Financial sector Headlines

  • Is money-laundering scandal at Danske Bank the largest in history?

    Scale of fiasco highlights need for stricter regulation and cross-border force in Europe The Russian-speaking caller refused to give a name but the threat was explicit: “Do you really feel you can walk home safely at night?” It was 2013 and officers at the Estonian branch of Danske Bank were beginning to realise they had taken on some very unpleasant customers. After a tipoff, a member of staff had travelled to Moscow and started asking questions. The team was trying to trace the identity of...

    the Guardian
  • Gordon Brown is wrong to say British banking is still a free-for-all

    More money is certainly required to prosecute wrongdoers, but many of the crimes of 2008 simply couldn’t happen today Gordon Brown has lamented the fact that no banker languishes in jail for their role in causing the 2008 financial crash – and is worried that we are “sleepwalking” into another major financial crisis. A decade ago Brown was mocked for accidentally claiming he had saved the world in the government’s reaction to the crash – but he was certainly a key architect of the international...

    the Guardian
  • Lehman sticky notes for $500, anyone? Bust bank memorabilia sells online

    Ebay sellers cash in on branded items from ring binders to bibs, 10 years after bank’s collapse The collapse of Lehman Brothers was such a landmark moment in corporate history that a lucrative business has sprung up auctioning off company-branded memorabilia online. Ten years after the bank’s collapse, eBay is offering a motley collection of Lehman merchandise, from baby bibs to paperweights and baseball caps, with price tags in the hundreds of dollars. Continue reading...

    the Guardian
  • Lehman Brothers 10 years on panel

    Our panel of writers considers what has changed – and what still needs to Continue reading...

    the Guardian
  • EU proposes new powers to crack down on money laundering

    European Banking Authority would get mandate to impose sanctions directly on banks Brussels has redoubled efforts to combat money laundering and terrorist financing with proposals to give the European Banking Authority (EBA) a powerful new mandate to impose sanctions directly on the banks of member states. A series of measuresthat would make Europe’s banking supervisor the ultimate arbiter in the most serious cross-border money-laundering cases were announced to coincide with the European...

    the Guardian
  • Lehman collapse: what has happened to the markets since?

    The effect on the FTSE 100 through to pensions, house prices and saversUK wages have not yet recovered to pre-crisis levels, says IFSLehman Brothers filed for bankruptcy on 15 September 2008, prompting a fall in the FTSE 100 of 4%. It was the beginning of a slump that by Christmas of that year had resulted in 23.4% being wiped off the value of Britain’s top 100 companies. Continue reading...

    the Guardian
  • Ten years on from the crash, we need to get ready for another one

    The lessons of 2008 have not been fully learned: stop risky lending by banks, address fiscal policy and reduce inequality The collapse of Lehman Brothers on 15 September 2008 unleashed the worst global downturn since the Great Depression of 1929. And it was almost entirely unanticipated. Ten years on is a good time to ask what governments, policymakers, and economists might learn from this catastrophe – how to prevent future ones, and how to overcome them if they happen. Of these two, prevention...

    the Guardian
  • Ten years after Lehmans, it’s as if we’ve learned nothing from the crash

    Claims that the finance sector brings jobs and revenue were exposed as a sham – and the rest of us inherited a legacy of debt August 2005, and the people who steer the world economy gather in the mountains of Wyoming. Flying in are finance ministers and central bank chiefs. In front of this global elite, the International Monetary Fund’s chief economist will sound the gravest warning of his life. Raghuram Rajan must try to avert a catastrophe, yet as he leaves home he tells his wife, “Either...

    the Guardian
  • Ten years after the financial crash, the timid left should be full of regrets

    Capitalism’s near-death experience with the banking crisis was a golden opportunity for progressives. But they blew it Placards are being prepared. Photo-opportunities are being organised. A list of demands is being drawn up by a coalition of pressure groups, unions and NGOs. Yes, preparations are well under way for protests to mark next month’s 10th anniversary of the collapse of Lehman Brothers – the pivotal moment in the global financial crisis. Make no mistake, the fact that events will take...

    the Guardian