Published on 13 Sep 2011

Why have no bankers been arrested?

The publication of the Vickers report into British banking reform sparks the question why the UK has so far failed to prosecute a single individual for his or her misdeeds during the financial meltdown of 2008.

It is now all but three years since the global financial crisis and the virtual implosion of the British banking system.

We were told at the time that the banking regulator, the FSA, had started a ‘major investigation’. Last night on Channel 4 News when I pressed the City Minister, Mark Hoban, he referred constantly to the FSA’s involvement. But where is the Serious Fraud Office? No sign of much happening on that front.

Yet investigators on both sides of the Atlantic have had no doubt that criminality, subterfuge, and downright dishonesty accompanied many of the ingredients that brought about the crash. At the very least there was gross dishonesty in the representation of exposure to the sub-prime mortgage business.Model bank in stormy skies

The convenient fall-guy was the Ponzi magician, Bernie Madoff who was quickly jailed for thieving billions with his criminal scheme. But Madoff had nothing to do with bringing down the banks. He’d have been jailed anyway. But his jailing served to suggest that a high profile scalp had been secured.

Last year, the then New York Attorney General Andrew Cuomo produced a laundry list of institutions and individuals who were being investigated for potential prosecution. That work too has slowed.

In one month, hundreds of rioters and looters have been prosecuted and punished by the English courts, often for offences with a value of under fifty pounds. Yet the threat to the wellbeing of UKplc was far greater from the bankers than from any number of more arrestable rioters.

There is a strong impression abroad that the UK doesn’t want to prosecute anyone for the banking crisis, a crisis that has affected every tax payer in the Kingdom.

Soon enough the statute of limitations will kick in to ensure that no-one will ever be prosecuted for their role.

Then we can all breathe easy – no banker will ever go to jail, and we can stop asking the nightly question, ‘why not?’

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107 reader comments

  1. Nick says:

    Isn’t the problem that from the legal point of view it will be next to impossible to prove criminality. There was undoubtedly incompetence and recklessness but, unfortunately, such things are not illegal, however much damage they may have caused.

    Bankers were simply very bad at their job, but that isn’t grounds for criminal prosecution.

    1. Kes says:

      Quite right, Nick.

      If anyone can move against these incompetent senior managements, it can probably only be the shareholders in a civil suit for damages. I don’t know whether anyone else can sue them for negligence etc.

    2. adrian clarke says:

      Nick as with any perceived offence , there are ways and means of finding one to suit the circumstances.Try theft by gambling with other peoples money

    3. archibald gruntfuttock says:

      with respect, Sorry but that is simply not true, I can think of at least two statutes that would cover this. I think the problem is that people like yourself assume ‘there’s nothing we can do so why bother’

    4. P.B says:

      @Nick

      I would just like to make a possible correction,
      they were not bad at their job, they made a killing dealing with shifty mortgages and made a further killing in bailout money. (bonuses)

      That sounds like pretty good business to me.

      The problem with too big to fail banks is that if they do fail we all go with it, meaning the public become hostage to the whims of banking, if they ‘screw up’ as bad again, which of course they will, soon, then they will demand more bailout money again, and if we don’t pay then we go down with them. The added issue is that each time round this happens they will require a larger bailout, our money will be worth less, QE will ensue driving the pound down further, and the public will be further in debt.

      They cant be prosecuted or curtailed, as they could say ‘oh the sky will fall…’ as happened in the US.

      It is a downward spiral unless we take the hit, prosecute/get laws in place so we can prosecute. No matter what we the public are going to have it very rough, the difference is will there be a light at the end of the tunnel or more drain to sink.

      We were warned of all this for years and years by many people, now we have to pay for it.

    5. Citizen Smith says:

      Its all a mess.

      I lost my job last year, i went freelance after a few months on the Jobseeker’s allowance. I went to the bank for an interest only loan…cant do that… FSA rules… why not?… you’ve lent me money for the last 35 years… i am no risk… i have 450k in the bank…..For the first time in 35 years i cant borrow money. I want to buy an old house and renovate, my investment would provide much needed employment. Well, screw the UK i’m off to Aus and NZ for 3 months and leaving my money in the bank.. and i wont be paying any tax this year as i dont intend to work….. the whole system is broken its a frickin’ mess….. its needs some good sense govt mgt ……. JFDI. Cheerio Cameron and Osborne. Back at Xmas.

    6. sue_m says:

      Citizen Smith i do hope you aren’t leaving your money in the bank that won’t lend to you! I would take my money and put it somewhere they cannot get their grubby gambling hands on it (and make money out of you while you are gone).

      Bankers won’t be prosecuted while the banking system and government are so intertwined by the old boys network and the social circles they move in. Even the Vickers report conveniently talks about 2019 as the target for reform. Why? It’s shocking – the rich ruling classes are totally unable to see what devastation the bank crisis wreaked at the level of the man in the street.
      They need to get on and reform right now before the next crash happens.
      If they dont then the only way the ordinary people of this country will be able to prevent banks gambling our money away again is to remove savings and current accounts from those banks that caused the problem and put them with a more ethical and responsible business. There are still mutuals and co-operatives out there that run current accounts – perhaps its time to vote with our collective pennies.

    7. Ann Elizabeth says:

      There is a section of the Theft Act that allows for the accusation of Theft by Deception. If it could be shown that the bankers immediately put aside money for bonuses when they were given the taxpayers bailouts then I think That was Theft by deception and they should be charged with corporate theft. I text Vince Cable to suggest this before the election. Ann Elizabeth

    8. James says:

      Bankers provide jobs for politicians when they lose their seats, they also provide lucrative part time jobs and positions for relatives as well as cheap loans etc. They wont prosecute or push for prosecution for the same reason none of them will call for a referendum on Europe. It isnt in their self interests. The public needs to wake up, these people are out for themselves. Look how fast Bliar and Thatcher left for the USA. They dont stick around. They grab what they can, then take off like thieves in the night. How many thieving politicians ended up in jail after the expenses scandal, how many were allowed to step down with cushy pensions etc. Bring on the Olympics and street demos to let the world know how far down the food chain the UK democracy has slipped.

    9. IAS says:

      Nick, if there is a DESIRE to prove Fraud, the work will be done. An investigation would of proved wrongdoing in some way shape or form, but Politicians did not want to achieve the result that would of been expected if ‘ordinary’ folk were alledged a similar crime. Not even arrests???

      The Banks balance sheets would surely have shown a pattern of Negligence by CEO bankers by not acting responsibly to the failure of repayments from Subprime customer’s, and instead continuing to take excessive renumrations as a direct result of Bankers continuing to offer loans to subprime customer at a high rate. It should be clear to any invsetigator, that it was ONLY when CEO bankers exhausted all teh opportunities to continue this Fraud – running out of liquidity, that ONLY then ‘alarm bells’ were sounded.

