“Mayor Rokhsana Fiaz reflects on her first 100 days in office and pledges to continue to drive the change that Newham needs and for the benefit of all”Read more…
London Stadium Report & LOBO legal action: Newham Full Council Meeting 16.7.18
Tonight’s Newham Full Council meeting was dominated by two key announcements by Mayor Rokhsana Fiaz in her report to Council.
Firsty, she announced the result of a QC investigation on the London Olympic Stadium debacle where Newham Council lost at lea…Read more…
RBS LOBO loans a “fraud on the people”
Newham Cllr John Whitworth labels RBS ‘inverse floater’ LOBO loans a “fraud on the people” at RBS AGM, demanding further disclosure from the bank.
Newham Councillor John Whitworth who is also the Chair of the Scrutiny Committee at the Counci…Read more…
BBC “World Tonight” LOBOs Loans and why Council including Newham are still being being ripped off by the Banks
On BBC Radio 4 “World Tonight” on Wednesday there was a feature on the LOBO derivative loans scandal and how they have played a role in the recent bankruptcy of Northamptonshire County Council.
Check out World Tonight – 36 minutes 25 seconds int…Read more…
Have LOBOs contributed to the “bankruptcy ” of Tory Council?
This is of relevance to Newham – it has a host of RBS LOBO loans including a 2010 RBS inverse
floater. We have £563 million exposure in Newham to LOBOs. Hat top Debt Resistance press release
“Northamptonshire County Council Joins CAPITA In Crisis
“Telling Boris where to Go Seminar” aka “Local Government, Ethical Investment & the Law” (with Podcast Link)
This morning I spoke on behalf of UNISON at a breakfast seminar at the the headquarters of law firm, Bindmans, in central London.
Bindman had acted on behalf of the Palestine Solidarity Campaign in their recent Judicial Review High Court victory, over…Read more…
LOBOs “Newham to save up to £94 million on its debt portfolio”
Well I never. Hot off the press. I will ask for further details (it is inaccurate in some respects) but I am really happy that it appears that some of the problems with LOBOs can be sorted.
“Newham Council could save up to £94 million in future after the council’s Cabinet today (Thursday 16…Read more…
Birmingham council leader brands LGPS investment fees ‘a national disgrace’
While I do not believe everything put out by the CPS (sorry Michael) I do think that my pension fund is being ripped off. As are Councils with toxic LOBO loans.
“The leader of the UK’s largest local authority has claimed asset management fees paid by local government pension schemes are “sucking…Read more…
LOBO Local Finance Hackathon – 14 January
please register here: http://bit.ly/LOBOHack2
Through hundreds of Freedom of Information requests, Debt Resistance UK have obtained a dataset of LOBO loan contracts. These are risky and expensive loans miss-sold to local authority by financi…Read more…
50 councils face residents’ objections to LOBO loans
Check out MJ article (Municipal Journal – you need to have a paid account unfortunately) on the up to 50 objections by residents in different Councils (including Newham) at the use of “controversial Lender Option Borrower Option (LOBO) loans,
£238 million reasons to stop Barclays Bank LOBO cheats ripping off Newham Residents
This was the written question I put to the Newham Deputy Mayor and Cabinet member for Finance, Lester Hudson, at the Full Council meeting last week
To the Executive Advisor on Finance, Cllr Lester Hudson
“Last week 3 more employees of Barclays Bank w…Read more…
“The loans that have left councils impoverished and saddled with debt”
Check out this article on Friday in The Guardian about Housing Associations and Councils which have been ripped off by the Banks over the toxic LOBO loans they were miss-sold. I have an obvious interest and concern in both organisations.
This is a nat…Read more…
Lender Option, Borrower Option (LOBO) loan lending to UK local authorities and conflicts of interest between brokers and advisors
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LOBOs and debt servicing of Council Tax Income
I am astonished at this graph. Why? Will tackle Executive on these figures. Read more…
LOBOs are a National Scandal
Last week there was extensive coverage in the Standard and Independent on the UK LOBOs scandal. I have posted before on LOBOs (see labels)
Yesterday the Independent published a new report that John Mann MP and Chair of select committee, Clive Betts MP…Read more…
Newham Council Budget 2016/2017 – my comments
Councillors were asked to submit questions and comments on the proposed Newham Council budget for consideration by the Mayor at the Cabinet meeting last Thursday. I was unable to attend this public meeting since it was at 5pm and I had a work commitmen…Read more…
West Ham Ward Councillor Report
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LOBOs: Putting up and not shutting up
At the Newham Full Council meeting last Monday, the Cabinet member for Finance, Lester Hudson, responded to the arguments that myself and Cllr Whitworth put forward here and here about the exposure Newham has to LOBO loans.
Cllr Hudson said that the Council had saved £64 million in reduced…Read more…
LOBOs. Cllr Gray’s Response to Newham Council’s Annual Treasury Management Report 2014/15
I spoke after Cllr Whitworth raised concerns on this item 14 at Monday evening (7.12.15) at Full
Council.
“Thank you Chair. John Gray, West Ham ward, speaking as a Councillor, expressing concerns on behalf of my constituents about Newham Council’s exposure to LOBO loans, in this report referred…Read more…
LOBOs. Cllr Whitworth’s Response to Newham Council’s Annual Treasury Management Report 2014/15
This is the concerns expressed by Cllr John Whitworth during the discussion on item 14 at Monday evening (7.12.15) at Full Council.
“The issue of the servicing and repayment of the Council’s debt is obviously of major importance at a time when we are obliged to make savings in most…Read more…