It's not the high hurdles

Mmm. Those banking stress tests. So all the banks in Italy, France, Portugal and Ireland, as well as those in Germany, the UK and Belgium, are hunky-dory.

Aye well, I wouldn't bet my shirt on it. But we'll see ...

The wicked witch of Wapping

So farewell flame-haired Rebekah, friend of prime ministers (albeit only one at a time) and daughter presumptive of the Dirty Digger (not quite family though when it came down to brass tacks).

You came far from humble beginnings but perhaps you pushed the envelope a little too far. What the hell, I imagine that we will read about you again.

Their hand in our pocket

Surprise, surprise! As The Independent reports:

Britain's banks have lined up to oppose reforms proposed by the Government's Independent Commission on Banking (ICB).

In submissions to the ICB, the "big four" banks – Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group – raised objections or tried to buy time on the ICB's proposals.

The key bone of contention is the ICB's call for ring-fencing of retail and investment banking to protect economically vital functions from trading and other volatile activities.

Well they would object, wouldn't they. They prefer the present regime, where the government (and the taxpayer) is obliged to step in and bail them out when they get into trouble. Casino banking might not be as much fun if the casino banks had to face the consequences of their gambling.

Aw diddums

Oh Mummy, those MPs were nasty to me. They treated me "like a bit of dirt".

Hey, son, if the cap fits, ...

Let there be light

All is not well in the United States. The debt ceiling approaches, with Congress apparently deadlocked as to how to resolve the issue. Unemployment remains high and the feared double dip remains on the near horizon.

But the House of Representatives remains focused on the important issue of light bulbs. The Guardian reports:

A Republican campaign to defend America against a sweeping assault on personal freedoms – or energy-saving lightbulbs as they are more commonly known – went down in defeat on Tuesday night.

The result is a rejection of one of the great causes of the conservative Tea Party movement: the repeal of a 2007 law promoting environmentally efficient lighting.

And they wonder why there is a darkness across the land ...

Quote of the day

You thought the euro crisis had gone away? Think again. Now Italy is in the firing line. This, from The Telegraph:

"The government ceased to exist months ago," wrote Massimo Giannini in La Repubblica.

"What other country would allow itself the suicidal luxury of offering cynical markets such a spectacle of political disintegration and institutional decay at a time when Europe is destabilized by Greece's sovereign debt and haunted by contagion? We have a band of poltroons dancing under the volcano, and the volcano is about to erupt."

Oh dear ...

Deeper and deeper

For the Murdochs, the case just became even more serious. The Independent reports:

It was also reported today that victims of the 9/11 attacks in New York could also be among those targeted by phone hackers from the News of the World. The Daily Mirror cites an unnamed source claiming that a former police officer, working as a private investigator, was asked by News of the World journalists to retrieve the private phone records of those killed in the attack.

The American people, Congress, media will not be pleased. And if the FBI begins to investigate, then who knows where it might lead ...

Music of the week

OK, so it's not necessarily the most accessible clip that I've played. But, hey, live a little; open yourself to a new experience:

Does Rupert get it?

From The Observer (here):

Rupert Murdoch has thrown his weight behind his beleaguered management team as he prepared to fly to Britain to deal with the crisis engulfing News International (NI). Expressing his "total" support for NI's chief executive, Rebekah Brooks, he said: "I'm not throwing innocent people under the bus."

Unless of course those innocent people are the hapless employees of the News of the World, in which case under the bus is precisely where they'll go ...

Deep in the doo-doo

"He’s a real nowhere man
Living in his nowhere land
Making all his nowhere plans
For nobody"

David Cameron. No more glad morning. Not any more.

Forced by political expediency to get rid of his chum, Coulson. And worse, to assign him the black spot. Now worrying about what Coulson will tell the police or worse the media; what has Coulson to lose, after all?

Forced to deny his dining companion, Rebekah. Fun while it lasted, but she’ll never forgive him his betrayal.

Who can he turn to? His cabinet? He’s hung too many out on the line to expect loyalty. Clarke, Hague, Hunt, Fox, Lansley - they don’t owe him anything. Osborne? His eyes are on the succession.

His media pals? Even The Telegraph and The Daily Mail are putting the boot in. And he can no longer expect favours from Murdoch.

He meant to do well. He tried, oh so hard, to be the leader people could respect, even admire.

They say that all political careers end in failure. Cameron is no exception …

We're all in this together (part 23)

In case you missed it, here we go:

British Gas has stunned households across the UK by announcing a rise in gas and electricity prices of 18% and 16%, just eight months after it raised its prices by 7%.

British Gas is part of Centrica. According to its annual accounts for 2010, Centrica made a profit of £1,942 million, up from £856 million in 2009.

Quote of the day

By Simon Carr in The Independent (here):

As Tom Watson said, the chairman of the board, James Murdoch, personally authorised payments to cover up criminal behaviour – possibly committed by the police. So the police kick down his door and try to arrest Murdoch – but he resists and tries a citizen's arrest on the police, for the same thing they were arresting him for. They careen down the road to the Old Bailey, and all end up in the same cells. Hopelessly romantic, I agree.

The tangled web unspun

So ta ta to the News of the Screws. I can't say that the toxic mixture of prurience and dubious morality ever appealed to me.

