Should We Put The Bankers On Trial?

[Sledgehead]

They are asking for suggestions for the charges to be brought:

Jermy Vine Show list of topics

Contact

[Blue Peter]

There seem to be plenty of articles from the States which show that US banks were (and still are) doing illegal things. I don't particularly recall any from the UK. UK banks seem to have been ignoring risk, but is that actually illegal as opposed to stupid?

Peter.

[TheCountOfNowhere]

Simple answer yes....the trial to consist of casting them in concrete boots, chucking them in the thames then if they drown they are guilty.

I'd pay good money to watch.

[exiges]

I'd rather see the BoE on trial

[pezo]

They are asking for suggestions for the charges to be brought:

Jermy Vine Show list of topics

Contact

I dont even know why there is a debate? Get it done or dont get elected next time.

[Sledgehead]

You lot seem to have forgotten what happened at Lehmans London.

Or how's about this :

18th April 2008 - LLOYDS TSB APPOINTS HELEN WEIR TO HEAD RETAIL BANKING DIVISION

The board of Lloyds TSB announced today the appointment of Helen Weir as Group Executive

Director, UK Retail Banking, with immediate effect. Ms Weir is currently Group Finance Director of

Lloyds TSB having joined the group in 2004.

Eric Daniels, Lloyds TSB Group Chief Executive, said; “I am delighted to see Helen take up the

leadership of the retail bank

How can she not have known about the 25bn infusion into the zombie HBOS that smoothed the merger and later brought down the combined bank? My suspicion is her vested interest (promised upgrade in payscale / position) allowed her to ignore her fiduciary responsibilities and duty to shreholders. Thankfully the incoming ex-Santander CEO that replaced Daniels kicked her out pdq.

"Alison Brittain is set to join Mr Horta-Osório's, her former boss at Santander, after being hired to replace Helen Weir, who left the lender earlier this month, as head of retail banking. " - António Horta-Osório reassembles his Lloyds executive team

So sorry, hard luck, never mind!

[Sledgehead]

Bloody hell, this thread is quiet. I do hope you are all posting emails to vine, cutting and pasting the rants you've displayed here over the past few years.

Seems like it's "forgive and forget". Does nobody remeber the wreckless lending at HBoS? Nobody recall this guy:

As the former head of regulatory risk at troubled bank HBOS between 2002 and 2005, he tried repeatedly to warn his bosses about its reckless and excessive consumer lending only, he claims, to be sacked for his trouble.

?

[leicestersq]

If you are taking people to court for misdeeds, the Lloyds takeover of HBOS looks like a slam dunk. How could the Lloyds board not have known about the loan to HBOS, and failing to report it would mislead their investors.

And we know that HBOS is stuffed to the gills with liar loans. A bit of prodding and I am sure that there will be those who would be willing to testify that this was systemic.

Bradford and Bingley, Northern Rock, RBS, they could all do with having a look at.

And what about bailing out crooked banks with taxpayers money? And were the inactions at the FSA when all this was going on criminal too?

Start banging a few bankers up, seize their assets, and all this crookery would stop. It had better be done.

[Olebrum]

Never going to happen. They have been allowed\helped to become too powerful.

A few minor players might be hauled over the coals but that is it.

[frozen_out]

Trial is too good for them.

They should be lined up and executed.

[Blod]

Just listened to the programme. Got to say it was a bit of a whitewash. They avoided letting anyone on air who'd be able to point the finger and the two experts certainly weren't going to try to apportion blame and responsibility. The only plus was that Vine indicated that though they couldn't find charges yet the matter was not closed. Looks like they'll be using this topic again.

[fluffy666]

There seem to be plenty of articles from the States which show that US banks were (and still are) doing illegal things. I don't particularly recall any from the UK. UK banks seem to have been ignoring risk, but is that actually illegal as opposed to stupid?

Peter.

I'm sure that people end up getting prosecuted when engineering disasters happen..

[The Spaniard]

I'm sure that people end up getting prosecuted when engineering disasters happen..

But not financial engineering it would seem.

[fluffy666]

But not financial engineering it would seem.

Yes..

If I build a defective bridge that collapses and kills 100 people, I get put in prison for life..

If I build a defective financial product that collapses, bankrupts thousands and causes hundreds of suicides, I get a knighthood. And a bailout, if required.

Moral: Less engineers, more accountants - good.

[Bloo Loo]

LIAR LOANS

LIAR MBS

LIAR CDO

All top target for fraud charges.

[eric pebble]

Bloody hell, this thread is quiet. I do hope you are all posting emails to vine, cutting and pasting the rants you've displayed here over the past few years.

Seems like it's "forgive and forget". Does nobody remeber the wreckless lending at HBoS? Nobody recall this guy:

As the former head of regulatory risk at troubled bank HBOS between 2002 and 2005, he tried repeatedly to warn his bosses about its reckless and excessive consumer lending only, he claims, to be sacked for his trouble.

EVERYONE should read that article.

Crosby should have his Knighthood taken away, and he should be tried for gross fraud and misrepresentation.

Moore should get a Knighthood instead. In fact, he should be given a Dukedom.

[eric pebble]

If you are taking people to court for misdeeds, the Lloyds takeover of HBOS looks like a slam dunk. How could the Lloyds board not have known about the loan to HBOS, and failing to report it would mislead their investors.

And we know that HBOS is stuffed to the gills with liar loans. A bit of prodding and I am sure that there will be those who would be willing to testify that this was systemic.

