View more on these topics

Archbishops slam short sellers

Two senior clerics have attacked short sellers and the wider banking sector for their role in bringing about the financial crisis.

In a speech to delegates at the Worshipful Company of International Bankers’ annual dinner last night Dr John Sentamu, Archbishop of York, says: “The share value of a bank is no longer dependent on the strength of its performance, but rather on the willingness of the government to bail it out.”

He adds: “Those who made £190m deliberately underselling the shares of HBOS in spite of a very strong capital base, and drove it into the arms of Lloyds TSB are clearly bank robbers and asset strippers.”

The sentiment was echoed in an article for The Spectator magazine by Dr Rowan Williams, Archbishop of Canterbury.

Williams says: “It is no use pretending that the financial world can maintain indefinitely the degree of exemption from scrutiny and regulation that it has got used to.

“The question is not how to choose between total control and total deregulation, but how to identify the points and practices where social risk becomes unacceptably high.

He adds: “The banning of short selling is an example of just such a judgment. Governments should not lose their nerve as they look to identify a few more targets.”


Profits plummet at Network Data Holdings

Network Data Holdings has seen group turnover drop by 34% to £10.6m in H1 2008, compared to £16.1m in H1 2007. The group saw a trading loss of £132,000 in H1 2008, compared to a £1m profit in H1 2007, due mainly to the closure of loss-making subsidiary Hipstar which made a loss before tax […]

US mortgage bail out

Three weeks ago we seemed to be in the eye of the credit crunch storm. There was calmness and some green shoots. But when you come out of the eye you arguably hit the worst part of the tempest and that is where we are now.

End of the line for PMPA

The Professional Mortgage Packagers Alliance is to close from September 30 as a result of current market conditions.

Health services

Challenges and opportunities

By Sarah Scott, marketing consultant On 22 February this year the charity Diabetes UK launched a fundraising initiative, #Swim22. They challenged individuals to swim 22 miles over the course of 89 days – a distance that equates to the width of the English Channel. Because of the time period the challenge is spread over, it […]


News and expert analysis straight to your inbox

Sign up