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Throw crooked bankers in jail: says Bank of England chief
Bank of England governor Mark Carney has said Lloyds staff involved in an astonishing scam to defraud taxpayers could be guilty of ‘criminal conduct’.
Lloyds was yesterday discovered to have ripped off the Treasury at the height of the financial crisis by lying about its creditworthiness.
This allowed the state-backed bank to gain access to tens of billions from a Government ‘lifeline’ scheme at favourable rates – but left taxpayers out of pocket.
http://www.dailymail.co.uk/news/article-2708969/Throw-crooked-bankers-jail-Clamour-grows-Bank-England-chief-says-Lloyds-traders-clearly-broke-law.html
Fine. However, talk is cheap. Get on with it.
Lloyds was yesterday discovered to have ripped off the Treasury at the height of the financial crisis by lying about its creditworthiness.
This allowed the state-backed bank to gain access to tens of billions from a Government ‘lifeline’ scheme at favourable rates – but left taxpayers out of pocket.
http://www.dailymail.co.uk/news/article-2708969/Throw-crooked-bankers-jail-Clamour-grows-Bank-England-chief-says-Lloyds-traders-clearly-broke-law.html
Fine. However, talk is cheap. Get on with it.
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hit them where it hurts, huge fines and disbar them from working in any financial industry
Now you're talking. This should be exactly the punishment for anyone in the banking industry who has broken the law.
Now that is an idea I can get behind.
Why? Every other type of big time thief can expect a prison sentence when they're caught so why should thieves who happen to be Bankers be treated any differently? and if it's a waste of money to jail them do you also think it's a waste of money to jail shoplifters or car thieves? If not, what's the difference?
Probably because they'd end up in the same country club jail as Chris Huhne and Rolf Harris. Far better to bankrupt them.
Possibly, but would you offer other thieves the same option of bankruptcy or prison? If you wouldn't you'd be in favour of a two-tier justice system*, wouldn't you?
* Yes I know we've always had one but I'm not sure if it's ever been enshrined in British Law yet
I'd strip them of their ill-gotten gains and then throw them in prison. Though maybe we could make them do community service instead? Maybe working for free as tutors to poorer kids whose parents can't afford to pay for them themselves? Maybe train as debt advisers? They would then get the opportunity to see first hand the problems that their greed has caused.
Well we could use huge fines to fund the jail.
Going to be plenty of large houses we could convert into mini prisons if the government start seizing the assets that Russians paid for with assets they stole off other Russians.
If of course the traders are in breach of defrauding another party and this leads to a criminal trial then let the right process occur. No special favours and no witchhunt.
The reality is that these benchmarks and others were not regulated at the time and the FSA/FCA were asleep at the wheel as were other regulators. Now there is an agenda to prove who is the "toughest" regulator and hence the ever-increasing fines.
http://www.fca.org.uk/static/documents/final-notices/lloyds-bank-of-scotland.pdf
I wonder if they will investigate the individual responsible for forcing Lloyds to merge with HBOS in the first place? The really big fish will get away...
http://www.ft.com/cms/s/0/9b8da354-1746-11e4-b0d7-00144feabdc0.html#axzz38t0835bc
Has the BofE now taken back regulator duties ?
http://news.sky.com/story/1309490/uk-bankers-face-toughest-bonus-rules
For those with no FT access.
But the procedures are written by people.
now that is a trial I would like to see..:D
Was his initials GB by any chance?
Correct, but that means that you may not be able to pin personal blame on the traders. Imagine you worked for any company and you were not given the right work procedures and you did something wrong, would it necessarily be right to blame the worker or should you blame the management or department responsible for creating the procedures?
Also if regulators want to stop things happening across the banking world it makes more sense for them to hit the banks hard so they fix their processes rather than have trials of relatively junior traders who were performing a role as instructed by their banks that they should not have been.
Ah! The old "Ve ver only obeying hors d'oeuvres" get-out!
I think you need to read that paragraph again. I am talking about the motivation of the regulator to ensure this doesn't happen again.
Strangely you would normally be on the side of the exploited worker rather than the greedy capitalist owner.... what's brought about this change of heart?
I think most would prefer the banking industry to motivate themselves not to break the law.
Yes and this is done by putting in improved regulation and monitoring as well as big fines.
Back to my other comment - strangely you would normally be on the side of the exploited worker rather than the greedy capitalist owner.... what's brought about this change of heart?
why would you expect them to be any different from any other strata of society?
Big fines? Why shouldn't bank fraudsters be subject to prison in your view, like such in all other walks of life?
Regarding "exploited workers" - are you talking of bank call centre workers/counter staff here and their like?
But they are being treated differently by the Establishment - that is the whole point.
That old nonsense about HBoS again?
Lloyds were only too happy to jump at the chance to acquire it after competition regulations were relaxed to allow them to take over a competitor on the cheap. They couldn't do it in normal times. When it turned out Lloyds failed to do due diligence investigations, or inadequate ones, then suddenly they looked to blame someone else. Well, correction, Tory supporters looked to blame someone else. Lloyds shot themselves in the foot in their haste to expand, a one off offer which they jumped at but failed to do their homework.