      So many questions that even the failure to provide answers to this nature of Fraud should have resulted in arrests and JAILTIME for CEO bankers!!!

    10. Nasir Malik says:

      Bankers were simply very bad at their job?

      Not at all they were too good at their job making a lot and lots of money for themselves. Money counteracts prosecution. If you have money you can you do whatever you like without fear.

    11. Greg says:

      Bankers being incompetent and reckless with other peoples money is a crime. Just no one will prosecute it. Money trumps the law and our votes.

  2. Sputnik says:

    All roads lead back to Goldman Sachs – and other “Masters of the Universe” – and these people are not only too big to fail, they are too big to touch because they control the politicians through lobbying, funding, and other dubious, unchecked practices.

  3. Liz Gray says:

    Keep pressing those in power – these questions need to be asked. It is a scandal that, as you say, thousands of petty criminals were immediately prosecuted but these bankers who caused far more damage have been let off. It is not only wrong, it damages what fragile confidence there was in the financial system and proves once again the old adage; ‘to make the rich work harder you pay them more – to make the poor work harder to pay them less.’ Or, to paraphrase, ‘to punish the poor criminal you jail them instantly; to punish the rich criminal you give them a pat on the back.’

    1. Ian Rafferty says:

      Well said , although shoudn’t we be thinking of ways in which this kind of greedy incompetance can never happen again ?

  4. roma tearne says:

    ‘In one month, hundreds of rioters and looters have been prosecuted and punished by the English courts, often for offences with a value of under fifty pounds. Yet the threat to the wellbeing of UKplc was far greater from the bankers than from any number of more arrestable rioters.’

    Here! Here! Brilliantly put Jon Snow!

    1. jlsmith says:
  5. Philip says:

    Doh! Are you surprised? They’re all members of the same club.

  6. Skuttler says:

    Politicians were rushing to tell us the Banking crisis was a Global problem,.. well Global problems, need global solutions.
    So why should we be worried that if we restrain uk banks, their Cheifs would just move to a different country.
    There should be a global fix policy that would’nt allow that to happen, and the restraining policy should be the same for all banks,in all country’s.
    The free market approach to banks has failed big time, and now some dust has settled, our politicians are in denial that it ever happened, so these Ostrich’s need to get their head out of the sand.
    I really don’t think the british public will ever put this banking business to bed until some heads have rolled.

  7. Anthony Martin says:

    Welcome to the corrupt wealthy scum of UK Jon. These people collude to protect each other like a religion. They epitomise British criminality at it’s finest. The wealthy scum are so cock sure they’ll avoid prosecution and being held account that they just laugh at the media. Even if there were to be prosecutions and sentences, they’d be released early. This British system is so corrupt. These people go about their business with impunity and arrogance, knowing their colluding scum friends in influential positions will ensure they remain immune from scrutiny and, imprisonment.
    As I mentioned on a previous blog, the FSA has been nothing more than a bunch of deliberate incompetent, biased suits on seats.
    The British public have been bombarded with a brainwashing hoard of spin and scaremongering not only over terrorism threats but over the UK rioters. These victims of this repressive UK dictatorship regime have become targets for the upper classes & prejudice scum in the south of England. The controlled media BBC & Daily Mail are at the heart of stereo typing victim rioters.
    The CPS is a joke and run by scum who enter from Eton, etc.
    This minority of scum are the real criminals.

    1. Philip says:

      Don’t forget that once charged & certainly if they ever get to gaol, they will develop severe diseases which will miraculously heal once they are free/released early.

    2. Frank Poster says:

      I think that you forgot to mention that the bankers and politicians are scum?

    3. sue_m says:

      Yes, we see now that if you are an expenses cheat MP stealing from taxpayers and are unlucky enough to be one of a mere handful of scapegoats for the rest, you won’t even have to serve a quarter of your sentence before being released.
      One law for them, another for the rest.

  8. edneale says:

    If we made incompetence and recklessness criminal offences, then Gordon Brown should surely be banged up as well…

  9. margaret brandreth-jones says:

    yeh! right, but who goes down for a culture of twisting and theft which has grown from just a couple of banks and firms to whole systematic decepetion. I saw it coming , but who am I? just someone who watched the dominos fall year after year and had the powers that be insult my intelligence and inegrity.

    If I were investigators I would begin with the bringing down of firms and false deals 26-28 yrs ago and observe how things grew with almost mass denial from those not accepting the truth.

    Too late now to turn a blind eye.

  10. Evie Murray says:

    If you really took on the white collar crimes we have seen of late, it would be enough to bring down the whole system we all know and loathe! How full would the jails be then? A jail full of the eton elite, judges, bankers and business tycoons alike. What a jail it would be… :D Maybe we need to let the young looters run the counry! Perhaps they would take it on with more integrity than our current jokers.

    Its all just so unequal and wrong that it could never be respected or appreciated. Oh but we shall just keep writing up the injustice, power is not in our hands, or is it?

    1. adrian clarke says:

      Evie,i agree ,but the government has tried to buy us of with the e.petitions,and then when they reach the required number does not have time to debate them,alledgedly.They could be the way to eventually bring democracy.I think Jon should raise the issue with ministers forthwith.
      Having said that do the masses want democracy?

    2. Sue in Temple says:

      Thank you for that visual of all the rich elite living in the same jail!! I think they are actually living in their own jail right now. It’s the love of money that keeps them there. It reminds me of Jesus’s saying about how hard it is for the rich to enter the kingdom of God. He told a rich young man to sell all he had and give it to the poor and come follow him but he couldn’t do it. He could have been a disciple but instead he went back to his possessions. Sad!

    3. Evie Murray says:

      Adrian, E.petitions you say… maybe we have some power over these things if we worked together. It seems like a major continued assault on government would be required. It would take effort and energy. Could you see democracy forced on these politicians?

      Agreed Sue. The wealthy does not mean the happy or vice a versa for that matter. I beleive a metamorphosis of culture and attitudes is needed. How to encourage this, lead by example is my answer, but who am I. Certainly no leader, what impact would you or I have. If its our leaders who can make society healthy then this metamorphosis is their’s to have. Alas, Mr Osborne and chums seem set in their ways.

  11. i-am-andy says:

    The government seem too scared to do anything that would upset the banks and Mark Hoban’s comments on last nights program just reinforced that. They seem to be sweeping it under the carpet and leaving it to the FSA to deal with in the hope that over time people will forget the massive mess they have landed us all in.

  12. Ian Fraser says:

    How about UK bankers and former bankers who have been arrested on suspicion of large-scale fraud, corruption and money laundering for their role in the HBOS Corporate / Bank of Scotland Reading affair?

    1. IAS says:

      Yes, Ian you are knowledgeable and correct in this area, and have done so much work to highlight these issues, and the political failings that has done nothing to correct the wrongs by agruing and achieving for some sort of redress – Justice and Fairness back into the lives of those who are now sufferring.

