Mirror exposes Qatar’s World Cup slavery

March 31, 2014 at 8:12 pm (capitalism, Human rights, internationalism, Middle East, posted by JD, profiteers, Slavery, sport, unions, workers)

***Embedded image permalink

The Daily Mirror today returned to its radical, campaigning best, with a front-page lead report by Kevin McGuire on slave labour in Qatar. To the best of my knowledge, it’s the first time a British tabloid has raised the issue of the murderous conditions of migrant workers in Qatar as the Emirate prepares for the 2022 World Cup (though Nick Cohen has written some excellent pieces for the Observer).

The Mirror‘s report:

Qatar is accused of working 1,200 people to death in its £39billion building bonanza for the 2022 World Cup.

An investigation by the Mirror into the oil-rich Emirate revealed horrific and deadly exploitation of migrant workers, who are forced to live in squalor, drink salt water and get paid just 57p an hour.

Campaigners fear the death toll could reach 4,000 before the Finals kick off. One worker told us: “We are treated like slaves and our deaths are cheap.”

FIFA faces renewed pressure to show Qatar a World Cup red card following the exposure of mass deaths and vile exploitation of construction workers in the region.

A team of British trade union leaders and MPs warned that the 2022 tournament is being built “on the blood and misery of an army of slave labour”, after uncovering appalling abuse during a visit to the Gulf monarchy.

Qatar is accused of working 1,200 migrants to death since being awarded the World Cup in 2010 and campaigners have insisted the shocking death toll could reach 4,000 before a ball is even kicked in the Finals.

On a mission organised by Geneva-based Building and Woodworkers’ International, a global federation of construction unions, I witnessed and heard distressing evidence of systematic mistreatment on an industrial scale. Sneaking into squalid labour camp slums under the cover of darkness, frightened workers lured to Qatar with false promises of high salaries complained of persecution.

One Nepalese carpenter, paid the equivalent of just 95p an hour, said: “We’re treated like slaves. They don’t see us as human and our deaths are cheap. They have our passports so we cannot go home. We are trapped.”

Read the rest of this entry »

Permalink 2 Comments

The treachery of Mandelsnake

September 26, 2013 at 10:08 am (capitalism, economics, Jim D, labour party, profiteers, reformism, Tony Blair)

“As a result of the speech, I believe that perceptions of Labour policy are in danger of being taken backwards.  At the business department I tried to move on from the conventional choice in industrial policy between state control and laissez-faire. The industrial activism I developed showed that intervention in the economy – government doing some of the pump priming of important markets, sectors and technologies – was a sensible approach” – Peter Mandelson

Above: puppet of big business

It was, of course, inevitable that Ed Miliband’s modest proposal to freeze energy prices for 20 months would induce howls of outrage from the big six energy profiteers and their mouthpieces – one of whom performed exactly the same service for the banks not so long ago.

Scare stories  about the lights going out, and thinly-veiled threats of an investment strike, were entirely predictable from the energy giants, the City, the right-wing media and the Tories.

But doesn’t poor Miliband have the right to expect at least a discreet silence from people who - on paper at least – are in the Labour Party? Obviously not. Loathsome Lord Mandelsnake has emerged from the woodwork to denounce the plan and accuse Miliband of going “backwards” – by which the Snake presumably means being slightly less craven towards big business than he and his boss Mr Blair were when they were in government.

Actually, Miliband’s proposals are pretty weak: what he aught to be promising (especially now in the face of the blackout and investment strike blackmail) is simply to renationalise all power generation and distribution.

And Miliband needs to understand that there is a group of unreconstructed Blairites like Mandelsnake, organised by the ‘Progress‘ outfit, who are absolutely determined to thwart even the slightest suggestion of a leftward shift in Labour policy and don’t give a damn if the Party loses the next election.

Permalink 2 Comments

Was profit a factor in the Galician train crash?

July 27, 2013 at 9:11 am (capitalism, Jim D, profiteers, tragedy, transport, workers)

If this is true it should be more widely publicised:

p002_f01.jpg

Profit behind Galician train crash?

From the Basque newspaper Gara:

The disaster took place on a curve where a new high speed rail line was connected to a slow one – to save money. Drivers were supposed to slow from 220 km to 80 km. There was nearly an accident during the inauguration run.
There was no automatic braking system -to save money… Drivers had to be punctual to avoid passengers claiming compensation (and save money.) The accident train was running late.

