Developing

Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    Occupy London protesters 'take over' UBS office block

    Occupy London protesters claim to have taken over an abandoned office block in Hackney that belongs to banking and financial giant UBS.

    Occupy London protestors hang banners from an unused building owned by UBS.The protesters are believed to have gained access to the building on Thursday night, securing it in what they have described as "public repossession". The block has become the demonstrators' third base across the capital, joining campsites at St Paul's Cathedral and Finsbury Square.

    [Gallery: Occupy London take UBS building]

    “Whilst over 9,000 families were kicked out of their homes in the last three months for failing to keep up mortgage payments – mostly due to the recession caused by the banks – UBS and others financial giants are sitting on massive abandoned properties," said Occupy London supporter Jack Holburn.

    "As banks repossess families’ homes, empty bank property needs to be repossessed by the public," he added. "Yesterday [Wednesday] we learned that the Government has failed to create public value out of banking failure. We can do better. We hope this is the first in a wave of ‘public repossessions’ of property belonging to the companies that crashed the global economy."

    Occupy London have also announced that they will open the office block on Saturday, rebranding it as the "Bank of Ideas". A number of events will take place at the site, including a session with stock trader Alessio Rastani who caused uproar by declaring during an interview with BBC News in September that the recession was an 'opportunity' for him. "Personally I have been dreaming about this moment for three years — I go to bed every night and dream of a recession," he contentiously added.

    The third occupation site at the office block on Sun Street, Hackney, has been designated as a 'non-residential' area- meaning that demonstrators will not camp there. The move comes after protesters based at St Paul's Cathedral ignored an eviction order deadline on Thursday night- given to them by the City of London Corporation.

    Legal representatives barrister John Cooper, QC, (R) and solicitor Karen Todner speak to the Occupy London camp …Barrister John Cooper QC, representing the Occupy London protesters, addressed the media on Thursday night to assert that the movement is being 'fearlessly defended' under his legal advice.

    "We are waiting to see what the city serve upon us," he said. "So far the the client has been given advice on health and safety issues, we've been right and they've been wrong (London Corporation). So far so good".

    UBS hit the headlines in September as it emerged that 31-year-old trader Kweku Adoboli lost an estimated £1.5 billion in authorised trades while working for the investment bank.

     
     
