By Luke James in Britain:
Plaid Cymru calls for bank fine to go to good causes
Friday 28 December 2012
Under previous rules it would have been offset against future fees but in the summer the government said fines should be returned to the taxpayer.
Ms Wood said the money should be used to help people who had lost out from the economic collapse brought on by financial firms.
She called the UBS fine “no more than a slap on the wrist.
“It was wrong for fines levied on banks to be paid back into the same pot at the Financial Services Authority as if banks were all just part of one big club with no responsibility to society.
“The punishment must fit the crime.”
Ms Wood said the financial crisis and subsequent banker-pushed austerity measures had made many more people homeless.
“This money should be used to alleviate housing problems and support individuals and families who have fallen on hard times.
“With cuts to services being forced through by the UK government, this money could assist those services to help people who are often in desperate need of shelter and food, and have faced severe hardship because of the economic downturn.”
Economists today exposed an “implicit” too big to fail subsidy that stuffed £30 billion into Britain’s banks in 2011: here.
A Leeds hostel for homeless people said today that it is facing “record levels” of demand not seen since the Great Depression of the 1930s: here.
- Finally, a Few Bankers Face Criminal Prosecutions for Conspiracy (theepochtimes.com)
- Wales News: UBS’ £160m fine should help homeless and poverty-stricken, says Plaid Cymru’s leader (walesonline.co.uk)
- Labour-Plaid Cymru deal on budget (bbc.co.uk)
- 36 UBS Bankers To Be Implicated In Liborgate, Criminal Charges To Be Filed (zerohedge.com)
- The rotten heart of capitalism: interest rate-fixing scandals (rightways.wordpress.com)
- UBS Bankers Face Criminal Charges Over LIBOR (americankabuki.blogspot.com)