      In terms of government Small Business schemes, we can talk about the Small Firms Loan Guarantee Scheme. With so many failings under its belt, many were made even more disadvantaged by the detrimental outcomes they suffered as a direct result of this scheme that was based on the relationship between our so-called political representatives and the procedures of Bankers. Sadly, I cannot remember programmes such a Dispatches ever wanting to get involved with highlighting the failings of this scheme to the lives of ‘ordinary’ hard working people who were ambitious and determined to improve their social mobility in life. Maybe this lack of media involvement of the failings that existed on this scheme, was purely because Bankers were involved in the processing of this scheme. Shameful!

  13. Philip Edwards says:

    Jon,

    I admired your pressing interview of Hoban. It was a perfectly justified outraged assault on a typically smug Tory. All he tried to do was talk over you and take up air time, all of it without answering the questions. Like all Tories, he was just a suited up dodgy geezer with a weird public school accent.

    As for his CamClegg’s government’s actions, or lack of them, against crooked bankers……..Well, do turkeys vote for Christmas?

    Nor would New Labour Milliband and co be much different, as his weak-kneed appearance at the TUC Congress showed this morning. What a political coward the fellow is!

    Until we get a government with the courage to take on and expose the international capitalist banking system for what it is – a cartel of power-mongering anti-social greedy maniacs – we will get only tinkering at most. Usually we will also get wars against small defenceless nations. The profits and costs have to come from somewhere. Do you think the wars and banking crisis are entirely coincidental?

    More power to your outraged elbow. It has demonstrated (albeit in a minor way) that there is still some moral decency left in mainstream media. On this one, well done.

  14. Tom Wright says:

    Jon, aren’t you ignoring the fact that it is going to be nigh on impossible to prosecute? Its questionable given the ‘soft touch’ regulatory approach that much of it – whilst utterly immoral – was perfectly legal. It would be gesture politics and good money thrown after bad.

    In what way are the public to be helped by massive legal costs which do no good? The state will come off looking worse abroad – and you are too well informed not to know this.

    And what the hell have the riots got to do with it? It turns out the the vast majority of rioters have previous criminal records: they were chancers who saw an opportunity to steal, not bank protesters – yet your blog conflates the two. Its wrong, and it adds up to a distortion.

    The West’s economic woes cannot all be blamed on bankers – no matter how convenient or satisfying it fells to kick them. Brazil, China, India et al don’t have cleaner banks and are all still growing. We don’t MAKE anything and when we do we outsource it to. . . .

    Its time to move on – the foreign commentators you are refering to are only really interested in the centre of EU finance moving to Paris and Frankfurt – don’t be a chump and sell us out.

    1. Stephen says:

      Actually it was a high percentage of rioters caught and prosecuted that had criminal records.

      The question every news media outlet (including C4) failed to ask was whether the reason these people were caught was due to their records being on police file in the first place.

    2. Tom Wright says:

      Care to answer any other part of the post? The social media coverage of the riots left a very, very clear picture – a picture of chancing thieves bragging about their loot – ordinary people in the area are disgusted. The statistic is not misleading.

      If the looters were really protesting bankers and politicians they would have lynched them. Instead they looted small traders, Argos, and JD Sports.

    3. P.B says:

      The looters were not protesting against the bankers but rather imitating the bankers. Only with less finesse, bureaucracy and lawyers.

      They can be equated because they have done the same thing in effect, only one group did a lot more damage and essentially got paid for it.

      And continue to get paid for it and when the next crash happens, the big one that is supposed to be in the next year or 6 months or what ever it was, the banks will ask for a hand out again, under the threat of it getting even worse, and we will give it to them, or rather those in charge at the time will.

      Another thing about the riots is how quick we were to doll out punishment on them to the point we would argue about taking away their benefits. Yet with the central banks etc, barely fuss [in comparison] about regulation or the implementation of the same. In fact we got into massive debt to bail out banks that should fail, and made our problem much worse with a whole lot of QE.

      We allow central banks to print money out of thin air with no solid backing, which other banks can borrow and lend out x9 that amount on paper, and it all has to go back with interest. Does no one see the ‘fractional’ issue?

    4. Stephen says:

      I feel no obligation to answer any of your other points Tom, I do think you should provide evidence to your assertation that “The statistic is not misleading.” A snapshot of social media & your own personal opinion does not dismiss the point I made. The statistic could easily be misleading, you or I cannot say it is true or false with any degree of certainty without some kind of estimation of the number of rioters who remain un punished and information on whether the rioters charged were arrested due to the police records on them.

    5. IAS says:

      Tom, don’t you find it amazing that there is not a will to even acknow;edge the fact of hidden balance sheets by these CEO Bankers!!??

      If ‘ordinary’ folk could get away with this mountain of Fraud – responsible for failings our banking systems and breaking our economy, I am sure they would have tried. But, it is clear that all is hidden by CEO bankers to cover-up their wrong-doing Fraudulent activity. It’s a money-making machine – teh 1% that are allowed to get away with Fraud to such a massive scale. And teh politicians who allow them to get away with it. It is clear that an Investigation would have raised so many questions that that CEO bankers couldn’t answer that Jailtime would have been the outcome. We should of at least had a trial!! The lack of a trial goes to the heart of a FAILED Democracy in the UK.

  15. Saltaire Sam says:

    A most timely post, especially on the day we learn that two more fiddling MPs have been released after serving only a quarter of their sentence.

    It really is one rule for the rich and powerful…

    Not only have the bankers not been jailed, they continue to enjoy the fruits of their scams, and some are calling the shots by investing millions into lobbying against bank reform.

    The rest of us can do nothing but get frustrated and come to terms with living in a corrupt society, accepting that privilege and wealth will never be second to integrity in our lifetime.

    But there may be a glimmer of hope. At least our favourite, rather posh, journalist has finally tasted HP sauce, albeit only as that too ceases to be what it should be :-)

  16. Kay says:

    Even MPs couldn’t hide behind the defence of ‘Why me? Everyone did it. It’s how the system worked and even the regulators endorsed it’. It didn’t stop Chaytor et al being prosecuted.

    Everybody ‘got’ what the MPs had done and called it theft, false accounting and fraud. It helped that journalists did a superb job of presenting the facts and getting underneath the facts.

    I suspect that we will have to wait until an investigative journalist gets a banker bang to rights, in a way that the public understands, before pressure can be brought on law enforcement agencies. And that makes me so bleddy cross.

    Good blog, thanks Jon.

    1. sue_m says:

      “Everbody got what the MPs had done and called it theft, false accounting and fraud”.

      Everybody except the MPs Kay, they called it an error or an entitlement to make up their (so poor) wages! And they still don’t get it now. Not much has really changed – they still claim for thousands that no other working person could possibly get away with claiming as legitimate work expenses. Thats what makes me so cross.

