Sunday, 1 July 2012

4 out of 5 of the public want to punish bankers?

It seems that being punished for breaking banking regulations isnt enough according to a Which magazine survey.
It seems that the public is baying for blood.
Now dont get me wrong here I'm not on the side of any banker unless of course he is paying me money he or she owes me but there has been no breaking of any criminal laws in this country yet. To bring in such laws and apply them retrospectively is positively totalitarian and smacks of the sort of concesus politiking that made us all heartily sick of New Labour with its tax and waste lies.
But first back to the hoo ha;

"Meanwhile, Sky News' city editor Mark Kleinman has revealed George Osborne is to publish a consultation paper about clawing back bank directors' pay.


Which? chief executive Peter Vicary-Smith said: "Consumers are clearly fed up with one banking scandal after another.



"Banks and bankers will continue to be seen as untouchable unless individuals are held to account for their actions and the culture of banking is changed for good.




"The fines handed down to banks are not a deterrent. Last week Barclays was fined less than £60m in the UK, compared to £231m in the US, and has paid out £2bn in compensation and settlements in the last three years, but that seems to have little effect."

What I would like to believe would happen would be a return to the regulations governing banking that stopped the sort of disasters we have seen this century and also  a seperation of banks investment and retail arms. there is no reason why (and honestly there is none) a banks customers should suffer loss of deposits when a bank goes under. They are protected in law.
The people we need protecting from arent bankers but the idiot politicians with their light touch regulations and absolute panic bail outs of banks that sjhould have gone to the wall.
Northern wreck has cost countless people their jobs and homes through negligence but the politicians poured our money in to keep them afloat.
The politicians need calling to account!

1 comment:

Shupac said...

Tend to agree w/ the politicians being the primary culprits, though w/ the influence o f financial sector lobbying on government (at least here in the US), I have to give bankers a lot of the blame too.