Big fines? Why shouldn't bank fraudsters be subject to prison in your view, like such in all other walks of life?
I have already said quite clearly in an earlier post that if 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. I don't know why you think otherwise. I would suggest this is a topic you are not too familiar with.
Regarding "exploited workers" - are you talking of bank call centre workers/counter staff here and their like?
I'm quite clearly talking about the ones you said were using the excuse of "obeying orders" in what appeared to be a really bad taste comparison with Nazi soldiers. So why don't you tell me who you were accusing of "obeying orders" - was it call centre workers/counter staff?
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.
One of the last two remaining Gordon Brown cheerleaders is here
The government told Lloyds to take them over and removed the regulations citing national interest with ZERO due diligence. Yet you absolve them and Brown of any wrongdoing? They were pressured to rush the deal through and just half of Lloyds shareholders supported it.
And what did Brown say at the time?
Brown takes credit for HBOS merger
PM says government took key role in rescuing Britain's biggest mortgage lender.
Gordon Brown could have saved HBOS without engineering the merger with Lloyds TSB that has brought the two banks to the brink of disaster, the Government's own financial watchdog has admitted.
Lord Turner of Ecchinswell, the chairman of the Financial Services Authority, suggested in an interview yesterday that HBOS could have been rescued with financial help from the Government, without the need for a takeover.
At the time of the merger - in which the Prime Minister personally intervened to ensure its passage - ministers repeatedly insisted that a union with Lloyds was the only way to save HBOS and the wider financial system from meltdown.
It should be fines and prison, in the worst cases.
If it's restricted to fines, dodgy bankers will treat them as an occupational hazard. A bit like risking a parking ticket when you park somewhere you shouldn't. They'd have no shame in it.
The threat of prison would make them think twice about certain decisions.
One of the last two remaining Gordon Brown cheerleaders is here
The government told Lloyds to take them over and removed the regulations citing national interest with ZERO due diligence. Yet you absolve them and Brown of any wrongdoing? They were pressured to rush the deal through and just half of Lloyds shareholders supported it.
And what did Brown say at the time?
Brown takes credit for HBOS merger
PM says government took key role in rescuing Britain's biggest mortgage lender.
Gordon Brown could have saved HBOS without engineering the merger with Lloyds TSB that has brought the two banks to the brink of disaster, the Government's own financial watchdog has admitted.
Lord Turner of Ecchinswell, the chairman of the Financial Services Authority, suggested in an interview yesterday that HBOS could have been rescued with financial help from the Government, without the need for a takeover.
At the time of the merger - in which the Prime Minister personally intervened to ensure its passage - ministers repeatedly insisted that a union with Lloyds was the only way to save HBOS and the wider financial system from meltdown.
I'm not seeing any order to Lloyds from the government to take over HBoS. Can a government order a private business to take over a competitor?
I said that the rules were relaxed to allow Lloyds to take it over, and they jumped at it. That they didn't carry out adequate, or any, due diligence is not the fault of politicians. They thought they'd pulled a fast one during the turmoil of a banking crisis, they lost. just as many other banks have lost with their gambles. Bail outs by the public, trebles all round and carry on banking eh?
Bankers will always try and deflect the blame away from their own unscrupulous doings.
People who don't want to admit that there's a problem always do that. Can't start cutting into the crooked deals and dubious behaviour that help ensure those bonuses!
I said that the rules were relaxed to allow Lloyds to take it over, and they jumped at it. That they didn't carry out adequate, or any, due diligence is not the fault of politicians.
Simple question - what due diligence did the government do before removing the rules to allow the takeoever?
They thought they'd pulled a fast one during the turmoil of a banking crisis, they lost. just as many other banks have lost with their gambles. Bail outs by the public, trebles all round and carry on banking eh?
You are merely speculating due to your ongoing prejudice against banks and your aversion to criticising Brown.
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.
Blame those responsible, whatever position they have.
One of the last two remaining Gordon Brown cheerleaders is here
The government told Lloyds to take them over and removed the regulations citing national interest with ZERO due diligence. Yet you absolve them and Brown of any wrongdoing? They were pressured to rush the deal through and just half of Lloyds shareholders supported it.
And what did Brown say at the time?
Brown takes credit for HBOS merger
PM says government took key role in rescuing Britain's biggest mortgage lender.
Gordon Brown could have saved HBOS without engineering the merger with Lloyds TSB that has brought the two banks to the brink of disaster, the Government's own financial watchdog has admitted.
Lord Turner of Ecchinswell, the chairman of the Financial Services Authority, suggested in an interview yesterday that HBOS could have been rescued with financial help from the Government, without the need for a takeover.
