By Peter Neville Lewis, Mar 12 2018 02:34PM
“Disgraceful” is how Nicky Morgan describes the behaviour of RBS’s Global Restructuring Group which has bought shame to its perpetrators.
The Jester would go further! – helping yourself unethically to client assets is reprehensible and those responsible should pay the full penalty. Hopefully those responsible at RBS at the highest level will cop it!
Where though are (Sir - no more) Fred Goodwin, arch villain and cultural architect of the piece in his dash for growth and profit at all costs OR the weak Stephen Hester who never got to grips with RBS’s fundamental cultural issues before being moved on?
Are either of these two banking robber barons likely to carry the can?
Stuart Gulliver also moves on soon, leaving HSBC to cough up another $1.5 billion for misdemeanours around money laundering about which senior management claimed to know nothing.
Lloyds is still funding the PPI gravy train and Barclays is threatened with losing its licence over the Qatari loans (in both directions), apart from issues with their CEO over his own behaviour in seeking to “out” a whistleblower against the accepted code of conduct.
Sadly it’s all part of a never ending circular saga - big bank screws over its clients, breaks the rules, gets dinged by the regulators and crime agencies, admits failings, fires insignificant middle managers, accepts large fine and then continues its devious way to commit the next client frauds.
If the Jester had his way these dodgy dealers would be put in the stocks, to be pelted with rotten fruit outside the Bank of England, before locking up some of these reckless miscreants and banning the others from doing business in the City for a lengthy period. The ancient Greeks had a word (and a penalty) for those convicted of corrupt practices – Ostracisation. We should re-introduce this practice!
The financial and economic damage done by the big UK banks is colossal but so far nobody has been called to account.
Why are the Regulators and the SFO so pusillanimous? Who is protecting who?
Stop Press: A former Deutsche Bank trader named as a conspirator during the LIBOR rigging trial has reached a settlement with the City watchdog to close its investigation into him!
RBS Boss McEwan blames Goodwin culture for continuing fines - another $500M last week (see Evening Standard) Hmmm!
Disgraceful Nicky? That’s too kind - more like disgusting and it’s an outrage on civil society that has gone on too long.
Capitalism deserves better!
Banking provides the economic fuel for growth but if the bankers don’t clean up their act Corbyn’s cry that they are “suffocating the real economy” will only reach more receptive and already prejudiced ears.
Time is running out....the country cannot afford another banking catastrophe!
Pedro the Jester