As long as threats are being issued over the matter, Citigroup would like to remind the U.K. that without the EU, it is just a small island country that is no easier to get to from New York than Frankfurt. Read more »

The British government is fighting dirty in its bid to win next September’s referendum on Scottish independence, with a new Treasury report calling Caledonia Cyprus without the beaches or Turks. Read more »

  • 23 Apr 2013 at 4:59 PM

The UK Begs To Differ

The British government doesn’t understand what the IMF is saying, and doesn’t care about what the EU is saying. Read more »

You know what would have made the financial crisis even more exciting? A proliferation of smaller British banks begging for a little help or full-on nationalization. In any event, the FSA is apparently going to keep busy right up until the moment that George Osborne shuts the lights. Read more »

  • 05 Mar 2013 at 6:08 PM
  • bonuses

EU Bullies Gang Up on Britain to Approve Bonus Limits

The surprise camaraderie enjoyed by the U.K. in European circles, vis-à-vis the European Community’s campaign to destroy London’s status as a global financial center, has evaporated as quickly as it appeared. As if to fortify the opinion of Euroskeptics across Great Britain that the U.K.’s European partners are fey, duplicitous and centralizing all at the same time, Germany et. al. have said, “We’re happy to sign an impotent letter complaining about something we can no longer do anything about, but you can’t expect us to stand in the way of impotent populist measures directed at people who don’t live in our countries.” Read more »

The last six weeks have been a fairly stressful time for Anna Gristina/Scotland. On March 6, she was arrested for allegedly running a brothel out of an East 78th Street apartment, where she provided hookers to “wealthy, powerful men” (“politicians, top-law enforcement, influential lawyers, bankers, entertainment execs and Fortune 500 businessmen”), which meant her plans for global expansion (the details of which she’d been hammering out with a broker friend just that morning) had to be shelved. On April 3, her request for reduced bail (set at $2 million) was denied for a fourth time. On April 9, it became clear she was probably going to have to send her pet pigs to a farm “upstate.” Right now, as she sits in a jail cell on Riker’s Island, it would be fair to assume Gristina/Scotland’s spirits are pretty low. And while it may be little consolation, she should know that everyone back home, across the pond, is not only rooting for her but swelling with pride over her accomplishments, which they speak of in terms generally reserved for local athletes bringing home Olympic gold medals. Read more »

Perhaps rightfully so, British bankers have had it up to here [here] with their government. The anger stems from freaky ass rules officials would like to impose on financial services chippies (for instance, rules that would cap top execs’ cash bonuses at 20 percent of total total compensation and proposals to tax the shit out of them) and the general feeling that the government is too mean to bankers. So sick are they that enough is enough. Led by Barclays chief John Varley and British Bankers Association head Angela Knight, a “fresh effort” has been waged to say “we’re not going to take this anymore.” How serious is this thing? Serious enough to warrant a code name involving wizards. Read more »

The Journal reports that “European finance ministers working on an international aid package for Ireland want the U.K. to make bilateral loans to Dublin as part of a larger aid package that could total up to €100 billion ($136 billion) and include credit from the euro zone and International Monetary Fund,” according to people familiar with the matter. The deal for the banks would be around €45 billion to €50 billion, while “a broader package designed to restore confidence in Ireland’s public finances as well could range from €80 billion to €100 billion.” However, we’re not there yet, as some people are too proud to take a handout. Read more »