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Thu, 06 Oct 2022
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Bad Guys

Head of Institute of Directors Calls for UK Banks Purge

© Dylan Martinez/Reuters
Calls for Bob Diamond to resign as CEO of Barclays are growing becoming more vociferous.
The head of the Institute of Directors (IoD) led the mounting clamour on Friday from the City, business leaders and politicians for a cull at the top of Britain's banks. In an unusually strong condemnation of the culture of banking, Simon Walker, director general of the IoD, said it was "high time" for a clearout of top bankers after a wave of mis-selling scandals and market manipulation.

His remarks came on a day when pressure was mounting on Bob Diamond to step down as chief executive of Barclays in the wake of the record-breaking £290m fine for the bank's attempt to fix a crucial interest rate and as the Financial Services Authority ordered Barclays and three other high street banks to compensate up to 28,000 small businesses that were mis-sold products designed to minimise their risk against interest rates going up.


Montreal Police Find Human Remains Linked to Luka Rocco Magnotta

© The Canadian Press/Graham Hughes
A police forensic vehicle leaves a Montreal park where they carried out a search on Sunday, July 1, 2012.
Montreal - A published report says Montreal police have found human remains linked to alleged killer Luka Rocco Magnotta.

Radio-Canada is reporting that body parts were found in a Montreal park on Sunday.

Montreal police spokeswoman Anie Lemieux says the remains were found after a link with Magnotta.

Police are not saying who told them about the possible links with Magnotta.

Magnotta is accused of the murder and dismemberment of Concordia University student Jun Lin.

Lin's torso was discovered stuffed in a suitcase behind Magnotta's apartment building. His hands and feet were mailed to political parties in Ottawa and two B.C. schools.

Source: The Canadian Press

Bad Guys

US Attorney General Holder Will Not Be Prosecuted Over Gun-Tracking Scandal

© US Attorney General (AG) Eric Holder
The US Justice Department has said that it would not prosecute Attorney General (AG) Eric Holder for contempt, after he refused to turn over to Congress documents about a gun-tracking scandal to Mexico.

The Republican-led House of Representatives approved a resolution on Thursday to hold the attorney General in criminal contempt of Congress. The Republicans accused Holder of refusing to provide certain documents related to the Justice Department's failed Fast and Furious operation, intended to track weapons sold along the Mexican border.

Black Cat

Sexual Predators in the Police Targeting Victims They are Supposed to be Helping

© North News & Pictures
Northumbria police constable Stephen Mitchell, who was jailed for life after admitting charges of rape, indecent assault and misconduct in public office.
Guardian investigation finds sexual predators in police are abusing their power to target victims of crime

Sexual predators in the police are abusing their power to target victims of crime they are supposed to be helping, as well as fellow officers and female staff, the Guardian can reveal.

An investigation into the scale and extent of the problem suggests sexual misconduct could be more widespread than previously believed.

The situation raises questions about the efficacy of the police complaints system, the police's internal whistleblowing procedures, the vetting of officers and a failure to monitor disciplinary offences.

Police officers have been convicted or disciplined for a range of offences from rape and sexual assault to misconduct in public office relating to inappropriate sexual behaviour with vulnerable women they have met on duty. Others are awaiting trial for alleged offences, though many are never charged with a criminal offence and are dealt with via internal disciplinary procedures.


Banking Scandal: 'the Rot Was Widespread, the Corruption Endemic'

© Dylan Martinez/Reuters
Bob Diamond of Barclays. Vince Cable argues that shareholders must play a more aggressive role in controlling the direction of banks.
Urgent action is being taken by the coalition to tackle the incompetence and greed exposed by interest-rate rigging affair

Last week's banking scandals demolished a convenient myth: that the banking crash was all the fault of a few colourful rogues like Fred the Shred of RBS and Adam Applegarth of Northern Rock. We have been reminded, instead, that the rot was far more widespread. Incompetence, corruption and greed have been endemic in British banking. The RBS/NatWest computer failure illustrated the incompetence. Millions of households and firms now have to clean up the mess caused by accidental missed payments, bounced cheques and cash shortages.

Wall Street

Vince Cable advises shareholders: throw out bank cheats!

Vince Cable banking system
© Ray Tang/Rex Features
Vince Cable wants to purge corrupt executives, who he says have allowed 'systemic abuse' to take root in the banking system.
Bosses preside over 'moral quagmire', says business secretary, as Barclays chief Bob Diamond is summoned to face MPs

Vince Cable has urged shareholders in UK banks to rise up and purge their companies of corrupt executives, who he says have allowed "systemic abuse" to take root in the banking system.

