Why haven't the bankers been punished?

[Mecky]

^^^ for truth.

 

 

 

Oh it's all pretty simple when it comes down to it, in fact all that was needed to prevent much of what happened was a 1 line piece of legislation stating that:

"the value of an advance will not exceed the value of the security"

 

Even a meerkat could have worked that one out so why didn't the Iron Chancellor?

 

I wonder.

 

Because Lawson was busy lining his and his friends pockets, knowing full well when it would all come to a head, as was inevetible, he wouldn't be the one having to pick up the pieces.

[Ridgewalk]

How would you know that then ?

[JFKvsNixon]

Because Lawson was busy lining his and his friends pockets, knowing full well when it would all come to a head, as was inevetible, he wouldn't be the one having to pick up the pieces.

 

So the poor regulation by the last government was somehow the fault a chancellor that left that office twenty two years ago?

[waldershelf]

So the poor regulation by the last government was somehow the fault a chancellor that left that office twenty two years ago?

 

The tories in the late 70s and 80s did their best to change this country from a manufacturing economy to a service economy. A major part of the new economy was banking, there can be no doubt that the seeds of the banking crisis were sown then, by the major restructuring of the rules that covered banking to encourage the "new" finance industry.

 

It is unfair to lay all the blame the subsequent Labour government for the meltdown that eventually happened. They did introduce more rules an constraints on the industry but that was ineffectual in controlling the runaway train that the banks had become, up to and including baling the banks out when it all went wrong.

 

We now have a new ConDem administration that has done little to curb the banks excesses other than continue to support the bale out of the less successful ones which we the tax payers are funding.