

  4. Cormac Hollingsworth

    4 MPs have been jailed. No UK bank board member. I’m with you. Don’t tke capital from the banks that’s needed to lend, arrest the board members who have admitted they broke the law.

  5. Selohesra

    The banks certainly did things wrong but I dont think a bunch of unwashed wasters soiling some of Britain’s iconic buildings is the solution. Just calling for arrests because a crime has been alledged misses the point of going through due process , identifying which of the 1000’s of employees were involved etc – you cant just pick random 1% and charge them and its naive to think you just arrest the directors. Im a director (but not of a bank) & I dont know every detail of everything going on in the company

  6. Ron Graves

    This is an appalling theme (the blog, not the text!). Comments displayed in dark grey on black display a complete disregard for the principles of accessibility.

  7. Newsbot9

    So you agree that retrospective changes to the law can make people criminals?
    Great, well, I’ll note your support for retrospective changes to tax laws which make YOU a criminal then.

    And you keep pretending, 1%er, as you stand dripping with the blood of the poor, who’s to blame.

  8. Newsbot9

    Yes, it’s tragic we allow the banksters near our iconic buildings.

    And you have called for due process to be ignored in the past, so I don’t see why it shouls apply to your lot.

  9. Newsbot9

    When YOU extort money it’s fine though of course, and of course when the banks rob the 99% blind it’s “good for the economy”

    What’s this a recession caused by your policies? WELL I NEVER. Reality > Your ideology.

  10. Newsbot9

    It’s dark purple. But yes.

  11. Selohesra

    So Botty admits due process should not apply to ‘my lot’ whatever he means by that that just about sums you up – pursecuting people whether for their occupation, religion, sexuality or race is wrong. But I wouldn’t expect you to accept that.

  12. Newsbot9

    You have argued that it does not apply, period.

    When I DARE apply that to your class, you throw your toys out the pram. And of course you want criminal enterprises and purveys of hatred to be protected.

    I’m very pleased to admit that I believe in prosecuting criminals.

  13. Selohesra

    So NOW you want to START A class WAR – you DON’T EVEN knoW wHaT clasS I am – its revealing about you that you want to attack people for accident of birth – YoUD have fitteD IN WELL with dR Goebels

  14. Newsbot9

    As usual, you try and blame everyone else for your sins.

    You’re a 1%er or quisling. You started what you see as a class war, in the 1970’s. You’re currently winning, and it’s making life for the 99% increasingly intolerable.

    I don’t want to, unlike you, starve anyone. I want people to pay their fair share of tax, and receive a fair share of the profits from their labour.

    For this you call me a Nazi. At this point, I’m happy calling you scum.

  15. Selohesra

    The analogy to a Nazi was for the simple reason that you are happy to see groups you dislike arrested without first going to the trouble of identifying which if any have actually committed crimes

  16. Newsbot9

    Yes, that’s exactly what you’re doing – punishing the poor without any of the formalities.

    Given I consistently advocate punishing individuals for crimes, you’re a joke. And not a good one. Reasonable taxation is NOT punishment.

  17. Selohesra

    Calm down dear

  18. Newsbot9

    Aw, did I point out your hypocrisy. Cry more.

    And pay your tax.

  19. Selohesra

    Yep – got me there. Your cutting sarcasm and sophisticated argument is too much for me. You should try earning money from it – perhaps you would become less bitter and twisted

  20. Newsbot9

    Unlike you, I don’t take blood money, or rejoice in it.

    (I do make my living from writing, just not prose)

  21. kjhg

    You make your living from writing!!?? Jesus F#cking Christ there must be some people with more money than sense out there! WTF do you write for them? Just the words shill, 1% and BNP over and over again!

  22. Newsbot9

    You mean, in my spare time, I accurately point out your agenda? Too bad for you.

  23. kjn

    but what do you do for a job? I’m genuinely interested.

  24. Newsbot9

    I work in several forms of creative media. Designer, researcher, and so on. I also teach part-time at several Universities.

    I have no intention of being more specific, given how petty many of the right wing posters here are.

  25. ljh

    Well good for you.

    I hope you teach creative media rather than politics at those Universities!

    I can just imagine the students sitting there wide-eyed, the blackboard filled with the words ‘shill’, ‘1%’, ‘capitalist lackeys’ etc as you stand there hand on heart singing the Red Flag and foaming at the mouth 😉

  26. Newsbot9

    One of my students last year made a game based around American politics. Apart from that, no, politics have never infringed on my teaching, as they shouldn’t.

    Oh, and I see you have “Reds under the bed”. I suggest an exorcist.

Leave a Reply