      Bankers, politicians – they are one and the same.

    2. Bog Creature says:

      A bank that is not publically interrelated to the social fabric of morality in democracy is not a bank; it is a black hole in the macro economic perceptions of grandeur the elitist pig, dog, snake tribe utilize to enslave all justice in their personal freedom and fortune as liberty taking and liberty making. The pig, dog, snake tribe have used your justice to imprison human rights, civilian rights to grow and expand the illegitimacy of private rights, upon a plantation future.

      Private rights are an individual’s awareness of one’s own needs, not a divisionary method of segregation, alienation and discrimination through financial slavery of particular group’s demands.

      Tribalism is not an aspect of nature to be dominated by the anti nature creationist version of tribal perception. The banking War machine is a private mercenary killing code in the sacrificial runes of a bad lore. No legitimate honorable army should be following the orders of the creationist banker’s methods of greed and deception. All armies should stand down during the financial conflicts of the private realm of criminal conspirators until justice is complete.

    3. Bog Creature says:

      The army and its utilization were supposed to represent the jurisdiction and demands of the people in all matters of defense and security. The Law is a unity of awareness in motion that is sandwiched between two common and unique periods of time, where the past period of lore defines the legitimate interest of translation in the natural transaction of meaning as action and non-action. Ownership of action and non-action are legitimate demands of a healthy democracy in the forward chamber of this temporal maze.

      The peoples understanding of morality is not complete until morality is legitimately defined as the common and unique power all individuals share as common tender in the natural exchange of liberty, justice, freedom, equality and peace, since, adaptation in survival is a global enterprise beyond the significance of banking credibility to control.

    4. Bog Standard says:

      The hierarchal chain of command as secrecy of security is beyond redemption in claiming ownership of public security, when the private agenda dominates the shadows of a common plane. Corruption is on a grand scale in the global crime scene of the coming death star and the key turner is not responsible for its part in the elimination process the creationist as conjured. We do not fear death we embrace it and challenge your after life domain hate tricks. Fear is the killer and betrayer of all innocence, liberty is a human being, not a subject, object of investigation by those who create the investigative chains of a false security system. Crime is in everything and consuming our viability to appreciate the reasonable expectations of good in the individual and collective significance.

      Temporal crimes of amoral power are akin to a disease that eats the flesh from the inside out.

  17. DrMike says:

    Be careful about the questions you ask – No doubt if you get too close to the truth a gagging order will be issued so that this can be quietly swept under the rug and forgotten. There is a different set of standards to which the wealthy and the aristocracy are judged by.

    1. margaret brandreth-jones says:

      We all used to carry tongue forceps for those who let the tongue slip on the way back from theatre. Now it seems that these forceps are only used by those who wish to perpetuate deceit.

  18. Britt_w says:

    The credit crunch… For me, as for many others, it has meant that the little money I have managed to get in during this time has gone to what I owe HMRC. More than once, I have managed to keep the bayliffs away from knocking on my door, but it has been close. Very close. I’m still going, but it feels like a constant struggle to keep my nose above the water, trying to find extra, part time, work if I can get it.

    When I watched your interview with Mark Hoban last night I was shouting out loud: “Go, Jon, go!” It just doesn’t seem fair that people whose livelihood has been deeply affected by the bankers’ bad behaviour should have to take the punishment whilst the bankers themselves continue their luxury lifestyle, as if nothing happened.

    It might not be easy – legally – to nail down the guilty ones, I grant you. But why, oh why is it always so easy to go after ‘ordinary people’? I am sure efforts can be made if the will is there. And yes – just see what happened during the riots… I have my very own views on that, on my blog!
    As Sam rightfully says – one rule for the rich… It makes me very sad, angry and frustrated. Good thing we have C4news to challenge the establishment!

    1. Britt_W says:

      “Bayliffs”? Did I say “bayliffs”? Sorry – meant bailiffs!!

  19. Dave Jackson says:

    Surely intent is not important. It doesn’t matter whether it was incompetence or intentional deceit, if people were mislead about the risks of sub prime mortages etc. then, even if the reason was that the person doing the misleading was unaware of what they were doing, surely it’s still a crime? If I claimed I didn’t know I had to pay tax, would that absolve me of the need to do so?

    1. IAS says:

      Dave, good point – one that should have led to the arrest of these CEO bankers!!

      CEO Bankers who are now enjoying teh fruits of teh Fraud, other lose their homes… not good… not a Democracy when Fairness and Justice goes out the window to PROTECT the 1% Fraudsters!!

      Shame on the Politicians who continue to act as if they have any credibility, and shame on teh News Media, in particular the tax-payer funded BBC who did not want to get to the bottom of this. Weakness at its highest!!

  20. CWH says:

    Iceland certainly did not hesitate to issue arrest warrants for some of its errant bankers.

  21. Frank Poster says:

    Jon, you are very right, up to a point. The issue is that the whole financial system is a mess and no one has a clue how to fix it. We have allowed massive abuses and frauds and our establishment has allowed it. There no longer is clear black and white, right or wrong, just a grey gooey mess which the lawyers can play in. Regardless of one’s religious viewpoint, but as a moral framework, the only way that we can revert from this mess is to go back to the 10 commandments and namely in this case “thou shalt not steal” and define theft as being anything that is taken without another person’s permission. So when an investment evaporates then it is theft. Simple really.

    1. archibald gruntfuttock says:

      “no one has a clue how to fix it”
      simply not true. That’s what ‘they’ want you to think, because to fix it, first you have to apportion blame and ‘they’ cant have that can they?. There’s, in effect, a ‘cover-up’ (not to mention the lobbying) going on here so the banks don’t get stung.

      and then wait to hear a political commentator discuss ‘fractional reserve banking’ on any news or financial programme anywhere, quite simply, you will have a long wait. shocking disengenuity.

  22. proton says:

    Bankers are untouchable, unelected, faceless and unaccoutable. They hide behind their sacrificial proxies the politicians. Ever read ” The Golden Bough”

  23. Meg Howarth says:

    Excellent post. Suggest we demand that the people’s TV station, the publicly funded BBC, screen a showing of Inside Job in each of House of Commons and Lords, with televised question/answer session to follow. We can observe our ‘representatives’ watching this powerful expose of the corruption at the heart of profiteering capitalism.

    But we need to free ourselves from the shackles of subservience to representative democracy, and gain some political self-respect, if we are to ensure no repeat of the banking crisis. The passive role we have for the most part adopted and absorbed is destroying democracy. We pay these folks wages. We need to begin to set the agenda.