…But of course, it’ll be the driver who carries the can.


H/t: Pete Gillard (via Facebook)‬

Permalink 6 Comments

Crosby, Cameron and their smokescreen

July 25, 2013 at 9:22 pm (Conseravative Party, corruption, David Cameron, Jim D, profiteers, Tory scum)

Shiraz Socialist‘s crack team of high-price legal eagles tell me I have to be careful about what I write about Lynton Crosby, David Cameron and tobacco packaging.

So I’ll start by simply welcoming Andrew Marr back to our screens:

Marr asks Cameron about Crosby at 06.15

For months Cameron has been evading questions about Crosby’s influence over tobacco policy, repeating the mantra that he’s never been “lobbied” by Crosby. On the Marr show on 21 July (above) he continues the evasion, repeatedly refusing to say whether he’s discussed plain cigarette packaging with Crosby, instead denying that Crosby had “intervened” on tobacco policy.

On Monday Sheila Gunn, John Major’s former press secretary, told BBC Radio 4′s Today programme, “Lynton’s job is to go through all different policies with David Cameron and advise him whether or [not] they are going to be vote winners or losers … But the choice of verb ‘intervene’ – just like at prime minister’s question time last week he said he hadn’t been lobbied by Lynton on this. The fact that he wouldn’t expand on whether or not they’d talked about it and his body language – he just looked very uncomfortable.”

On Tuesday Crosby himself issued a statement denying that he had ever “discussed” tobacco packaging with Cameron – a word (“discussed”) that Cameron had spent months avoiding using.

Then, immediately following Crosby’s statement, Cabinet Secretary Jeremy Heywood, rejecting Ed Miliband’s call for an enquiry, stated that the Conservative Party had drawn up “principles of engagement” with Crosby: “Against this background I do not see what purpose would be served by the enquiry that you propose,” Heyward wrote to Miliband.

But it turns out that the “principles of engagement” is an undated document that has simply appeared out of the blue sans provenance, just as the heat is being turned up on Cameron. Jon Trickett, Labour’s Shadow Minister for the Cabinet Office has now written a searching letter to Heywood, politely but firmly asking for some answers:

Dear Sir Jeremy,

Thank you for your letter of 23 July in response to letters from me and from Ed Miliband, which I think you will acknowledge leaves a number of questions unanswered. It is notable that you have chosen not to give your own judgement on any of the substantive issues raised with you.

Significantly, you do not say – just as the Prime Minister has not said – that the tobacco lobbyist Lynton Crosby has had no discussions with the Prime Minister about tobacco policy. Nor do you say that there is no conflict of interests between Mr Crosby’s role advising the Conservative Party and his role advising a number of commercial organisations who have an interest in Government policy.

Thank you also for passing on “the principles of engagement between Lynton Crosby and the Conservative Party” – which are undated. The journalist Michael Crick has quoted a Conservative Party source as saying “The principles of engagement capture what was agreed at the time Lynton was hired… verbal agreement on the principles of engagement was made at the time Lynton was hired. This was written down in the last couple of days and published today.” It therefore appears that this was not properly drawn up by civil servants in order to avoid conflicts of interest in Government, but hastily cobbled together after Mr Crosby had become a political embarrassment to the Conservative Party.

In addition, there remains a significant lack of clarity over who Lynton Crosby’s clients are, and whether either the Government or the Conservative Party have any idea who they are.

The Prime Minister’s spokesman reportedly “said that he had been unaware that Mr Crosby’s British company had Philip Morris Ltd, whose brands include Marlboro, as a client” (The Times, 13 July 2013). And on BBC Radio 4′s World At One programme last Wednesday, the Conservative Party Chairman Grant Shapps said that “It is a matter for Lynton Crosby who his clients within the company are”. Yet on BBC 2’s Newsnight last Tuesday, the Health Secretary suggested that he was privy to details of Mr Crosby’s clients when he said that public health was an area Lynton Crosby never advised the Prime Minister on “because his company has clients in that area”.

Clearly, if the Prime Minister and the Conservative Party are unaware of who Mr Crosby’s clients are – which is what the Chairman of the Conservative Party says is the case – then you will agree that the principles of engagement are unenforceable and worthless. In the interests of transparency Mr Crosby’s company’s full client list should be published immediately.

I would be grateful if you would answer the questions below.

• Were you or any civil servants involved in any way in the drawing up of the terms of engagement published yesterday? 

