To coincide with the World Economic Forum currently being held in Davos, Switzerland, Barclays Bank today (27 Jan 2012) won a Public Eye "shame award" for [purportedly] speculating in food prices (story here). So much for CEO Bob Diamond's appeasement to the Occupy Movement that banks should become "better citizens".
Those of you who know me will be aware of my Facebook page "Let's Sink Anthony Ward ("Choc Finger", Armajaro) and his greedy ilk", first set up when Mr Ward's company Armajaro caused heavy fluctuation in cocoa prices in 2010 (you'll have to start right from the bottom of the threads to get to why I set it up in the first place).
Since then a number of people and companies have been added to my 'Hall of Greed / Corruption (Allegedly)' and I urge you to look at the page and then get behind organisations like the World Development Movement, who are campaigning hard for tighter trading regulations.
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| An update to the above story, posted by the World Development Movement (26 Apr 2012) can be found here Denied (twice) at AGM - WDM have been advised "Barclays creates commodity derivatives which it sells to clients, but it doesn't technically speculate itself." More investigation required ... views on this would be appreciated by commenting below. |
I saw a program about some Timorese people needing to sell most of the fruit and veges they grew, in order to buy rice, and this was leading to malnutrition. This is a very sad situation and if regulating futures/comodities markets can put an end to it, then it should be done.
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