Thursday 5 July 2012

Sorting out the banks

An important decision is about to be made in parliament later today.

You can influence this decision by campaigning on-line.

Yesterday afternoon we had the opportunity to watch Bob Diamond being cross examined by a parliamentary select committee.

If you saw this you may agree with me that Bob Diamond came across as a sickeningly smooth operator. His opening gush of how much he looved Barclays. This was followed by a subservient "Sir" when addressing the chairman.

This was followed by his ability to dodge questions of all kinds put by a dysfunctional set of uncoordinated politicians.

Bob Diamond has got the benefit of being coached by experts on how to avoid telling us the truth. To me he comes across as a very devious character and can run circles around amateur cross questioning.

People like the usually sound Susan Kramer, the Lib. Dem. argued just now on tele that it was MPs responsibility to do this themselves and that they can do this quickly

I would argue that what is true is that we want this inquiry to be an effective one. The Levinson inquiry is demonstrating how effective a judge led enquiry with expert questions does a very impressive job.

Secondly what the point of an inquiry being quick if it is ineffective.

What can you do :


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David Cameron thinks has just announced an inquiry into our banking system. It could be a chance to hold the banks to account and push for real change. Or, it could turn into a giant whitewash and a missed opportunity. 

Cameron’s thinks he’s dodged public anger by announcing this enquiry. But this latest scandal is the tip of the iceberg. We need is a real banking cleanup. But we’ll only get that if we give the inquiry the power to get to the bottom of what’s been going wrong.

Can you help fix the banking industry by calling for an independent inquiry with teeth? Get started here:
https://secure.38degrees.org.uk/banking-inquiry-with-teeth

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3 comments:

Gladys Hobson said...

Can't see anyone else doing any better interviewing Diamond. But I can see the whole thing going on for years and years if there is dilly-dallying. The longer it is left the more time to build up stories (maybe even destroy evidence?) and come up clean. The USA don't seem to have done any better. Seems to me 'stuff' gets pushed around and the most honest get moved to the sidelines where they can't stop it. Likely taking the blame because they are not 'cute' enough to come up with slick answers.
But then I am just an oldie and what do I know about banking?

Geoff Dellow said...

If we like ourselves and are proud of our country, I feel that we have to campaign for all we're worth for the best. A quick fix will only serve to get nowhere.

Time in this case will tell. A Judicial enquiry will I believe achieve something in a similar way that the Levinson enquiry is being effective in getting to the bottom of what has been happening there.

Chris said...

Geoff,I expect The SFO will be having a nice little chat with Diamond shortly,disgusting man.
Nothing can be done about the banks unless you can rewire everybody's brain on the planet to be caring.
What would you do if you were The Governor of The Bank of England.
He has the power to revoke banking licenses,that has only ever been done once in my life time with B.C.C.I Everybody knew they were dirty except it seems The Bank of England.
Lets pretend you are The Governor of The Bank of England and you were to revoke Barclay's license,RBS would love you and no doubt place a bust of you in every branch.
You could also revoke RBS'S license and then I expect BNP Paribas would be swimming across the English Channel.
It cannot be fixed the banking system on a global level is systemically flawed.
You would need to fix everybody's brain on the planet first and then head back to Breton Woods and get those awful green pieces of fiat monopoly money off the table.

Must be 25 years ago there was this "cute" bank in the pacific northwest in the USA called WAMU they were nice with branch's in WA State then they wanted more and moved into OR and ID and then they wanted even more and listed.
25 years ago they were a great little bank,I can even remember a manager showing me around the vault now they are just an awful corp THING.
Closer to home to you Nationwide Building Society they gave all the kids money boxes and kids would go into the branch and the teller would open the money box and count copper coins and smile at you.
Now Nationwide are owned by Spanish Robber Barron's.
How would you fix the banking system.
You talk about an enquiry what will that do?.
To draw a parallel they are going to have one into the riots in the UK last year,why not just dust off the Scarman report into the Brixton riots of close to 30 years ago.