    Top Locations London

    519 comments

    • Mr Who  •  6 months ago
      Remember the Icelandic Crash.They paid nothing back,and their doing o.k.
      • Webmaster G 6 months ago
        Too true, where's the Icesave money Mr Cameron? Lots of local councils have hundred of millions of pounds locked there. And lets not forget the British home savers...
      • Debbie 6 months ago
        Unfortunately you cant get blood out of a stone. We have money invested all over the World and as they fall we will go with them so we have to prop them up to have any chance of getting our money back, basically we give them money so they can one day give us our money back!
      • A Yahoo! User 6 months ago
        they are doing ? how do you know ? are you the finance minister of iceland. who will trust the icelandics? after they have shown to not pay dephts off they have put a seriously limmited themselfs in terms of investment from others no one will trust them. they will pay the price long term its as simple as that
    • Truthfully Fred  •  6 months ago
      All you have to do is check out what Tony Blair/Mandelson etc are now worth.Millions and Millions.Did they really give a damn.Of course not it was always about the money.
      • Karens Secretadmirer 6 months ago
        ????????????? Say something that makes sense in relation to the article!
      • JV 6 months ago
        OK, "something that makes sense in relation to the article" Satisfied?
      • dumb dumb 6 months ago
        JV love it
    • V for Vendetta  •  6 months ago
      1.5 BILLION in AUTHORISED trading! AUTHORISED by whom and why isn't that person or persons sitting in the same Jail cell. Mind you this shows the complete arrogance and contempt the banks hold everyone else in. As far as they are concerned it is OUR money they are gambling away, their money stays nicely protected in the vaults and of course they can always go cap in hand for another bail out. Let them go under and perhaps we can start again with a system that reflects just who should be in charge of money, us not them. No Bonuses, no perks and certainly no obscene wages and pensions.
      • Chris 6 months ago
        typo I reckon - it was un-authorised trading allegedly
      • col Gaddafi 6 months ago
        even so how do you get away 1.5 billion un authorised? all the management need to be locked up
    • david  •  6 months ago
      we printed 75 billion pounds to help kick start the economy WHERE IS IT locked up in banks as a safety net for the rich, makes me sick.we are doomed we have not invested in our youth for over thirty years in apprenterships.we have dismantle our industries bit by bit to the point where we rely on places like china for everything.i was in morrison yesterday and was totally shock of how much came from china,knves forks pot pans salt andpepper even all their cups and saucers these are just a few things.surely we can make these things here and generate this economy
      • Webmaster G 6 months ago
        SACK MERVIN KING. This duche has done nothing good as head of Central Bank!! Is it 8 or 23 consecutive months of missing inflation targets?
      • John K 6 months ago
        As usual, you lot got it all wrong, listening to the left-leaning UK media. IMF funded Brown's regime, with a minimum of 60% loaned from the USA. However, most of ALL the money lent was indirectly Chinese!! TRUE capitalism works if allowed. TRUE capitalism would have let the UK banks go 'south' with gov't pickup tab, and jailed the wrong-doers. But. . .most of the wrong-doers were in the States and fund the Democratic party. Common thought that "rich Republicans" run Wall Street?? Well, again you are WRONG!! It is run & governed from Washington, with kick-back of big bucks paid in Union fees from workers in Wall Street. Why do you think a stimulus was given to banks??? to keep employees paid so Union dues were taken out 'at-source'.
        You need to take the left-leaning media in UK - Cannel 4 News, some BBC national news and the Guardian - not as factual, as the stories told is by reporters with 'opinions' / mind-sets. Sometimes the opinions and mind-sets get in the way of fact.
      • robster 6 months ago
        yes and the right-leaning media like The Sun and The Times are so impartial....hardly a day goes by without a story in the right-leaning Murdoch dominated media about some benefit fraudster with 10 kids to different fathers-but you never see stories about the tax-evading offshore non-doms who along with other tax fraudsters cost Britain over £50 billion a year in lost revanue-way far more than benefit fraud....could the fact that Murdoch and his fellow cohorts are tax avoiders themselves have anything to do with it ?....maybe John the Phone Hacking Scandal that the Guardian done so brilliantly was not factual and the News O f The World is still on sale....keep reading the Murdoch-dominated right-leaning press and you obviously get contaminated with their corrupt viewpoints as you have JOHN
    • Mark  •  6 months ago
      Mike made a comment 2 hours ago about starting a 'People's Bank' which I think is a superb idea. Imagine a bank that was not run like a subsidary of the Mafia. The way to REALLY,REALLY hurt the banks is if everyone withdrew their money from the Mafia style banks and put it into the Peoples Bank which would be run by ethical and honest Management type people. The other Banks (mafia style) would cease trading almost immediately because without money they are decapitated. Play them at their own game!!!
      • mike 6 months ago
        We already have them in the uk - they're called credit unions.
      • Jess 6 months ago
        ethical and honest Management type people
        bahahha don't make me laugh
      • dumb dumb 6 months ago
        haaaaaaaaaaaaaaa haaaaaaaaaaaa haaaaaaaa thats like looking for a virgen in a brothle
    • Dave M  •  6 months ago
      This is just going to get way worse if the economic situation does not improve.
    • happychappy  •  6 months ago
      The government let the car industry go, including Rolls Royce. Plus many other Private businesses - No money given here!!
      but to fat greedy bankers they give Billions!!
    • Mwp  •  6 months ago
      we are the slaves of the banks !!
    • darron lee  •  6 months ago
      the best solution is stick 2 fingers up to the banks and draw all you're money out and keep ypou're money at home in a safe,if no one kept there money in the banks then the banks would go bust
    • Debbie  •  6 months ago
      I am not against Capitalism but think what we have now has turned more into Greedism as it has been left uncontrolled and managed only by the people who control it and benefit from it the most. When the banks began to collapse as our money was tied up in them we were put in a position where we had no option but to bail them out but how did some of them get to this point unmonitored in the first place. Unfortunately the rich politians (and they all are) go hand in hand with the bankers and their wages and bonuses have been completely unaffected by what has happened. The majority are suffering with rising costs, redundancies, unemployment and the cutting back of our services. All completely unjust and for those who stand up and demonstrate against this in a Country that is suppose to have free speech I dont see how anyone can condemn them unless you are amongst the privilidge at the top of the pyramid who have not been touched by the position our Country is now in.
    • M  •  6 months ago
      There is another option to high street banks and I agree if you've got money in the bank and are not happy,the other option is to join a credit bank.These are run by ordinary people and are non-profit making,all profits are used for the benefit of their customers.
    • mike  •  6 months ago
      Why don't the protesters do something useful, like start a people's bank. Run by the people for the people. Profit making, but the profits used for good causes. I have noticed that banks, by and large, are flabby and inefficient. (who wouldn't be, with their business model. Take in money and offer 3%, loan out money and charge 10%). The best answer to these fat cats is to compete with a super efficient peoples bank. It's not as if they're doing something remotely difficult like making jet engines.
    • matt  •  6 months ago
      its true that while we the tax payer had to bail out the banks ,those same banks were sitting on vast numbers of prime real estate that they were unwilling sell as they are not worth what they were before the banking fookup, the question i have is why the government havent forced the banks to sell ALL their assets before getting a hand out, the recent sale of northern rock for a £600m loss should also be a clear sign that the new government is NOT working in the best interest of the people it pretends to serve and should be good enough reason to force an early election, i doubt very much that the tories would win again if we all voted tomorrow
    • I  •  6 months ago
      Sorry, and a QC earns exactly how much money a year?
    • ANTHONY  •  6 months ago
      Is that the sound of boots on the stairs and riot shields clanking against walls?
    • Mike  •  6 months ago
      Can anyone tell me who is fighting & for what they actually stand for with the occupation on St Pauls and now the UBS building in Hackney and what their aim is? I have been told many different things with relation to the sit in's so please put me right and no doubt many others. Cheers.
    • Gavin from Autoglass  •  6 months ago
      Its all toss, how is money measured anyway and why do we need it really? Daft, daft, daft.....Can we all start again? None of it makes sense to me.
    • World's End Boy  •  6 months ago
      A suggestion to the 99%. We should all unite to join S.I.N. Stop. It. Now.Every week until Governments start to listen, we should Boycott a certain brand of food or drink. Week one for example the 99% stop buying a certain soft drink, or make of beans or soup etc. If we are not listened to, the following week it will be another item, and so on. I know this may cost jobs, but we are already losing jobs.
    • ana.m  •  6 months ago
      “We will have a world government whether you like it or not. The only question is whether that government will be achieved by conquest or consent". :~ Paul Warburg quotes ( Banker, 1896-1969) Enough said....!!!!
    • Toni  •  6 months ago
      Very pertinent comment from CNN last night :- "We don't have a problem with people buying yachts, we are against the cheaters, the ones who buy a politician instead of a yacht."
    POLL
    Loading...
    Poll Choice Options