• Did you know that the principles of engagement which you sent me had only been “written down in the last couple of days”? 

• Did you know about them before this week, and when did you first see them? 

• Do you have any evidence at all that these principles have been followed?

• Are you personally satisfied that Lynton Crosby has had no discussions with the Prime Minister or other Ministers about tobacco policy, alcohol policy, NHS policy or fracking policy?

• Are you personally satisfied that there is no possibility of a conflict of interests between Mr Crosby’s roles as an adviser to the Conservative Party and an adviser to commercial organisations?

• Do you know who Mr Crosby’s commercial clients are, and in the interests of transparency will you ensure that a full list is published immediately?

Given the continued public interest in these matters I am releasing this letter to the press.

Yours sincerely,

Jon Trickett MP

************************************

Readers will notice that I’ve completed this post without once using the word “liar.” Our legal eagles should be proud of me – JD

Permalink Leave a Comment

Bangladesh factory tragedy: statement from Labour Behind the Label

April 25, 2013 at 5:34 pm (Bangladesh, capitalism, Human rights, internationalism, profiteers, reblogged, rights, solidarity, tragedy, workers)

Bangladeshi soldiers use earth mover during rescue operation at site of factory collapse in Savar, near Dhaka, Bangladesh, April 24, 2013. At least 161 people were killed.

Bangladeshi soldiers use earth mover during rescue operation at site of factory collapse in Savar, near Dhaka, Bangladesh, April 24, 2013. At least 161 people were killed. / AP

Statement from Labour Behind the Label:

Labour Behind the Label today mourns the senseless loss of life, after an 8 story building in Savar, Bangladesh housing 3 clothing factories collapsed this morning (24.4.13). Over 82 workers [now known to be at least 161 -JD] were killed in the wreckage and 800 people injured, with the death toll set to rise as further bodies are found. Labour rights groups and trade unions in Bangladesh and internationally are calling for immediate action from international brands following the collapse.

 The building contained 3 separate clothing factories, which locals say housed around 6,000 workers. Following the collapse, activists were able to enter the ruins and discovered labels from brands including Primark and Mango, indicating that they were sourcing from the factories. Rana Plaza also produced for a host of well known brand names including C&A, Matalan and Wal-Mart.

This collapse follows the Tazreen factory fire in the same district that killed 112 workers five months ago, and the Spectrum Factory collapse of 2005 which caused the death of at least 64 workers. The speed of the garment industry expansion in the Savar area is an ongoing and pressing concern. Savar, just outside of Dhaka, has seen significant growth in garment factories in recent times, with factories being built on swamp land and without proper building regulations in place. Labour rights groups say unnecessary deaths will continue unless and until brands and government officials agree to an independent and binding fire and building safety program.

“It’s unbelievable that brands still refuse to sign a binding agreement with unions and labour groups to stop these unsafe working conditions from existing. Tragedy after tragedy shows that corporate-controlled monitoring is completely inadequate,” says Sam Maher of Labour Behind the Label.

She adds: “Right now the families of the victims are grieving and the community is in shock. But shortly they, and the hundreds injured in the collapse, will be without income and without support. Compensation must be provided by the brands who were sourcing from these factories, and responsibility taken for their lack of action to prevent this happening.”

Labour Behind the Label is calling upon all major brands sourcing from Bangladesh to sign the ‘Bangladesh Fire and Building Safety Agreement’ immediately to stop future tragedies from happening. The Clean Clothes Campaign, together with local and global unions and labour rights organisations, has developed this sector-wide program that includes independent building inspections, worker rights training, public disclosure and a long-overdue review of safety standards. This transparent and practical agreement is unique in that it is supported by all key labour stakeholders in Bangladesh and internationally.

*********************************************************************************************************

Note to political cartoonists: time to revisit and update this:

:

Permalink 7 Comments

Measles: single jab quackery

April 24, 2013 at 7:41 pm (children, conspiracy theories, Daily Mail, health service, Jim D, media, parasites, profiteers, science, Tory scum, truth, youth)

It is now universally accepted by competent health professionals that the MMR triple vaccination jab is the safest protection presently possible against measles, mumps and rubella. The present outbreak of measles in South Wales is entirely attributable to the discredited (and probably fraudulent) “research” of Andrew Wakefield in 1998, falsely linking the MMR jab with autism. Wakefield’s dodgy “research” was widely promoted by the Daily Mail and other media (including the South Wales Evening Post) from the moment it first appeared until well into the 2000′s, even after Wakefield’s “research” was officially discredited and the man himself struck off.  As a direct result teenagers who did not receive the two MMR jabs that are required, as infants, are now the main group suffering from infection.

