The Banks again Behaving Badly - still so few in jail for what they did Channel 4 Economics Editor says it for all of us
Paul Mason, Channel 4's Economics Editor, Is Sick And Tired Of Banks Behaving Badly
How is it that the Bank directors and financial institutions that caused so many people to lose their homes and jobs have managed to get away with it and still in virtually all cases still have great wages and are not in jail. Even now we are finding out how crooked they are with 5 banks now being fined 2.6 billion UK bounds by US and UK regulators (HSBC, RBM, UBS, JP Morgan, Chase, Citibank and Bank of America) for what is insider trading ripping off their own clients in foreign exchange trading.. But no criminal charges. Paul Mason Channel 4 News' economics standing outside the Royal Bank of Scotland HQ in London tells it as we ALL think it.
"Well I’m here again at RBS because yet again they’ve done something wrong, but they’re not the only ones. If the banks had the same scrutiny over the traders, and their own managers as they have over the camera crew standing outside it where you get a security guard asking you what you’re doing, we might not be in this situation.
The world is global, the economy is global, so we need complex financial institutions.
So if we are going to have a complex financial system, we’ll have to do something, a bit more radical, rather than all this cuff-link tweaking about, “we must do better. I have sat in the room with the bosses of this bank and all the other… [heated pause where Mason controls calling bankers xxxxx] banks over these six years now, since it nearly went bust."
I’ve sat in their rooms where they’re pleading in the most genteel tones, 'don’t over regulate us, please don’t make a criminal offence possible to commit in the boardroom, don’t make it possible for us to go to jail, otherwise nobody talented will come and run these banks.'
What about the managers who ran this place since 2008 to 2012-2013? They walk away with what? Reputation unscathed, We really deserve a better banking system because everybody on this street who doesn’t work in it is also reliant on it,"
All we ask, all we can ask, is that the regulators do their job proactively. That they actually get on the case, just like the security guards outside here, and the CCTV cameras there, and the City of London police, they get on the case and stop wrong doing – what’s so hard about it?"
He added later that the video had actually only been made "after I'd calmed down."
Its time for STRONG regulation which should include LONG jail turns for bankers and traders who do this. Only then will we be able to stop this.
The video can be found here do WATCH IT it - http://youtu.be/Wf7a53y9RRM