    As if on cue re the consequences of leaving decisions to the political establishment, tonight’s news has just covered today’s opening of the Westfield shopping-mall (the largest in Europe?), with 300 shops and – gross! – the country’s largest casino. Jobs for the poor and unemployed of Newham, one of the country’s poorest boroughs, we’re told by the local knighted – for what? Fred the Shred was knighted, for services to banking, for heaven’s sake – leader of the council. Degrading, patronising b……. We must wake up.

  24. UKJusticeIsAJoke says:

    It’s a sad when it takes another country (USA) to prosecute our own country’s criminals. If the FSA/BoE/police/HMRC actually bothered to investigate some of these characters they would find fraud, tax evasion, misuse of private and public money, insider dealing, and a whole raft of other offenses with ease. Perhaps we should let the French look into our political system? Our justice system failed to catch any mice here too.

  25. Mudplugger says:

    Just one look at the giant revolving-door between the FSA and the Finance Sector will explain why precisely nothing will be done by that Fundamentally Supine Authority.
    Club Rules, you see, old chap.

  26. proton says:

    Jon Snow all the sign posts to an answer to your question are is here :

    http://www.bbc.co.uk/blogs/adamcurtis/

  27. Ian Fraser says:

    Contrary to what Jon said above, some bankers and ex-bankers *have* been arrested. Whether they’ll be charged and tried or not remains to be seen. P.S. please can someone explain why my comment from 11.42am, providing some detail on this, is still awaiting moderation?

  28. gerbil says:

    The State is subserviant to monopoly capitalism
    and the large Corperations. This is ‘Banksterism’ fraud on a grand scale the ruling class always look after their own. The banks have £1,3 trillion bail-out package of share purchases, loans and guarantees. It’s meant to be used to rebuild their capital reserves and extend loans to housebuyers and businesses, thereby stimulating the economy and growth but this is not the case. A large portion is used to speculate on the stock exchange and in the currency, commodity and financial markets noting also they always manage to pay their million pound bonuses, while retail prices have increased and the 20% vat rise are hitting the poorer sections of our society. They should make them pay by collecting the £120 billion from the corperate tax evaders and the super-rich.
    Also close corporate tax loopholes and tax havens, saving up to a further £70 billion per year. Implement with a 20% windfall tax the leading companies of the banking, insurance and mortgage industries and their £90 billion of profits as well as the Robin Hood tax on their trades. A progressive new government is our only hope I am afraid.

  29. john says:

    The tory party gets over 50% of its funding from hedge funds and their friends “in the city”
    Need i say more?

  30. Garry Anderson says:

    Err.. why not make charges against the bankers – because the FSA and SFO are both corrupt.

    I won official complaint against the FSA for their lack of integrity – I could not lose.

    Though, it is hardly a win for the public when the financial regulators lack integrity.

    I am also currently in the official complaint process against SFO management.

    1. For professional misconduct and lack of integrity.

    2. For corruption in perverting the course of justice.

    Likewise, I cannot lose this either.

  31. DrMike says:

    How many policemen have been arrested for accepting bribes from NOTW? This seems to have been forgotten in the wake of the London riots. But not a single police officer from the MET has been arrested for accepting bribes – what surely constitutes corruption. Surely the investigators are not so inept that they can track down who these individuals are and how much money they were paid. As a journalist I would think you would be very interested in revealing something that is very much in the public interest.

  32. The Pedant says:

    ARRESTED?? They should be hanging from lamposts!

  33. Meg Howarth says:

    This from today’s Twitter: ‘Bankers: eight billion years in jail should do it’ – Mark Steel, Commen.. http://ind.pn/oB7ZAg “An amazingly logic article on banking!”

  34. Joseph Burke says:

    Good, justifiably aggressive interview Jon and a perfect illustration of the futility of getting a straight answer to a straight question from a politician no matter how often or insistently posed.

    You have to think that politicians of all colours are irredeemably in tacit collusion with banks and the city. Not just because their campaign and lobbying contributions promote and sustain parliamentary careers and beyond but because the very light/no regulation policies the politicians implement serve to unleash the greed and excess of their benefactors.

    With this incestuous mutually self-serving and duplicitous relationship it is not hard to understand why there is no political will to prosecute the identifiable financial perpetrators of this recent banking meltdown. The politicians of all parties know they are accomplices in the crime and should the banking and city fraudsters be prosecuted they too would be readily implicated and soon following them into the dock.

    As for the dilatory performance of the FSA, what changes? It is a supposed regulatory body staffed by those who formerly worked in city banking and finance companies. Poachers turned gamekeepers? Definitely.

  35. Sage Against the Machine says:

    You’re right here, Jon. It’s appalling. The biggest drive-by mugging in history and the perpetrators walk away scot free. And the losses involved are eye-watering. Losses that are being slowly socialised through inflation and job losses. And we haven’t even touched rock bottom yet in my opinion. The Euro and the Dollar are on extremely dodgy ground with no sign of improvement.

    The England riots were estimated to cost us 200 million pounds. According to the National Audit Office (Dec 2010 announcement), the banking crisis is going to cost us 512 BILLION pounds. The relative damage doesn’t even compare.

    Banks have been engaging in legalised counterfeiting for decades anyway with fractional reserve lending – making new money out of thin air without adding any real value to the economy. It benefits the banks not us. The same goes for QE and low interest rates.

    But of course we have to keep the pyramid scheme going. Confidence brings in the new entrants to the debt scam. We have officially turned into a Gok Wan economy. “It’s all about the confidence!”

  36. Mehmet says:

    This is the century of capitalist Jon , Justice system can tolerate any bankers ,politicians or business man,they must be protected for the financial sustainability of the system, but no way to those who need to steal to survive .

    if you would like to critise someone or something , you should start from the USA based heartless capitalism which took over all countries ..

  37. Phil Brammer says:

    Please keep pushing, Jon.

  38. Saltaire Sam says:

    I watched the storm flashing around parliament last night and the auguries of disaster with Faisal set to race to the nearest bunker, and suddenly I realised how economics works.

    It is nothing but a glorified game of Mornington Crescent.

    People say things at random, sounding very knowledgeable, thoughtful and wise, while others aah in appreciation or cluck in disagreement. It bounces from one guru to another until one person, for no apparent reason, says Mornington Crescent and everyone bursts into applause.

    How else do you explain the pound falling in value against the euro on a day when we are told the euro zone is close to catastrophe?

    How else do you explain share prices falling when a company announces good profits but rising when the world economic situation is facing a crash worse than 2008?

    How else do you explain our government taking eight years to protect tax payers from bank excesses at a time when another rogue trader costs one bank billions on the flick of a touch screen?

    At least those taking part in Mornington Crescent knew it was nonsense.

    1. Meg Howarth says:

      Excellent post, Sam.

      The cracks in our ludicrous economic foundations are no longer invisible and we can all see that they’re unrepairable. Demolition and new-build required, based on human need, not unsustainable profiteering ‘growth’ and low-paid, soul-destroying repetitive robotic, often environmentally damaging ‘work’. The GDP corpse needs burying – and fast, before it does any more damage to human lives and the one earth we all share.

