Grahame Morris MP

Member of Parliament for Easington

Greedy Bankers

July 18, 2012 Press Releases 0

Republican Party Presidential Candidate Mitt Romney will be attending a lavish London fundraiser on the eve of the Olympics. The fundraiser was to be hosted by disgraced former Barclays boss Bob Diamond, who withdrew following the Libor scandal.

According to reports, tickets for the dinner are being sold at between $25,000 and $75,000 to raise money for Mitt Romney’s Campaign, who will be in London for the Olympic Games opening ceremony.

Barclay’s senior executives continue to lead Mitt Romney’s UK fundraising efforts with Barclays’ Head of Government Policy and Finance group already raising $927,000. Patrick Durkin, Barclay’s lobbyist, who is co-hosting the dinner has raised $184,000 for the Romney Campaign between April to June alone.

The banking and financial sector see Mitt Romney, founder of private equity firm Bain Capital, as sympathetic to the industry, especially on regulation and taxes, after promising to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act

For too long Barclay’s executives have had their eye off the ball, and instead of focusing their attention on fundraising for US Republican candidates, they should start rebuilding trust and public confidence in the banking system here in the UK.

Parliament must send a strong message to these banking elites that it is no longer business as usual. They must realise the anger felt by ordinary people, we have bailed out the banks, are suffering the pain of austerity and now learn they were systemically fixing the Libor rate – pushing up the price of mortgages here in the UK.

Barclays should stop promoting candidates intent on deregulating the markets that nearly pushed the global economy to the brink of collapse.

It is time for the banking industry to wake up.  As Ed Miliband said, we need criminal prosecutions and see the full force of the law brought against those who have done wrong. This is fraudulent activity.  We need proper regulation of the market and an end to the swaggering casino culture in banking that makes greedy bankers think their responsibility is not to serve the public but to serve themselves.

I hope all Members of Parliament will be able to support the EDM I have sponsored.

EDM 399 – Barclays Bank, Libor and Republican Donations

That this House notes that Republican Presidential candidate Mitt Romney is to host a private fundraising dinner in London prior to the Olympics; understands that according to reports in the Financial Times of 3 July tickets to the dinner are being sold at between $25,000 and $75,000 per head; further understands that the event is being chaired by several senior banking executives and lobbyists; further notes that the recently departed Barclays Chief Executive Bob Diamond and other existing senior Barclays executives have played a prominent role in fundraising efforts for the Romney campaign; further understands that at least 15 of Barclays Capital’s most senior bankers based in the US have donated the maximum allowable individual donation per election to the Romney campaign; further understands Barclays’ Head of Government Policy and Finance group has already raised $927,000 for the Romney campaign; further notes the recent revelation of the destructive role Barclays has played in the international LIBOR-setting scandal; recognises fears that hundreds of thousands of borrowers and mortgage owners in the UK could have been adversely affected; believes that Barclays comprehensively failed to work in the interests of its customers; further believes Barclays senior executives continue to not fully appreciate the consequences of the actions and behaviour of the financial sector in causing the global banking crash in 2007-08, which ordinary working people are now paying for; and calls on Barclays and its executives to cease fundraising for political candidates immediately and to concentrate entirely on repairing confidence and trust in the banking system instead.