Bradford and Bingley, Northern Rock, RBS, they could all do with having a look at.

And what about bailing out crooked banks with taxpayers money? And were the inactions at the FSA when all this was going on criminal too?

Start banging a few bankers up, seize their assets, and all this crookery would stop. It had better be done.

Absolutely spot on. WHY are ALL these parties not being indicted and tried in the Central Criminal Court for MASSIVE FRAUD?

Edited April 7, 2011 by eric pebble

[Democorruptcy]

Why stop at bankers? The FSA were in charge. 125% mortgages in a regulated industry?

They must have been very inept or 125% complicit.

I wrote to my MP suggesting that the FSA are the last people that should be in charge of investigating if RBS did anything wrong. My MP got it on the second letter that they cannot possibly be impartial because to find that RBS did anything wrong meant their own regulation had failed and allowed it. My MP contacted the treasury who set a letter back that was a classic straight bat - the FSA looked at this, the FSA said this that, the FSA said that - totally ignoring that the FSA shouldn't even be involved.

[R K]

If we must, but I'd prefer extraordinary rendition and a spot of waterboarding

[Democorruptcy]

the FSA said Cameron, a key lieutenant to disgraced RBS boss Fred Goodwin, had agreed not to take on any major or full-time job in financial services.

http://www.telegraph.co.uk/finance/financialcrisis/7736540/Former-RBS-investment-bank-chief-Johnny-Cameron-banned-from-City.html

The former head of RBS's investment banking arm has launched a business under the name Caps Advisory in the wake of his undertaking to the Financial Services Authority (FSA) in May this year not to return to banking. "It's a tiny thing, just a vehicle for me to act as a consultant and mentor to people such as board members and business heads," said Mr Cameron yesterday. "I've got one job starting in September but it's very, very early days. I can't tell you who the client is, mentoring is a very confidential thing. Over the past 30 years, I have learnt all about boardrooms and leadership and strategy and management. You learn more in difficult times and let's face it I went through a difficult time. "I can also help with people's relationships with banks, for example, but it's not a financial services business."

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7945861/Former-RBS-banker-Johnny-Cameron-returns-to-the-City.html

Johnny Cameron stepped down as adviser to headhunters Odgers Berndtson after the firm lost a key contract with government agency UK Financial Investments.

UKFI, which controls government stakes in banks, had engaged Odgers to find it a new boss. Stepping down: Johnny Cameron quit Odgers Berndtson after it lost a contract with UKFI. UKFI fired the firm after it hired Cameron. 'We did not correctly read the public mood with regard to former senior executives of RBS and I regret that,' Odgers chief executive Richard Boggis-Rolfe said in a statement.

http://www.dailymail.co.uk/money/article-1216763/Former-RBS-banker-Johnny-Cameron-quits-new-position.html#ixzz1IrvhNEmE

[Guest spp]

INFLATION is a CRIME! :angry:

[no accountant]

INFLATION is a CRIME! :angry:

Exactly. We should put the Central bankers i.e. the MPC and their political masters on trial. A massive house boom and bust, massive increase in private debt. Crazy. Why did they let it happen? Why didn't they raise the rates?

The bailout of RBS +Lloyds only cost us a net 10bn, out of an annual deficit of 160bn. Small fry. That's 0.75% of GDP.

Why is everyone so angry? The government wastes more than that in a week!

Edited April 7, 2011 by no accountant

[pl1]

leicestersq, on 07 April 2011 - 01:24 PM, said:

If you are taking people to court for misdeeds, the Lloyds takeover of HBOS looks like a slam dunk. How could the Lloyds board not have known about the loan to HBOS, and failing to report it would mislead their investors.

And we know that HBOS is stuffed to the gills with liar loans. A bit of prodding and I am sure that there will be those who would be willing to testify that this was systemic.

Bradford and Bingley, Northern Rock, RBS, they could all do with having a look at.

And what about bailing out crooked banks with taxpayers money? And were the inactions at the FSA when all this was going on criminal too?

Start banging a few bankers up, seize their assets, and all this crookery would stop. It had better be done.

Absolutely spot on. WHY are ALL these parties not being indicted and tried in the Central Criminal Court for MASSIVE FRAUD?

It seems even more absurd when today an MP is facing jail for a paltry amount in comparison. Why is he facing jail and these bankers are not up for fraud?

[Charlie The Tramp Returns]

Globally all Governments are terrified of the Banks, if the Banks go Boo the Governments jump back and withdraw. The Banks run and control the Economies throughout the Globe and there is nothing anyone can do about it.

[mdman]

Exactly. We should put the Central bankers i.e. the MPC and their political masters on trial. A massive house boom and bust, massive increase in private debt. Crazy. Why did they let it happen? Why didn't they raise the rates?

The bailout of RBS +Lloyds only cost us a net 10bn, out of an annual deficit of 160bn. Small fry. That's 0.75% of GDP.

Why is everyone so angry? The government wastes more than that in a week!

Nope - certain City bankers shouldn't miss out on a good old-fashioned lynching either. It would be terribly unfair to let the central bankers get all the glory. There's plenty of rope to go round, even with all the cuts. Besides, the City is a meritocracy - some of them really earnt it. They could think of it as a bonus.

Lynching may well end up being the most utilitarian outcome - the greatest good for the greatest number. Sure a few bankers engaged in fraud, insider trading and regulatory capture may complain loudly, but you can't please all of the people all of the time.