      Only the Greens, with all their faults, are challenging the establishment support for the above GDP corpse, the introduction of a Citizens Income (including a higher-rate Citizens Pension) and a tax on land. No hope from the Labour party as long as it’s lashed to the capitalist pro-growth model, jobs-at-any cost model. Full employment’s long been a myth to keep the majority working for the minority feral elite.

      This piece by Bertrand Russell might help inspire the fresh thinking we need about another more civilised way of living:

      http://www.zpub.com/notes/idle.html

    2. Mudplugger says:

      The simple explanation of it taking eight years to adapt the banking system is that, in less than four years there will be an election. If that results in a working Tory majority, you can bet your current account that the proposals will be ‘reviewed’ and quietly abandoned. If anyone else wins the election, only then will the banks actually start making any plans, with at least four years to implement them.

      I assume, Sam, that you are using ‘Murcator’s Alternative Paradigm’ in your version of Mornington Crescent. Sounds like it to me.

  39. Duke of Cornwall says:

    The legal route will only be pursued if there exists the political will to do so, and politicians only sit up and listen if they smell votes.

    We need to make it obvious to politicians that pursuing reckless and/or incompetent bankers would make them popular and may mean votes. The most expedient way I can think to signal this (apart from continued media coverage) is via the government E-petition website.

    There have already been numerous E-petitions on this matter but many have had problems (rabid, confused etc.) and have been about as popular as a fart in a perfume factory.

    A single good and (C4 note!) publicized petition could act as a focus for the many who want action not words in this matter.

    Of course, nothing may come of it but it may ignite a moral zeal in one or two MPs. Remember, Tom Watson was a lone voice not that long ago…

    Related to this, if laws on corporate liability were revised to incorporate individual responsibility then the public could be better protected against more than just the banking industry.

    1. Evie Murray says:

      A group is forming here, people feel powerfully about these issues. It would be silly really to ignore a real possiblity to attack many of these issues in a more formal way with the government.

  40. Dave says:

    You know nothing Jon Snow

    1. Evie Murray says:

      I actually opened an email to read this comment Dave.

    2. Howard Lane says:

      Why not give Jon and the rest of us the benefit of your knowledge?

  41. Graham Milne says:

    Section 5 Perjury Act 1911.

    If any person knowingly and wilfully makes (otherwise than on oath) a statement false in a material particular, and the statement is made

    (a)in a statutory declaration; or

    (b)in an abstract, account, balance sheet, book, certificate, declaration, entry, estimate, inventory, notice, report, return, or other document which he is authorised or required to make, attest, or verify, by any public general Act of Parliament for the time being in force; or

    (c)in any oral declaration or oral answer which he is required to make by, under, or in pursuance of any public general Act of Parliament for the time being in force,

    he shall be guilty of a misdemeanour and shall be liable on conviction thereof on indictment to imprisonment for any term not exceeding two years, or to a fine or to both such imprisonment and fine.

  42. Saltaire Sam says:

    A thought for the weekend. Is Michael Crick already undermining Jon Snow?

    Michael has thumbs that work on his blog!!!!

  43. Nikki Turner says:

    We don’t prosecute bankers because we can’t afford to. Fraud cases are long, complicated and expensive. When the bankers destroyed the economy, they also made sure there was little money left for services like the police. As one policeman said to me – they have defined budgets and if they went after the bankers, most of those budgets would be wiped out prosecuting a minority of individuals who would, in any event, have expensive lawyers to protect them. That would leave very little money left for the police to prosecute other crimes – like people stealing water or T-shirts.Therefore, for the good of society, the bankers go free and continue mugging the rest of the Country.

    1. IAS says:

      Yes Nikki, you are correct.

      How on earth can we bring any kind of morality to the existence of our Politicians if, on one hand, they seem eager to find the identity of criminal ctivities of rioters, but on the other hand are less enthusiastic about arresting CEO Bankers on charges of Fraud?

      The values that are meant to represent our Democracy seems like a word only to be used by politicians when they want to invade another Country. However, when we break-down the sole ingredients that are meant to uphold democracy in itself, both Fairness and Justice is only for the few – not for ALL.

      As we know Nikki, SFLGS is one of the many failings by the relationship between bankers and politicians. Gross negligence seems to be in the DNA of bankers and their banking practices. Now bankers are being allowed to repossess our homes, when we own the banks – While our political elite sit by and watch.

      Hope all is well.

  44. cgec says:

    Unfortunate that it seems we have yet to hear from a lawyer specializing in financial crime. Perhaps many prosecutions are underway. If so for what offences and what are the ingredients of the crimes being investigated. Equally are civil actions underway for criminal or other negligence? Have not, bank directors clearly failed in their statutory duties? It is widely reported, eg in the UBS case of last week that directors often do not understand what traders are doing and indeed avoid enquiring.The poor performance and shiftiness of ministers has come to be expected. Can we not expect advice and guidance from our lawyers on a matter of such intense public interest.
    Has anyone put a Freedom of Information request to the FSA. Perhaps they will now issue a statement on the current position?

  45. Ken says:

    Corrupt politicians and bankers flee as soon as they can. They take the money and go. The UK will be left with the poorest retirees in the West, poorly paid workers, failing NHS, failing schools, immigrants flooding in to use up the Welfare system, rising violent crime etc. But, the people in large part responsible for this mess will be long gone. Europe, USA, UAE are all places they flee to with their ill gotten loot and unearned, extravagant pensions. In the meantime, many Brits will lose their homes, go without food and heating, children will be poorly fed and dressed for schools and we will return to Dickensian England.

    1. IAS says:

      My question precisely Ken.

      Isn’t it strange how even the tax-payer funded BBC fails to be Bold in addressing such issues of Fraud by CEO bankers and Political failings with regulation, but are so quick to say to talkdown unemployed people or those on welfare benefit. This is shameful!

      Also, nobody wants to address the likes of CEO bankers balance sheets – even the balance sheets that are hidden – meaning that we have to bail these banks out further in the near future. How could these CEO bankers continue to lend to subprime customers when their balance sheets would have reflected the failure of said customer to repay these debts. Butm what did these bankers continue to do? Yes, that’s right – they couldn’t to lend – making excessive renumerations as a direct result of this FRAUD!!

      It is the WEAKNESS of our News Media to address these issues and use the word ‘Fraud’ and question banks ‘Balance Sheets’ used to measure the debt of Subprime Mortgages. Butm STIL NO ARRESTS!! Rioters were arrested for crimes!!!

      What’s the difference between CEO Bankers and the Rioters? Rioters are Petty Criminals!

