Thursday, 28 June 2012

It's time to sweep the Ordure from the City

The Scum at Barclays, it seems, are only the tip of the iceberg. We've long known that rampant and rapacious greed linked to a stratospheric bonus system and deliberately weak controls from senior bank managers that allowed them to swill in the same trough whilst maintaining a mendacious deniability has corrupted the banking system utterly. Corrupting a major financial indicator for private gain by not only Barclays, but, as the WSJ reports, Citigroup, HSBC, JP Morgan Chase, RBS and Lloyds, was just symbolic of the rapacious despoilation, the moral degradation, the avaricious abuse of trust exhibited by the banking sector. Now the scum are running scared, like a nest of rats unearthed by lifting a tin sheet, squealing and squeaking and offering industrial shed-loads of money to US and UK regulators to avoid criminal prosecution. But they cannot be let off the hook this time. 

We have been forced to recapitalise the banks, mortgaging future generations and impoverishing the Kingdom, to pay for the bankers' greed and folly. Ordinary lives have been ruined, industry grievously wounded, the nation's trade, it's very life-blood, draining from severed vessels as these gilded popinjays, these pampered jades, these foul and corrupt excrescences continue to lie, steal, distort, manipulate and cheat to maintain their pillage of the national wealth. Though the temptation is to march on Docklands with a coil of hempen rope and decorate the lamp columns of Canada Square with this noxious fruit, we must leave it to the courts and the criminal justice system to exact retribution. For retribution there must be. 

For Diamond, Goodwin, Cummings and all the rest of this foul cabal there can be no forgiveness. They must serve jail time, and substantial jail time. As Nick Drew points out, Jeff Skilling of Enron is serving over 24 years, why isn't Goodwin already looking from a polycarbonate slit from his cell in Barlinnie? We may, for now, need the banks, but we don't need the ordure that has managed them or corrupted the trust of the banking system.  

Yeah, ain't that so right ...

15 comments:

Anonymous said...

"Ordinary lives have been ruined,"

The flip side is of course, ordinary lives were given far more than they deserved as a result of the extra credit flushing around the system, which was the main thrust of financial policy this last thirty years.

In truth 'austerity' doesn't buy elections.

G. Tingey said...

How long before all of this is blamed on "Benefit Scroungers"?

When one sees the amounts of dish these theives are abstracting, the amounts paid to "idle lay-abouts" pales into insignificance.

Not that I'm excusing their teft, either, you understand.

Nobody important listening to his music said...

By pure coincidence, I am at this moment listening to Big Bill Broonzy sing his song "I'm woke up now" (probably available on Google if you want to hear it) one line of which is "you can't trust no-one now".

He got that right!

Nobody important listening to his music said...

By pure coincidence, I am at this moment listening to Big Bill Broonzy sing his song "I'm woke up now" (probably available on Google if you want to hear it) one line of which is "you can't trust no-one now".

He got that right!

Anonymous said...

Casino banking has brought us to our knees.

I am fed up to the back teeth, of Boris's and many others harping on about and constantly trotting out the same old worn out line: "we need a big and successful banking industry. Because it enables free banking, provides jobs and brings much needed money and influence into the City of London".

Sorry Boris, you clown - they cause more grief to business and consumers than their worth.
NO bank is too big to fail!

Britain, needs to return to small banks are far more beautiful and personalised.

Let them [Barclays et al] f**k off to Singapore [where failure to adhere to banking laws can mean prison] - we don't want them here.

The biggest threat to London and the nation can easily be found, openly plying their nefarious trade.
London's, most corrupt gang of fraudsters, racketeers and thieves is in Canary Wharf/the City.

'Trident', are a specialised Metropolitan Police group - who are targeting gangs [gang crime command] on the sink estates of places like Canning Town. Isn't it time, they moved on the boys club 'masters of the universe' gang just down the road - into the Docklands Shangri la?

The Banking reforms posited and proposed by the coalition's Vince Cable were to be imposed on Banks post 2015. Is it not time, for these reforms to be introduced now?
Further, is it not time that these watery reforms were made more stringent and rewritten to produce something far more like the Glass Steagall act??

Thus: to separate by some distance, the casino operations of Lloyds, Barclays et al, from the retail banking arms of such institutions.
And - if Bob [Diamond] and his team of merry investment[?]banker tossers decide they want to gamble - let them raise the capital on the open markets in the old style pre 1999.
Then, if their magical mystery 'investment' vehicles f**k up, then the consequences are only felt by the tossers who made said FU's.

Banks, the roots of the root of all evil.

DP111 said...

The bankers who have perpetrated fraud are scum, but they have not burdened each man, woman and child with debt to the extent that the past Labour government, and even this Tory one has.

The UK government owes some 1 trillion pounds to financial markets. This amounts to £1600 for each person in the UK - man, woman and child. And we will have to pay this back even though we never acquisced to such borrowing on our behalf.

Unlike the bankers, the political scum will walk away with their gold plated pensions.

Ed P said...

