Politicians might talk about reform or retribution of errant bankers when they are in opposition but once they are in power they invariably become pawns of the banking sector. This was true of Tony Blair and Gordon Brown – who frequently intervened on behalf of the bankers, for example, by heading off rules that would have impeded profit-making, kicking necessary reforms into the long grass and generally lowering the regulatory bar.
In November and December 2008, both David Cameron and George Osborne expressed a determination to jail criminal bankers, but have singularly softened their stance since entering Downing Street.
I conclude that, however badly high-level bankers behave, they have engineered a situation in which supposedly democratic governments will turn a largely blind eye, including management structures and record-keeping that make incrimination difficult. Our wonderful politicians have not just allowed banks to become too big to fail, they have also allowed them to become too big to prosecute. And too big to jail.
Shredded – Inside RBS: the Bank that Broke Britain Author; Ian Fraser
Warning ! Warning ! Warning ! Nothing much has changed and another burst bubble is just around the corner. Vote, “Yes” to independence so that Scotland will be able to properly our organize banking systems