Corrupt Money Launderers HSBC bankrolled David Cameron and George Osborne’s trip to the World Economic Forum in Davos in 2009, it has emerged.
The controversial lender lent the gaffe-prone billionaire bookie and former Tory Treasurer Michael Spencer £200 million pounds just a day before the massive Iceland Crisis that wiped billions of pounds off the balance sheets of many UK Local Authorities.
Many of these cash strapped Local Authorities had invested in Iceland because of advice given to them by one of Michael Spencer’s firms — Butlers.
Shortly after getting a £200million bailout from HSBC and narrowly avoiding bankruptcy because of the Iceland debacle (unlike his local authority clients), Spencer donated a million pounds to the Tory party.
It was around this time that Spencer’s holding company IPGL paid for Cameron and Osborne to fly to Davos by private jet.
This revelation is all the more galling given that Cameron and Osborne are known to have shaped regulation to favour HSBC and Spencer’s ICAP and torpedoed investigations into both firms both in the UK and the USA.
Some anti-corruption researchers and campaigners raised this issue with the HSBC board at the Bank’s Annual General Meeting (AGM) in London on Friday but were sidelined.
The Canary have run a piece on the scandal which has received zero pick-up in the mainstream press.
For more info on Spencer read this article by the excellent I am Incorrigible :
The TV Show Billions is loosely based on the Hedge Fund Insider Trading Battles that creator Andrew Ross Sorkin has covered while working as a New York Times journalist, CNBC Squawk Box host and successful author.
Charlotte Hogg, Deputy Governor of the Bank of England (BoE), was appointed the Bank’s Chief Operating Officer in 2013 but never, despite being asked about potential conflicts of interest, disclosed that her brother is a Barclays director.
When she appeared in front of the Treasury Select Committee (TSC) to discuss her recent promotion Hogg said she was well aware of the Bank’s code of conduct — quite apt given she wrote it.
Charlotte Hogg’s mum Sarah Hogg aka Viscountess Hailsham was head of John Major’s Policy Unit in the 1990s — where the controversial Private Finance Initiative (PFI) that has virtually bankrupted the NHS was pioneered.
Hogg was able to draw on the knowledge and contacts she had built up when pioneering PFI at John Major’s Policy Unit.
Their joint venture eventually became University Partnerships Programme (UPP) — now known to be rip off merchants who market and lobby for increased student debt under the guise of enhanced choice and high quality student experience :
It turns out that Hogg was first recruited for the Chief Operating Officer role at the Bank of England by Virginia Bottomley’s headhunting firm.
Former Health Minister Bottomley is current Health Minster Jeremy Hunt’s Aunt.
So there you are. A very brief tour of the Hogg’s interests.
Below are a few more articles about Charlotte Hogg.
Guardian Piece from 2013 on Charlotte Hogg’s Connections
The Financial Conduct Authority has accused Sunday Telegraph journalists Ben Martin and James Quinn of attempting to launder RBS’s reputation despite several reports by Buzzfeed, The Times, The Daily Telegraph, and BBC Newsnight, of RBS’s rampant and widespread criminal behaviour.
RBS knowingly missappropriated its SME customers’ assets to improve its capital ratio and meet regulatory requirements in what the banks executives themselves referred to as their own ‘dash for cash’.
The Daily Telegraph has form when it comes to lying to its readers. Former chief political correspondent Peter Oborne quit in early 2015 over its unwillingness to report accurately on HSBC fraud.
Martin and Quinn’s piece this morning gives RBS a headline and a platform with which to pretend that the GRG allegations are all false despite overwhelming evidence that RBS knowingly defrauded its SME clients.
The FCA say they are not in a position to comment on GRG till they publish their findings.
When that will be remains anyone’s guess.
So we have the ugly prospect of two sets of state employees continuing to score points against each other by withholding and ignoring the truth about their own involvement in withholding and ignoring the truth.
The mind boggles at the unfathomable depths to which these civil servants will plumb in order to prevent justice and transparency and protect the shadiest part of the state’s fraudulent investment portfolio.
Is it morally right to cannibalise your own citizens if you do it via the people’s de facto sovereign wealth fund?
Innocent British businessmen were sold ‘protection’ on loans they took out with the bank but unknown to them the small print stated they were on the wrong side of an unlimited downside spread bet with the bank in which they had unwittingly remortgaged the roofs over their families’ heads.
Given that fraud is the banking industry’s business model all this should not come as a surprise.