Some have suggested that this comic simply died of shame. Seems improbable: a sense of shame implies having a conscience, not a feeling with which the NotW is usually associated.

Others have suggested that News International hoped to clear the way for the Murdochs' takeover of BSkyB. If so, it has failed, at least for now - the Government is using the excuse of the multitude of representations to defer the decision until autumn.

Or perhaps the NotW has been sacrificed in order to protect the flame-haired Rebekah, whose continued presence helpfully prevents the searchlight being focused upon the Murdoch family.

Of course, it may simply be a ploy, whereby the NotW will be replaced by the Sun-on-Sunday and everything will settle back to normal.

Maybe a combination of all of these? Watch this space. The story has legs ...

Told you so

It is only a couple of weeks since I suggested that euro-style bail-outs would not be limited to one-offs (or twice-offs in the case of Greece) and that they would become a regular occurrence. Now read this in The Guardian:

Moody's downgraded Portugal's long-term bonds to junk status Ba2 from Baa1, on grounds that the eurozone bailout in May was unlikely to succeed, that Lisbon would not be fit to return to the markets to fund itself by 2013, and would need a second bailout then, that it was unlikely to meet the austerity targets of the current bailout, and that private creditors would be under pressure from eurozone governments to take a "haircut" or substantial losses on their investments.

Moody's analysis replicated for Portugal almost exactly what has happened in Greece over the past six weeks, suggesting that without decisive action from the big European players, of which there is scant sign, the euro's woes were multiplying.

Case proved? Or at least strengthened? (Ireland is likely to be next ...unless the whole shooting match goes up in flames.)

Quote of the day

From Robert Peston's BBC blog:

Rebekah Brooks has confirmed she is not stepping down as chief executive of News International.

In a statement to News International staff she said: "I am sickened that these events are alleged to have happened. Not just because I was Editor of the News of the World at the time, but if the accusations are true, the devastating effect on Milly Dowlers family is unforgivable."

She added: "It is almost too horrific to believe that a professional journalist or even a freelance inquiry agent working on behalf of a member of the News of the World staff could behave in this way.

"If the allegations are proved to be true then I can promise the strongest possible action will be taken as this company will not tolerate such disgraceful behaviour.

"I hope that you all realise it is inconceivable that I knew or worse, sanctioned these appalling allegations."

Does a competent newspaper editor have no idea of what her reporters are up to? Does she not ask about the source of the stories that appear in her newspaper? Is it "inconceivable" that she knew what was going on?

And, anyway, where does the buck stop?

Hypocrisy?

The Guardian reports:

Pressure is growing on News International after the prime minister joined in condemnation of the News of the World over the hacking of Milly Dowler's phone.

David Cameron said it was a "truly dreadful act" ...

Mmm... Not so dreadful, it would appear, that Mr Cameron would block Rupert Murdoch's bid to gain full control of BSkyB.

Schadenfreude

Sometimes, just occasionally, I feel sorry for journalists.

The Independent has a "best of" feature in which it identifies the 10 (or the 50) best examples of a particular product, such as cameras, fish and chip shops, fountain pens, handbags and so on.

This morning, it has surpassed itself. The topic of this morning's "best of" is - believe it or not - men's washbags. How unexciting can you get?

And some poor sod of a journo has had to trail through the internet selecting appropriate examples. What a glamorous occupation!

Music of the week

Havana, many years ago. I checked into the Ambos Mundos Hotel (yeah, yeah, Hemingway and all that). Dumped my gear in the room and went down to the bar on the ground floor and ordered a mojito. About 7 pm, early for Cuban nightlife. Relaxed for the first time that day and admired the classy decor of the bar and the high windows. A slim, elegant, Cuban beauty - dark hair, dark eyes, honey-coloured skin - was playing the piano, a mixture of jazz and modern classics. I motioned the bartender to provide the lady with a drink, inevitably a mojito. She offered me a shy smile, a smile I will remember until I die.

She was not playing this kind of music, but it nevertheless brings back the memories of Cuba. They say you can never recapture the good times and Cuba will change, and not necessarily for the better. But I will always be grateful for the privilege of visiting a wonderful country which if far from perfect had much to admire, not least the Cuban people.

(Jeez, what a poseur ! - Ed)

What's in a name?

Her Serene Highness Princess Charlene. Doesn't sound right, does it?

Just as well Prince Billy chose a Kate. Queen Senga wouldn't sound right either.

Quote of the day

From The Guardian (here):

Cameron: I despair of this country, sometimes, I really do. People seem to have this misconception that we're trying to divide the country. It seems self-evidently fair that if hardworking mums and dads in the private sector have had their pensions buggered by financial mismanagement, then it's only right to screw the public sector pensions even if they are affordable.

Osborne: Not ours, I hope, Cams.

Cameron: Good Lord, no, Ozzy. We can't go around U-turning on everything . . .

...

Clegg: We've got to stop all this confrontation. I need to explain to the public sector why it's in their interest to die poor. People trust me, so they will listen. I promise.

Cameron: Did the Cleggster speak?

Osborne: I don't think so.

Milidee: We in the Labour party also want to make it clear that we really hate striking trade unionists and anyone who doesn't read the Daily Mail.

Wen Jiabao: You British politicians all look the same to me.

Britain: They do to us, too.