I’m sure I am not alone in being greatly incensed by the antics of banks in general being allowed by successive Governments to foul up our economy with their casino like activities and recently revealed attempts to rig previously trusted markets to make themselves ever more profitable at the expense of our country and economy.
The ‘light touch regulatory system’ employed by the last Labour Government permitted banks to do whatsoever they pleased to make themselves even more profitable. Small businesses which rely on small loans of cash at competitive interest rates to expand their activities and bring profitability and job opportunities back into our country have been systematically denied the money they need. This in spite of several measures of encouragement for the banks to do so by this and previous governments.
In the threatened banking collapse of 2008 in which most American and British banks were involved, both Governments were persuaded this was a disaster which must be avoided at all costs and proceeded to pump billions of taxpayers money to save the banks from the results of their own profligacy.
Apparently that situation has still not been properly resolved since the banks are still attempting to build up their profits at all costs and they seem no longer constrained by the previous good practice banking standards.
Quite frankly many of their recent activities should be looked upon as ‘criminal’ and the CEOs merely denying themselves of their anticipated bonus millions is not good enough.
They have manipulated millions of pounds for selfish reasons.
The police should be actively engaged in investigating these shenanigans to bring back some restraint and public trust into banking generally.
E J Tilley, via e-mail
Finance system needs overhaul
Britain’s banking system is out of control. We are now paying a heavy price for the decades when banks and finance persuaded politicians that they were the new engines of growth.
Yet in just three weeks RBS systems have collapsed, Barclay’s has been caught market rigging and now a range of banks have been exposed for selling risky investments. Across Europe millions are suffering austerity in order to bail out the banks.
But the worst that ever seems to happen to top bankers is that they have to give up their bonus while they claim they did not know what was going on.
It’s time for a fresh start for our finance sector that ensures bank cheats face prison.
We need a Leveson-style inquiry for banks – in public, with cross-examination.
Derek Barton, Preston & South Ribble Trades Council
Banks have been at it for years
I believe the bankers, if it comes to it, have a legal defence.
With laws based on precedence, they could claim they have always done it, and more importantly, always got away with it!
Denis Lee, Ashton