At the time of the merger - in which the Prime Minister personally intervened to ensure its passage - ministers repeatedly insisted that a union with Lloyds was the only way to save HBOS and the wider financial system from meltdown.
And we know by their record that Lord Turner and the FSA are always right, Look at their brilliant regulation of banking!
You could say the same about Gordon Brown. Indeed he did admit his mistakes but some of his
cheerleaders don't admit he made any!
You need to stop using political expediency as culpability.
Banking is at fault and always will be all the time they have the ability to create money out of thin air at no cost. Let them operate like any other business and work with what they have or can generate, not create at the press of a key. You'll find that suddenly they will be a lot more careful and oversight by senior executives be much more strident.
You could say the same about Gordon Brown. Indeed he did admit his mistakes but some of his
cheerleaders don't admit he made any!
Agreed, but the same is true of bankers, and I've not heard any confessing to their faults. Probably to busy counting the public's cash given to them by Brown, the BoE and now the Coalition.
Comments
I have already said quite clearly in an earlier post that if 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. I don't know why you think otherwise. I would suggest this is a topic you are not too familiar with.
I'm quite clearly talking about the ones you said were using the excuse of "obeying orders" in what appeared to be a really bad taste comparison with Nazi soldiers. So why don't you tell me who you were accusing of "obeying orders" - was it call centre workers/counter staff?
The government told Lloyds to take them over and removed the regulations citing national interest with ZERO due diligence. Yet you absolve them and Brown of any wrongdoing? They were pressured to rush the deal through and just half of Lloyds shareholders supported it.
And what did Brown say at the time?
Brown takes credit for HBOS merger
PM says government took key role in rescuing Britain's biggest mortgage lender.
http://www.theguardian.com/politics/2008/sep/18/gordonbrown.hbosbusiness
And then later next year...
Gordon Brown could have saved HBOS without engineering the merger with Lloyds TSB that has brought the two banks to the brink of disaster, the Government's own financial watchdog has admitted.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4632804/Gordon-Brown-could-have-saved-HBOS-without-need-for-Lloyds-merger.html
Lord Turner of Ecchinswell, the chairman of the Financial Services Authority, suggested in an interview yesterday that HBOS could have been rescued with financial help from the Government, without the need for a takeover.
At the time of the merger - in which the Prime Minister personally intervened to ensure its passage - ministers repeatedly insisted that a union with Lloyds was the only way to save HBOS and the wider financial system from meltdown.
If it's restricted to fines, dodgy bankers will treat them as an occupational hazard. A bit like risking a parking ticket when you park somewhere you shouldn't. They'd have no shame in it.
The threat of prison would make them think twice about certain decisions.
I'm not seeing any order to Lloyds from the government to take over HBoS. Can a government order a private business to take over a competitor?
I said that the rules were relaxed to allow Lloyds to take it over, and they jumped at it. That they didn't carry out adequate, or any, due diligence is not the fault of politicians. They thought they'd pulled a fast one during the turmoil of a banking crisis, they lost. just as many other banks have lost with their gambles. Bail outs by the public, trebles all round and carry on banking eh?
People who don't want to admit that there's a problem always do that. Can't start cutting into the crooked deals and dubious behaviour that help ensure those bonuses!
LOL. Open your partisan eyes! Brown took credit for it and ordered the rules around takeovers to be suspended to push it through.
Simple question - what due diligence did the government do before removing the rules to allow the takeoever?
You are merely speculating due to your ongoing prejudice against banks and your aversion to criticising Brown.
Blame those responsible, whatever position they have.
Plus a jail sentence.
And we know by their record that Lord Turner and the FSA are always right, Look at their brilliant regulation of banking!
Whilst that is generally correct you don't appreciate the bigger point around corporate responsibility if they are negligent
You could say the same about Gordon Brown. Indeed he did admit his mistakes but some of his
cheerleaders don't admit he made any!
It pains me to think of tax payers money yet again going to feed and put a roof other their heads
You need to stop using political expediency as culpability.
Banking is at fault and always will be all the time they have the ability to create money out of thin air at no cost. Let them operate like any other business and work with what they have or can generate, not create at the press of a key. You'll find that suddenly they will be a lot more careful and oversight by senior executives be much more strident.
Confiscate bonuses back 7 years, place them in over crowded prisons with big Daddy bears on every wing, have them wear "I'm a banker" T-shirts
I understand it all to well!
Agreed, but the same is true of bankers, and I've not heard any confessing to their faults. Probably to busy counting the public's cash given to them by Brown, the BoE and now the Coalition.
It should be noted that Brown's biggest mistake, by far, was not making bankers pay for the problem they caused.