But still opportunist quacks are (literally) cashing in on the fears of gullible parents: The Children’s Immunisation Centre (see below) ran a clinic last weekend in Swansea supplying the less effective single measles vaccination privately for £110 for each jab plus a £50 registration fee. MMR is available on the NHS free of charge.

The Children’s Immunisation Centre website gives telephone numbers for private clinics offering single measles jabs in England and in Swansea and also links to old newspaper articles suggesting an autism link to the MMR vaccine.

It also claimed that the single vaccines are “the only safe option” to immunise against measles – but that demonstrably false claim has now been removed from their website.

Why has no government minister spoken out against these quacks? In particular, why has health minister Jeremy Hunt had nothing to say? It surely can’t be because the government rather approves of both “parental choice” and private medicine for profit – or that Hunt himself is on record as being sympathetic towards quackery?

H/t: BBC Wales

The profiteers’ fraudulent publicity, below:

The Children’s Immunisation Centre Ltd operates The Immunisation and Medical Centres. Our centres operate Nationally London, Manchester, Kent, Dartford, Birmingham, Southampton, (Leeds-Harrogate, Nottingham-Sheffield Coming Soon), has been specialising for ten years  on all types of vaccinations but particularly  in single vaccinations against  Measles, Mumps, Rubella: MMR single vaccinations; baby jabs and other childhood and new vaccinations to protect adults and children in the UK, and for all your travel vaccinations such as Yellow Fever ,Typhoid rabies and Cholera to name but a few.

We are particularly proud of our 100 per cent safety record and have over 18,000 registered patients and we are one of the UKs largest and friendliest injectables company.

Our group was established in 2002, and for the last 10 years has brought PEACE OF MIND to thousands of patients for affordable private single baby jabs of single Measles, Mumps, Rubella (MMR single jab vaccinations) -currently no mumps vaccine available in the UK.

All our thousands of patients are healthy, with no autism, no hospitalizations or fits (anaphylaxis shock) no febrile convulsions. We have a 100% Safety Record and have given over 70,000 vaccinations.(over 18,000 patients)

Our Measles, Mumps, Rubella single jab (MMR single jabs) immunisation clinic was the first private health clinic to obtain its Care Quality Commission. We have been independently audited and checked by  Care Quality Commission Assessors;

FOR YOUR PEACE OF MIND

FOR YOUR PEACE OF MIND.

Our clinics are in Birmingham, London Harley Street, Manchester,  Kent-Dartford, Southampton, (Leeds-Harrogate, Nottingham-Sheffield Coming Soon). All our clinics are open on Saturdays so that parents can conveniently bring their children for their single MMR jabs (single immunisations). It is essential children and adults keep up with all their immunisations and check booster requirements.

Apart from MMR single jabs, we also protect against the following diseases, especially for travelling children. No NHS referral necessary.

Permalink 5 Comments

EDF are suing our daughter

February 27, 2013 at 6:51 pm (Civil liberties, climate change, environment, Free Speech, Human rights, law, profiteers, protest, science)

Above: EDF’s attempt to look lovable…

Our daughter Claire was one of 21 activists who spent a week up a chimney at West Burton power station to protest against the use of gas-fired power stations.

It was a peaceful protest to draw attention to the environmental consequences of burning fossil fuels for power. No one was hurt but now EDF Energy are suing our daughter and her fellow activists for £5 million.

We believe this is totally unfair and unprecedented. That’s why we have started a petition to call on EDF to drop the suit against our daughter and her friends, the West Burton activists. Click here to sign our petition.

Our daughter and her friends protested peacefully. They knew they would be arrested but were brave enough to accept this possibility. Peaceful protest has never before been followed by an injunction for costs like this. If EDF are successful in this suit it will set a dangerous precedent for the right to peaceful protest in this country.

We are proud of what Claire and her friends are trying to do. It’s heartbreaking to think that they are being punished for putting themselves at risk for the good of humanity. If EDF pursue this suit they will put my daughter and her friends in debt — possibly for the rest of their lives. For EDF it is a mere drop in the ocean, but for them it is a lifetime’s income.