  46. Howard lane says:

    I was struck that while entrepreneur Karen Millen is pursuing her lost wealth against Icelandic bank Kaupthing (good luck to her), there are millions of us who will get no compensation for what we have lost and will continue to lose in public services and the general economy. Perhaps there is a wealthy philanthropist out there willing to support a class action?

  47. Chris R says:

    It is like the banks being fined for selling PPI to people who could never claim or selling long-term care insurance to the elderly. If someone swindles an elderly person with an overpriced alarm system, double-glazing or roof repair they are charged with fraud – yet no such action against the banks. WHY!!!!

    1. IAS says:

      Chris, I agree with your comment. However, like others, you referred to charging ‘fraud’ with ‘banks’, and did not build a necessary, if not fundamental, relationship between ‘Fraud’ and BANKERS!!! There is a difference!!

      The CEO Bankers – individuals, who were Fraudulent in their activities – in particular, with the Subprime Mortages – and somehow we are meant to believe that they don’t look at their balance sheets that would have shown the VAST lack of repayments, these CEO bankers we DO NOT NEED! However, we need BANKS – but BANKS that are run by ethically sound with transparency throughout by ‘individuals.’

  48. Ian Fraser says:

    Given the lack of appetite among official bodies (including the FSA, SFO, CPS etc) for tackling the banks, and the FSA’s transparent attempts to cover up aspects of the banking crisis (e.g its ‘whitewash’ of RBS’s ‘false and misleading’ rights issue prospectus of April 2008, by which the Edinburgh-based bank duped investors out of £12bn), I believe we need a no-holds-barred, Leveson-style public inquiry into the banks and the banking crisis. I wrote a blog calling for such an inquiry on Sunday night and it is starting to go viral. Please read and, if you agree with me, circulate using email, twitter, Facebook, LinkedIn etc. ‘The Time is Now…’ http://www.ianfraser.org/why-we-need-a-proper-independent-inquiry-into-uk-banks/

    1. IAS says:

      Hi Ian,

      It’s a ‘whitewash’ that Social Justice fails to be a fluent, Democratic opportunity for the many who suffer from failed government policies and the ‘bodies’ (including Public Law legal aid) that ‘purposely have NO sufficient remit to tackle such injustices on behalf of those who are vulnerable & disadvantaged or weak and poor. But, these CEO bankers – responsible for the ‘runing down’ or failings of the banking system – not least enabled by the political weaknesses in policies, are enjoying their fruits of FRAUD – while banks continue to repossess the houses that were turned into HOMES!! Does it get any worse?!!!

      What is more sickening is the daily weakness of both the tax-payers BBC News AND Sky News to tackle such FAILINGS – HEAD ON!!! THEY MOST CERTAINLY ARE ALL IN THIS TOGETHER!!!

  49. Nikki Turner says:

    Good to see the debate is still going on this blog. Personally, almost 22 months after Thames Valley Police started investigating the HBOS Reading fraud, I am very concerned and almost past exasperation that no one in the financial sector has been charged with fraud – or more importantly, perverting the course of justice. Many people were complicit in the HBOS Reading fraud but many more were complicit in the cover up. Surely a 22 month investigation indicates this is a serious matter that needs to be prosecuted and I believe the police feel the same. So why is it not happening?

    The answer is politics. When, in the name of all the Gods, will someone realise, it does not protect the general public when such heinous crimes are buried. All it does is encourage other people to do the same.

    I, like many people including Paul Moore and even Alistair Campell, believe nothing short of a full Levenson style inquiry will stop a minority of people continuing to bankrupt this Country. Make no mistake, some of these people are in senior positions and effect the lives of many people. If no one is prepared to bring these people to book, then surely, Britain is already a lawless country.

    1. IAS says:

      Hi Nikki,

      As you will remember, I too are familiar with the distress, frustrations and failure to achieev Social justice in this area where Fraud was rife.

      As we both know, the governments own SFLGS played a significant role in this. In fact, it was the platform for all the thousands of viable businesses that were failed, and the individuals (many disadvantaged) who ahve become vulnerable with the losses incurred in their lives. This whole episode has been highlighted a weakness in the will and desire for MPs, and politicians overall, to stand-up for what is right. Instead, politicians have hid behind their pseudo representations – as they and others continue to cover-up and hide the BANK input that drove these failings deeper and deeper with a strong force.

      Though we haven’t spoken for a long time, I have always wondered what the state of play is with the challenges you are facing. I mention the word ‘play, as I feel this is a game for those with Power and Control – not least the Banks – whereby the individuals who run it are continuously allowed to get away with unacceptable behaviour – a behaviour that, but for the fact they are Bankers, would not have been tolerated!

  50. Jason says:

    Indeed as they have basically created a big trick or fraud..they had no money…and then demanded the tax payer GIVE them FREE money !…they should be paying it back and they arent ..WHY ? and those who lost it all should be had up for recklessness at the very least. Its shocking and very very wrong.

  51. Nikki Turner says:

    Today, I was pointed in the direction of a very interesting case of bank failure. The case is the City of Glasgow Bank which failed in 1878, ironically when Bank of Scotland failed to bail it out. The difference between Victorian times and now is that a) the bank was allowed to fail and b) all the directors went to jail.

    The following link gives a brief summary http://www.gla.ac.uk/services/archives/exhibitions/cityofglasgowbank/

    There are more detailed versions on line and it strikes me that, having allowed this bank to fail, the Bank of Scotland or indeed HBOS, used the same negligent or even fraudulent model about 100 years later.It’s very interesting so I thought I would share it.

    Note to IAS – you are right to use the word ‘play’! The game continues but, fortunately, the manipulation of truth and misrepresentation of facts by so many parties, means one side is relying on the collective memory of what lies have been told. Impossible – and it ultimately makes the strongest side vulnerable!

    1. IAS says:

      Hi Nikki,

      Yes, a ‘game’ to those who have been given so much Control and Power – enabling Social Justice for the few who can afford it – while also making sure that Bankers and Politicians Representations are protected in all its weaknesses.

      The ONLY Strength here Nikki, is from those who are willing to ‘fight’ and keep on ‘fighting’ in the name of Justice. I was deeply appalled by the failure of my MP to deal with the SFLGS failings that IBAS (Independent Banking Advisory Service) had so much evidence of the gross Neglect – will and Intention by Politicians – even the media to deal with its failings.

      Though, I agree wit you Nikki, that its good that this Debate is kept alive, have we not EARNED the RIGHT for attention on Channel 4 news or BBC news, to encourage these appalling failings to be addressed. I WANT TO TELL MY STORY!!

      You mention the Leveson Inquiry – what a DISTRACTION!! Look at what these CEO bankers did? But yet, they are allowed to walk away with all the ‘fruits of their Fraud. This Inquiry is about Celebrity and journalist – NOT REAL PEOPLE!

      Again, a Democracy and Social Justice should stand side by side. So, where is ours?

