Barclays Bank, Libor And Republican Donations

EDM number 399 in 2012-13, proposed by Jim Cunningham on 16/07/2012.
Categorised under the topic of Financial institutions.

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; furthernotes 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 ofits customers; furtherbelieves 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.

This motion has been signed by a total of 24 MPs.