EDF might think it can silence 21 activists but it has to listen to consumers. If enough consumers show they are outraged by EDF’s actions, the impact to the company’s brand will be worth more than £5 million and the suit will be dropped.

Please sign our petition asking EDF to drop this unprecedented legal assault.

Thank you,
Russ and Barbara Fauset

NB: ‘Will EDF become the Barbra Streisand of climate protest?’ – George Monbiot in the Guardian

Permalink 1 Comment

Thalidomide: insult added to injury

September 2, 2012 at 10:05 pm (capitalism, children, crime, Disability, drugs, Human rights, Jim D, media, profiteers, science, women)

“How do you wrestle with your conscience when the injustice you have perpetuated has destroyed the lives of children and left thousands of thalidomide victims still enduring pain and suffering, without adequate compensation?” – Sir Harold Evans, former Sunday Times editor, in today’s Observer.

After fifty years, Grünenthal, the company responsible for Thalidomide and the deformity and ruined lives of an estimated 10,000-to-20,000 children, has finally issued an apology. Of sorts.

The company has unveiled a statue and released a statement saying that it “regrets” the deformities and agony caused to babies born to mothers who took Thalidomide as a supposed treatment for morning sickness and other prgnancy-related difficulties, in the late 1950′s and early ’60′s.

But the company has not increased the meagre compensation it reluctantly provided to victims in 1968, nor admitted to the scandalous extent of its profit-driven criminal negligence when it released the drug in the ’50′s, without proper testing and with fraudulent claims about its safety. Exactly how much Grünenthal knew about the risks at the time of the drug’s launch is not clear: but for sure, they ignored early evidence of the terrible side-effects (including the wife of one of its own employees, who used Thalidomide and gave birth to a baby without ears before the drug was put on the market).

In Britain, the Distillers Company (now part of Diageo) distributed the drug with the approval of the Ministry of Health (then on very good terms with Distillers) until, eventually, the scandal was exposed by the Sunday Times. It was a dark chapter in the history of medicine but a fine example of courageous, campaigning journalism. The Sunday Times had to take on not just Distillers, but the legal establishment and the Tory government of the day. The attorney-general, backed by the House of Lords obtained an injunction preventing publication of the paper’s devastating findings, and the paper had to spend millions of pounds fighting for the right to publish. Eventually, thanks to the tenacity of then-editor Harold Evans and the paper’s proprietors, the truth came out, the drug was withdrawn and a compensation settlement of £28m was reached with the UK victims.

But the compensation in the UK and world-wide, remains thoroughly inadequate and the battle for justice for all the victims, continues. As Evans notes in his Observer piece:

“[D]ecency requires me to identify some heroes in the struggle for justice – the thalidomide victims, now in middle age, who continue to fight for others: Freddie Astbury, president of Thalidomide UK, who describes the CG apology without compensation as a disgrace; the Lords Jack Ashley and Alf Morris, who fought so hard for the victims in their lifetimes, and Labour’s minister of health, Mike O’Brien.”

I will leave to one side, for now, why it is that Evans is writing in the Observer rather than the paper he edited at the time of the scandal and which played such an honourable role back then, the Sunday Times

Permalink 3 Comments

Diamond Bob and the Barclays gang

June 28, 2012 at 5:36 pm (banks, capitalism, crime, Jim D, parasites, profiteers)

 I’m worried about Bob Diamond.

Barclays‘ new boss first came to my attention in January when he told MPs that the “period of remorse and apology for banks … needs to be over”. I didn’t like that, partly because I hadn’t really noticed any period of remorse and apology, unless you count “I’m sorry our various scams didn’t work” as an apology; and partly because it’s not for him to say. If you’re really sorry for something, you should just keep being sorry. It’s for others to decide when you can be let off the hook. If you’re the first to be asking whether you’ve apologised enough, then you haven’t - David Mitchell, The Observer, 18 Dec 2011

From the FSA:

Barclays fined £59.5 million for significant failings in relation to LIBOR and EURIBOR

 
 
 
 
Newspaper Image

FSA/PN/070/2012
27 Jun 2012

The Financial Services Authority (FSA) has today fined Barclays Bank Plc (Barclays) £59.5 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.

