28 June 2012

Bang up the Bankers!

prison cell
I really don't agree with BBC Radio 4 Reith Lecturer, Niall Fergusen's laissez faire view of financial market regulation.

In his second lecture (on Monday) he used historical analysis to argue for lightweight, simple and clear regulations - but with tough penalties.

That's the bit I do agree with.

Frankly, an apology from Barclays boss, Bob Diamond, for the LIBOR scam, and turning down this year's multi-million pound bonus, just doesn't really cut it anymore; not in a society where the full weight of the law is brought to bear on the pathetic disposessed who might sieze the opportunity to snatch a pair of trainers or a TV when riots break out.

Only when a few thieving bankers and City gangsters are seen being dragged by Mr Plod from their Hamstead homes and Docklands penthouses, with distraught families clinging to their ankles, to be banged up in Pentonville... only then will behaviour start to change.

These "masters of the universe" (Tom Wolfe, Bonfire of the Vanities) think they are immortal, and to be honest, they are. They command such wealth and with it, power, they are pretty much untouchable.

NOTHING will change, until that is challenged.

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