The business secretary, writing in the Observer says it is now clear that no one at Barclays Capital, the investment bank that triggered the market-rigging scandal, is prepared to take responsibility for endemic corruption, so the ultimate owners of banks must take matters into their own hands.

Describing the problems in UK banking as "a moral quagmire of almost biblical proportions", Cable says the government is taking urgent action, including creating a clearer separation between "casino-style investment banking" and retail banking on the high street. Ministers will this week begin a review into the Libor system under which banks lend to each other and Cable hints that US-style criminal sanctions, such as the threat of prison terms, could be considered against those who abuse it.

But he says shareholder power will be crucial. "Regulators are a backstop: they don't own banks," he writes. "The governance at the top of our leading banks has been shown to be lamentably weak. No one at the top of Barclays will take responsibility for systemic abuse.

"Shareholders, the owners, have a major responsibility here. I am bringing in legislation to strengthen their control over pay and bonuses, through binding votes, but shareholders have to get a stronger grip on weak boards and out-of-control executives."


Barclays Bank Chairman Marcus Agius to Resign over Libor Lending Rate Scandal

© 2012indyinfo.com
Marcus Agius is to resign as the chairman of Barclays in the wake of the Libor lending rate scandal.

BBC business editor Robert Peston says Mr Agius will admit to an "unacceptable standard of behaviour" at Barclays when he makes the announcement on Monday.

It comes after Barclays was fined £290m ($450m) for attempting to manipulate the Libor inter-bank lending rate.

Earlier, it emerged RBS had sacked four traders over their alleged involvement in the Libor-fixing scandal.


Six Injured in Seattle House Party Shooting

© Komo
Police and medics responded to the scene of the shootings in South Seattle.
Six people were injured -- one of them critically -- when gunfire erupted at a large party at a South Seattle home early Sunday, police and witnesses said.

Officers are now looking for two or three suspects who remain at large.

A Seattle Police spokesman said the shots were fired just before 2 a.m. Sunday at a home on Lindsay Place in South Seattle.

There was a big party there, with nearly 100 people, and as more people arrived, tensions kept rising. Police say they were called to the scene twice earlier in the evening before shots were fired.


Update: Arrest made in shooting death of 7-year-old Chicago girl

Jarrell Dorsey
© Chicago Police Department
Jarrell Dorsey
A 26-year-old man was arrested late Friday night and formally charged Saturday in the death of Heaven Sutton who was shot in front of her Chicago home.

The Chicago Sun-Times reports Jerrell Dorsey has been charged with one count of first-degree murder and one count of aggravated battery with a firearm.

Last Wednesday evening, Heaven was outside her home with her mother and some friends. The little girl, who was to enter Grade 2 next year, had a stand where she sold lemonade and candy. She had just finished for the night and was sitting with her mother.

Shortly after 10:30 p.m., two men walked up and began shooting into the crowd. Heaven was hit once in the chest and was taken to Loyola University Medical Center where she later died. A 19-year-old man was shot in the ankle. The shooters then fled.
Heaven was the 253rd person murdered in Chicago this year.

Heart - Black

Heaven Sutton, 7-year-old Chicago girl latest victim of rising Chicago gun violence

© ABC News
Heaven Sutton, 7, died Wednesday after being struck in the back by a stray bullet as she reportedly raced for cover from a stand where she was selling candy in front of her Chicago home.
A 7-year-old girl has become the latest symbol of surging violence in the Windy City.

Heaven Sutton died Wednesday after being struck in the back by a stray bullet as she reportedly raced for cover from a stand where she was selling candy in front of her Chicago home.

Sutton was the fourth person killed in her neighborhood on the city's west side this week and the 20th person under age 17 killed by gunfire in Chicago this year, the Chicago Tribune reported. Overall, the city has had more than 250 homicides this year, a nearly 40 percent rise since 2011.

The brother of Heaven Sutton, 7, who died Wednesday after being struck in the back by a stray bullet as she reportedly raced for cover from a stand where she was selling candy in front of her Chicago home.

"She loved to sing, dance and crack jokes," Ashake Banks, Sutton's mother, told ABC News. "And she always smiled."

Banks told ABC she hoped gangs would stay away from the candy stand, which Banks set up to give kids a safe place to gather. "But they really didn't even care...They killed my baby," she added.