Throw Brown in the brown stuff with Diamond, etc. too - he & Blair deregulated and encouraged this madness.

opinion prole said...

This culture of getting away with things, avoiding responsibility, sneaking away from the wreckage with a fat payoff, was once the sort of thing that we thought only happened in dodgy foreign places. Now it's routine stuff for British politicians and bankers and it has got to stop.

These people are in the same game: playing with other peoples' money.

Look at the CEO of JP Morgan more or less brushing aside a $2 billion loss as peanuts. To them it's just numbers on a screen. Look at the billions wasted in UK on utter incompetence in defence procurement and the NHS. Nobody fired, nobody fined a penny. Look at Gordon Brown, walking away from the worst mess in living memory literally scot-free.

Bank directors and ministers responsible for huge sums of other peoples' money should be required to post a bond of, say, half their personal assets, to be confiscated on proof of gross negligence. That would concentrate their minds wonderfully, when their own money is on the line.

DeeDee99 said...

This is fraud and corruption and there have got to be prosecutions to ram home to the rest of the industry that corrupt 'activities' will result in significant jail-time. Until the thieves in the Banking Sector know that there will be no more acceptance of 'we're sorry; have some money back; you need us so give us as much free rein as possible' nothing will change.

Heads need to roll for this. And that includes the FSA who appear to have taken 4 years ... 4 years! to unearth this. Some Watchdog they are.

Anonymous said...

Banks and bankers are sucking the life=blood from the country. It just goes on and on.
With a sinking feeling, I have to say that their punishment will be in the form of heavy fines. Now guess how they will recoup those fines. By charging all of us! The tax payer pays all fines on public bodies, health services, even most criminals. We pay so the government can avoid it's responsabilities.

DP111 said...

From Biassed BBC

Remember this was the Labour Government that stole £100 Billion from private pensions schemes to fund its election campaigns by spending that money on ‘vote catching’ schemes for its core supporters, the Labour Government that robbed southern council tax payers and channelled their money to what they hoped would be Labour voters in the North. This was the Labour Government that imported millions of immigrants in the hope they would vote Labour and when it comes to a referendum on Europe will, due to their lack of deep connections to Britain, be pro-European Union. I could go on.

http://biased-bbc.com/2012/06/28/a-systematically-dishonest-broadcast-on-behalf-of-the-labour-party/

The long term consequences of a rapidly expanding, unassimalable and deeply hostile Muslim population does not bear thinking about. Not just terrorism and civil fragmentation, but the very likelihood of a Bosnia type civil war.

There are crooks and there are Labour government crooks. There should be a special place in hell for them, the ninth circle, where the fraud is against the bond of love, blood, honor, and nation.

Edward Spalton said...

CHANGED DAYS.
It was, I think, the early Seventies. I belonged to a group of youngish people who were in the milling and animal feed business. Some were from the owning families, others were professional nutritionists etc. The firms were nearly all long-established.

As a change of topic, we had a speaker from what was then called a Merchant Bank - a very smartly suited, city type.

He explained the main ways in which they could extend finance for worthwhile projects and how they judged what was worthwhile to them.

"BUT REMEMBER"" he said "WE ARE VERY,VERY GREEDY. So, if you can finance your project by drawing less out of the firm, selling off under-used assets or raising extra equity from friends and relations, do it that way and you get to keep all the profit. But, if none of the above is possible, come and talk to me".

It's advice I have always followed and I stayed out of their clutches.

G. Tingey said...

Someone else has had a better idea:
[ BEGIN QUOTE:
"We are contacting you as the police authority responsible for the area in which Barclays PLC, 1 Churchill Place, London has its HQ. From press reports today and, in particular on the basis of the Final Notice issued by the Financial Services Authority today, 27 June 2012 (FSA Reference No. 122702), I have reason to believe that a crime of fraud (Section 4 of the Fraud Act 2006) has been committed by Barclays Bank PLC and hereby report this alleged crime to the Metropolitan Police.”
ENDQUOTE]

Anonymous said...

"Remember this was the Labour Government that stole £100 Billion from private pensions schemes"

They removed the state subsidy from pension contributions.
Said pensions still get adequate subsidy, some 37 billion pounds a year. Which is more than they "earn" in/from investments (given their history you have to ask "would you invest money for the banks to throw away")
Personally; I consider that the words...
650 mps'
Rope noose
Lamposts
would solve the immediate problem.
They all went to the same "schools"
They all speak the same "language"
They all were involved in "theft"
They're all useless.
What does that say about those that elected them ?
Maybe some blame should be attached to the "electorate" ?

Brian, follower of Deornoth said...

"We have been forced to recapitalise the banks, mortgaging future generations and impoverishing the Kingdom, to pay for the bankers' greed and folly. "

Poppycock.

The amount stolen by these thieving scum is minuscule compared to the amount embezzled by the public sector.

"the amounts paid to "idle lay-abouts" pales into insignificance."

The amount paid to "idle lay-abouts" exceeds every year the cost of the bank bail-out,