Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended.
The Parliamentary Commission on Banking Standards was set up by Chancellor George Osborne last year after a number of scandals involving the industry.
The cross-party group's fifth report attacked the lack of accountability of bankers and also said some bonuses should be withheld for up to 10 years.
The Treasury has welcomed the report.
It called it "a very impressive piece of work" and promised to provide a response before the summer recess.
"Where legislation is needed, we have said we will support it, and the banking bill currently before Parliament can be amended to ensure they are quickly enacted," a spokesman added.
The 571-page report also called on the government to review alternatives for selling off the Royal Bank of Scotland (RBS), including breaking it up, and demanded action to make the banking market more competitive.
"Too many bankers, especially at the most senior levels, have operated in an environment with insufficient personal responsibility," the report says.
"Senior executives were aware that they would not be punished for what they could not see and promptly donned the blindfolds.
"Where they could not claim ignorance, they fell back on the claim that everyone was party to a decision, so that no individual could be held squarely to blame - the Murder on the Orient Express defence."
The report advocated:
- senior bankers should be assigned clear personal responsibilities, with the legal onus on them to show they have done all that is reasonably required
- recklessly disregarding these responsibilities should be made a criminal offence - including a possible prison sentence
- senior bankers - and anyone in a position to cause the bank serious harm, such as top traders - should adhere to a new set of banking standards set by regulators
- pay for bankers should be deferred for up to 10 years, with the ultimate payout linked to the long-term performance of the bank and of the employee's particular business area
- deferred pay and pension rights should also be cancellable if a banker misbehaves, or - in the case of senior managers - if the bank has to be bailed out
- banks should be legally required to put financial safety ahead of shareholder interests
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
At the Comex, the open interest in silver rose by a rather large 2408 contracts to 150,968 contracts despite silver's fall in price yesterday. The silver OI is still holding firm at these highly elevated levels. As I mentioned to you yesterday, the bankers will try and do everything possible to remove as many longs from the silver arena as possible. They must know something is up!!
The open interest on the entire gold comex contracts fell by 4081 contracts to 372,950 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. The number of ounces which is standing for gold in this June delivery month is 940,500 or 29.2 tonnes.The number of silver ounces standing in this non active month of June remained constant at 705,000 oz
Tonight, the Comex registered or dealer inventory of gold remained the same at 1.434 million oz or 44.60 tonnes. This is still dangerously low. The total of all gold at the comex also remained the same at 7.706 million oz or 239.68 tonnes of gold.
JPMorgan's customer inventory shows no change and rests tonight at its nadir of 136,380.611 oz or 4.24 tonnes. Its dealer inventory remains at 413,526.284 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.
The total of the 3 major bullion dealers, Scotia , HSBC and JPMorgan have in the Comex dealer account only 30.02 tonnes of gold
The GLD reported a loss in inventory of 1.51 tonnes of gold inventory. The SLV inventory of silver remained firm with no losses or gains in inventory.
In physical stories we have reports from, Bill Holter and Chris Powell of GATA on the departure of Gary Gensler and maybe others at the CFTC.
On the paper side of things,we have Ron Paul tackling USA involvement inside Syria, Reuters, Matt Scuffham on the bail-in of the UK's Co Op Bank, Ambrose Pritchard Evans on what will happen to the world if Bernanke "tapers" and finally Michael Snyder of Economic Collapse Blog as he discusses the plight of Detroit and the USA in general.
100,000 line streets of Brazil to protest corruption
Protestors are reflected on the glass of a building, left, as they march in Rio de Janeiro, Brazil, Monday, June 17, 2013. Protests in Sao Paulo, Rio de Janeiro and other Brazilian cities, set off by a 10-cent hike in public transport fares, have clearly moved beyond that issue to tap into widespread frustration in Brazil about a heavy tax burden, politicians widely viewed as corrupt and woeful public education, health and transport systems and come as the nation hosts the Confederations Cup soccer tournament and prepares for next month's papal visit. / AP Photo/Felipe Dana
Fascism ( /'fæ??z?m/) is a form of radical authoritarian nationalism. Fascists seek to unify their nation based upon suprapersonal connections of ancestry and culture through a totalitarian state that seeks the mass mobilization of the national community through discipline, indoctrination, physical training, economic corporatism  and eugenics. Fascism utilizes a vanguard party to initiate a revolution to organize the nation upon fascist principles. The fascist party and state is led by a supreme leader who exercises a dictatorship over the party, the government and other state institutions. Fascism views direct action including political violence and war, as a means to achieve national rejuvenation, spirit and vitality.
Fascism recognizes the existence of class conflict in societies, and advocates a resolution to end the division of classes and secure national solidarity. However fascism publicly favours proletarian culture, and claims that cultural nationalization of society emancipates the nation's proletariat, and promotes the assimilation of all classes into a proletarian nation.
Fascism advocates a state-controlled and regulated mixed economy; the principal economic goal of fascism is to achieve autarky to secure national self-sufficiency and independence, through protectionist and interventionist economic policies. It promotes regulated private enterprise and private property contingent whenever beneficial to the nation and state enterprise and state property whenever necessary to protect its interests.
Fascism was founded during World War I by Italian national syndicalists who combined left-wing and right-wing political views. Fascists have commonly opposed having a firm association with any section of the left-right spectrum, considering it inadequate to describe their beliefs, though fascism's goal to promote the rule of people deemed innately superior while seeking to purge society of people deemed innately inferior is identified as a prominent far-right theme. Fascism opposes multiple ideologies, such as: communism, conservatism, and liberalism.