Barclays’ breaches of the FSA’s requirements encompassed a number of issues, involved a significant number of employees and occurred over a number of years. Barclays’ misconduct included:

  • making submissions which formed part of the LIBOR and EURIBOR setting process that took into account requests from Barclays’ interest rate derivatives traders. These traders were motivated by profit and sought to benefit Barclays’ trading positions;
  • seeking to influence the EURIBOR submissions of other banks contributing to the rate setting process; and
  • reducing its LIBOR submissions during the financial crisis as a result of senior management’s concerns over negative media comment.

In addition, Barclays failed to have adequate systems and controls in place relating to its LIBOR and EURIBOR submissions processes until June 2010 and failed to review its systems and controls at a number of appropriate points.

Barclays also failed to deal with issues relating to its LIBOR submissions when these were escalated to Barclays’ Investment Banking compliance function in 2007 and 2008.

Tracey McDermott, acting director of enforcement and financial crime, said:

“Barclays’ misconduct was serious, widespread and extended over a number of years. The integrity of benchmark reference rates such as LIBOR and EURIBOR is of fundamental importance to both UK and international financial markets. Firms making submissions must not use those submissions as tools to promote their own interests.”

“Making submissions to try to benefit trading positions is wholly unacceptable. This was possible because Barclays failed to ensure it had proper controls in place. Barclays’ behaviour threatened the integrity of the rates with the risk of serious harm to other market participants.”

“The FSA continues to pursue a number of other significant cross-border investigations in this area and the action we have taken against Barclays should leave firms in no doubt about the serious consequences of this type of failure.”

The BBA is currently undertaking a review of the way LIBOR is set and will publish its findings shortly. The FSA, along with the other tripartite authorities, is working to support market-led reviews of existing arrangements, with the goal of ensuring such arrangements continue to command the confidence of all stakeholders.

Barclays co-operated fully during the FSA’s investigation and agreed to settle at an early stage. The firm qualified for a 30% discount under the FSA’s settlement discount scheme. Without the discount the fine would have been £85 million.

This was a significant cross-border investigation and the FSA would like to thank the U.S. Commodity Futures Trading Commission (CFTC), the U.S. Department of Justice (DoJ) (together with the Federal Bureau of Investigation (FBI)) and the Securities and Exchange Commission (SEC) for their co-operation.

The CFTC brought attempted manipulation and false reporting charges against Barclays for similar failings, which the bank agreed to settle. The CFTC imposed a penalty of US$200 million. In addition, as part of an agreement with the DOJ, Barclays admitted to its misconduct and agreed to pay a penalty of US$160 million.

Notes for editors

  1. The Final Notice for Barclays Bank Plc.
  2. LIBOR and the EURIBOR are benchmark reference rates that indicate the interest rate that banks charge when lending to each other. They are fundamental to the operation of both UK and international financial markets, including markets in interest rate derivatives contracts.
  3. LIBOR and EURIBOR are used to determine payments made under both over the counter (OTC) interest rate derivatives contracts and exchange traded interest rate contracts by a wide range of counterparties including small businesses, large financial institutions and public authorities. Benchmark reference rates such as LIBOR and EURIBOR also affect payments made under a wide range of other contracts including loans and mortgages. The integrity of benchmark reference rates such as LIBOR and EURIBOR is therefore of fundamental importance to both UK and international financial markets.
  4. LIBOR is published on behalf of the British Bankers’ Association (BBA) and EURIBOR is published on behalf of the European Banking Federation (EBF). LIBOR and EURIBOR are calculated as averages from submissions made by a number of banks selected by the BBA or EBF. There are different panels of banks that contribute submissions for each currency in which LIBOR is published, and for EURIBOR.
  5. LIBOR and EURIBOR are by far the most prevalent benchmark reference rates used in euro, US dollar and sterling OTC interest rate derivatives contracts and exchange traded interest rate contracts. The notional amount outstanding of OTC interest rate derivatives contracts in the first half of 2011 has been estimated at 554 trillion US dollars. The total value of volume of short term interest rate contracts traded on LIFFE in London in 2011 was 477 trillion euro including over 241 trillion euro relating to the three month EURIBOR futures contract (the fourth largest interest rate futures contract by volume in the world).
  6. Until February 2011 the US dollar LIBOR panel consisted of 16 banks and the rate calculation for each maturity excluded the highest four and lowest four submissions. An average of the remaining eight submissions was taken to produce the final published LIBOR.
  7. Throughout the Relevant Period, the EURIBOR panel consisted of at least 40 banks and in each maturity the rate calculation excluded the highest 15% and lowest 15% of all the submissions collated. A rounded average of the remaining submissions was taken to produce the final published EURIBOR.
  8. The FSA Enforcement Conference 2012 – ‘Credible deterrence: Here to stay’ takes place on Monday, 2 July, 2012.
  9. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
  10. The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013. The Financial Services Bill currently undergoing parliamentary scrutiny is expected to receive Royal Assent by the end of 2012

