With a residential electorate barely large enough to make up a small ward on any normal London council, the City of London attempts to bridge the gap by providing undemocratic business votes to non-residents. By any reckoning there is no need to divide this local authority into 25 wards with 125 councillors. Two councillors ought be plenty to cover the residential population, while wards with virtually no residents and only a few hundred business voters are ripe targets for anyone interested in election rigging – if they are able to get nominated. Without connections to the legal and finance industries it is difficult to get nominated in many City wards, and so alarmingly often there are uncontested ‘elections’. Anyone with views at odds with the finance industry is unlikely to find 5 people on the register of voters in business vote dominated wards who would nominate them.Read more "More Uncontested City of London Council Seat Sham ‘Wins’: This Time For Peter Estlin, Jane Gowman & Vincent Keaveny"
Explaining how the Lord Mayor is elected, Livery Committee chair Nigel Pullman said there are three candidates voted for by by about 1,000 (unelected) liverymen. “It’s a strange system. Everyone knows before the vote who is going to win,” said Mr Pullman. “The winner’s name is read out first, and he is voted for by a show of hands. Then when the second candidate’s name is read, everyone shouts out ‘next time’. And when the third candidate’s name is read, they shout ‘later’.”Read more "‘Election’ of William Russell As Lord Mayor of London Totally Rigged"
Excitement over Russian flotations peaked a decade ago. When Russian owners realised they could gain higher valuations by listing assets globally, it provided a rush of business. Sixty-seven of the Russian IPOs from 2005 to 2014 came to the London market, leaving New York behind. The City will gain comfort that Russian revenues had already tailed off — the US pounced after most of the fees had been paid. But Washington, not London, has decided how it must handle Russian financing. The Deripaska affair leaves the UK’s financial capital looking neither powerful nor principled.Read more "City of London ‘Neither Powerful Nor Principled’ According To The Financial Times"