|February 8, 2013
Despite the tough talk from Osborne, Cable and Balls, little has changed in the industry that brought on the financial crisis.
Punishing the bankers who brought on the financial crisis has proved distressingly difficult. None have gone to jail. A few young traders, who hid their post-crash losses and thereby stole from the banks, are behind bars. The rest are untouched by the tragedy.
It's true that a handful fall into the category of "disgraced banker", such as Barclays' former boss Bob Diamond and Edinburgh's finest, Fred "the shred" Goodwin of Royal Bank of Scotland fame, but they kept their wealth and pensions and live comfortably.
Worse are the mealy mouthed explanations we get from our politicians, who seem to think that talking about punishments is the same as making them happen.
Vince Cable, George Osborne and Ed Balls are all the same on this score. They give speeches about dishing out heavy fines and new regulatory rules, but cannot help prefacing their remarks with their concerns about the need for a strong financial sector, as Osborne did in a speech earlier this week.Read More...