**************************************************************************************************

Peston’s Picks here

 

Permalink 3 Comments

‘Benefit of Clergy’: Some notes on Damien Hirst

April 3, 2012 at 4:28 pm (Art and design, celebrity, Jim D, Orwell, post modernism, profiteers, surrealism)

How then do you become Napoleon? There is always one escape: into wickedness. Always do the thing that will shock and wound people. At five, throw a little boy off a bridge, strike an old doctor and break his spectacles — or, anyway, dream about doing these things. Along the lines you can always feel yourself original. After all, it pays! It is much less dangerous than crime…

…One ought to be able to hold in one’s head simultaneously the two facts that Dali is a good draughtsman and a disgusting human being. The one does not invalidate or, in a sense, affect the other  – George Orwell Benefit of Clergy: Some notes on Salvadore Dali - 1944.

I think art is the greatest currency in the world. Gold, diamonds, art are equal things and I think its a great thing to invest in. I love art and you can put it on your wall and enjoy it as well — Damien Hirst, in The Independent 03/04/12.

Mannequin Rotting in a Taxi-Cab (Dali), and…

File:Hirst-Love-Of-God.jpg

For the Love of God (Hirst)…which is the more depraved?
 
The eve of Damien Hirst’s Tate Modern restrospective, seems like an apposite moment to revisit Benefit of Clergy: Some notes on Salvadore Dali, George Orwell’s extraordinary 1944 attack on the great surrealist. Ostensibly a review of Dali’s 1942 autobiography The Secret Life Life of Salvadore Dali, the article is in reality an extended rumination upon the relationship (if any) between art and morality. It’s one of Orwell’s most profound, thought-provoking and powerful essays on a (supposedly) ‘non-political’ subject. The title of the piece (Benefit of Clergy) is a reference to the ancient rule by which the clergy were exempted from trial by a secular court if charged with a felony. Orwell examines the modern equivalent: the idea that art and artists are above ‘normal’ morality if their art is sufficiently “good.” Orwell comments:
 
“The first thing that we demand of a wall is that it
shall stand up. If it stands up, it is a good wall, and the question of
what purpose it serves is separable from that. And yet even the best wall
in the world deserves to be pulled down if it surrounds a concentration
camp. In the same way it should be possible to say, ‘This is a good book
or a good picture, and it ought to be burned by the public hangman.’
Unless one can say that, at least in imagination, one is shirking the
implications of the fact that an artist is also a citizen and a human
being.”
 
The parallels between Dali and Hirst are unmistakable (and I am not the first to note them in the context of Orwell’s great essay): both are (was, in the case of Dali) consumate self-publicists, money-grubbers, fawners before the rich and powerful, and empty, superficial, thoroughly reactionary characters. Both have/had an almost childish desire to shock with a shared prediliction for rotting human and animal remains (Orwell considers Dali’s “most notable characteristic” to have been his “necrophilia“)..
 
But there is one fundamental difference. Orwell noted that Dali was, despite everything, a “draughtsman of very exceptional gifts“: even the unpleasant (Orwell wrote “diseased and disgusting“) Mannequin rotting in a taxicab is “a good composition.”
 
Dali, writes Orwell, “is an exhibitionist and a careerist, but he is not a fraud. He has fifty times more talent than most of the people who would denounce his morals and jeer at his paintings.”
 
Self-evidently, the same cannot be said of Hirst, a poor craftsman and non-artist, who doesn’t even physically produce his own work, but employs cheap labour to do it for him. This stuff is artistically worthless, and (at least one critic has predicted) may soon become literally worthless, despite its present astronomical price-tags. The proof of the pudding is in the eating: Hirst’s one, ill-advised foray into painting – wisely not included in the Tate Modern show – was simply pathetic
 
Hirst is a nauseating little money-grubber and self-publicist. He’s probably not such a foul excuse for a human being as was Dali. But nor is is such a good artist. Or, indeed, an artist at all, other than in the sense of “con-artist.”
 

Permalink 16 Comments

Next page »

Follow

Get every new post delivered to your Inbox.

Join 417 other followers