      Regards,

      Ivor

  52. Ian Rafferty says:

    Well its 30th June 2012 ,To reiterate – SO why have no Bankers been prosicuted .
    As I said to my wife yesterday , maybe the Biblical term “Userer” has come of age.
    The Catholic Church used to call them this a 1000 years ago , because they “Used” innocent peoples money for there own agrandizement.
    Enough said , may God forgive them , I dont !!.

    1. IAS says:

      Good question Ian. A one word answer: POLITICIANS!

      We are still hearing many excuses from Politicians on this one – even the tax-payer BBC news have been Weak to mention the words ‘Fraud’ when it comes to the actions of CEO bankers – who failed the banking system, bankrupt our Country and now we have to tollerate the Austerity measures put on us my Politicians who Weak policies were abused by these CEO Bankers??

      The excuses that Politicians are making is only to secure the historic relationship that political parties, and those within it, have had with Bankers – as they not only fund political parties, but also individualised political interests too.

      I feel that Democracracy is not alive! It most certainly is not well.

      Fairness and Justice is meant to stem from Democratic standards, so why aren’t we ‘living the dream?’ Instead, we are tollerating the weaknesses, ‘conflicts of interests’ and the starvation of growth – all because CEO Bankers continue to ‘hold’ us to ransom – Small Businesses continue to be choked and a State of Stagnation or Limbo is being seen in our communtiies.

      When are a News Media going to SHOUT louder, and hold our Politicians to account?

  53. Ian says:

    Well well well ,
    They [the bankers] have been found with there grubby little hands in the till.
    The repercussions on ordinary people, for stealing that amount of money , would be inprisonement.
    They [the government ] say that tomorow there will be an inquirey
    I’d say , its game over for the banks. They should all be dissolved and replaced with a new service.
    They have betrayed every person in the UK and deserve to be wound up.
    They should be replaced with men of honour from the old school , pre 2nd world war , who we all trusted.
    Good riddance Barklays.

    1. IAS says:

      Ian,

      I think we need to make some cleal distinctions bewteen a ‘bank’ and a ‘Banker.’ A Bank (the ‘Private Company’) does not run itself! So, let us talk about – ONLY talk about, the CEO Banker!

      It’s clear to me, while we need a Banking Sector, ‘ordinary’ people DO NOT need this type of Banking System; and while we have a Banking System, ‘Ordinary’ people DO NOT need these type of BANKERS!!

      The purpose of a bank is to lend to ‘viable’ propositions. However, the relationships between an in-house bank manager, and ‘ordinary’ people has deminished! So has the Good Ethics culture that is meant to represent and Uphold Customer service, Banking Practices and non-Fraudulent activities!!

      I think ‘Innovative-thinking’ is the key – whereby CEO Bankers responsible for Fraudulent activity should be arrested, placed in trial, and when proven, JAILED! And, Politicians MUST ONLY recieve Party funding from the tax-payer, but a little sum – as not to encourage the rhetorical slanging matches we’re all are fed-up with. But, also to set in motion a ‘TV ONLY’ opportunity for Politicians to state their policies, argue their corner, and be questioned by ‘ordinary people’… of course

    2. Ian Rafferty says:

      This kind of behavior by ordinary people would result in Jail.
      We ,the people , can not hide behind politians or the judicial system , like the Bankers do , we are subject to it.
      The bankers and their , dubious backers think they have a “Divine Right” to keep us under their thumb , because they’ve accumulated more wealth than us.
      What a very dangerously outdated idea [Cromwell , civil war , etc.. ]

  54. Nikki Turner says:

    With no disrespect to Andrew Tyrie, I fail to see how we can have a totally independent inquiry into the iniquities of the banking sector, conducted by politicians? What ever anyone’s political persuasion, we have already experienced the worrying lack of ethics in the political arena. So what Mr Cameron is suggesting is – we have an inquiry into the conduct of the least trusted people in the Country done by the second least trusted people in the Country. Or is Mr Cameron putting off the Leveson style inquiry until Labour are back in power?

    These games are exasperating and meanwhile, the wheels have fallen off the Country and its floating down the Thames towards Niagra.

    1. IAS says:

      Hello Nikki,

      I totally agree with your words of wisdom – as we have both have experienced the might of arrogance and fraudulent behaviour of Bankers. However, we also are fully aware of the Political interests, and the relationships they have with Bankers, that has always determined the fate of ‘ordinary’ people’s lives.

      So yes, with the newly found vocals (almost harmonic) by the news media – now mentioning the words ‘fraud’ and ‘CEO bankers’ in the same sentence, surely now is the time for the Serious Fraud Office to investigate such matters, and these extraordinary serious matters not to be hijacked by Politicians who have always been responsible for playing down the vast Fraud, Poor Banking Procedures and Poor Customer Service that these Bankers have always been responsible for maintaining – at the expense of ‘ordinary’ hard working people.

      Finally, is it only me who does not understand why it is only now that the media is using words such as Fraud, when these same CEO Bankers were responsible for Failing Banks, creating a recession and then repossessing our homes? Where was the media and politicians then?

      All the best Nikki,

      Regards,

      Ivor (SFLGS)

    2. IAS says:

      In addition to what I’ve just said Nikki, it is clear to you and I that the only reason that these CEO Bankers and the arrogance they wield and the Fraudulant behaviour they have practices has gone on for so long is simply because our politicians have not been willing or strong enough to Confront these issues. So, whay are Politicians being allowed to hold Commitee for these CEO Bankers, when instaed, they should be arrested, placed on trial and, if hopefully jailed for their crimes?

      A Judicial input is fundamental in all of this to esatblish transparency. However, I smell Political influence that will prevent this. But, whay aren’t the news media interviewing ‘ordinary’ people like you and me in order counter this lack of address towards the crimes committed here?

      Nikki, given that teh SFLGS ‘Small Firms Loan Guarantee Scheme’ failings have been responsible for so much detriment in the lives of ‘ordinary’ people who work hard to start-up in business, this should have been front-page news!! But, we are too familiar with the defence of these CEO Bankers and the Financial interests of the City. This is what has always been put first.

      Regards,

      Ivor

  55. ray says:

    no bankers have been arrested because they legally and regularly contribute very large sums of money to political parties…….. bribery….. simples

    1. IAS says:

      Totally agree, Ray.

      I’ve always acknowledged this fact.

      So, what does Progress or Change look like? Do we therefore have Parliamentary reform whereby new policies are put in place that say that No external Party funding will be allowed! Thus, we will have to ensure that the public purse provides a limited sum to Political parties promoting themselves. And, these Leaders of political parties will have to answer to their promotional tactics, rhetoric and policy agenda before a studio audience made up of ‘ordinary’ people. Can this be achieved?

      After all, don’t all these thinks have to follow through if transparency and democratic standards are to be achieved, once such bankers funding and relationships and other party funding are disabled?

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