Watch the bankers get a kicking

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Is the link for the live coverage starting tomorrow of the Uk Treasury select Committee,...a good gladitatorial sport where this week the Bankers are the christians and the lions, well they are the lions.

This week irresponsible lenders. Next week irresponsible borrowers? I do hope so.

Highlight of this first part was when Andy Hornby (ex Ceo-HBoS) answering a question about his own and his ex board member colleagues' experience and banking qualifications commented that '....some of them had been lifelong bankers'

uuumh, I bet I wasn't the only one smiling at his apparent euphemism !

Fred the shred Goodwin (ex Ceo-RBS) was very quiet through it all!

I thought all their grovelling was pathetic. I wonder what they were told by number 10 before hand... I'd have been laying into the committe and the government.

watched the whole thing. interesting HBOS sacked their head risk manager when he warned them they were growing too fast [depending too much on wholesale market] and refused to have anything he said on the matter recorded in the minutes. RBS knew what sht was in the 'triple AAA' but sold the mortgage securities anyway? The 'bank' was leveraged at 110%. Which shocked even hedge funds when they gave evidence earlier.

why are these people not on trial. why is it legal for board room conspiracy to bring down the country? given the pivotal role banking has within the economy should it not be illegal to be reckless in charge of a bank?

the usa seems to have no problems bringing financials to court? why does the uk have psychological problems with the idea?

in short from what i heard in their deals they had no stop loss. it was a sales driven culture run by people more skilled in sales than finance.

shadowninja said:

This week irresponsible lenders. Next week irresponsible borrowers? I do hope so.

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That's one thing that really baffles me about this financial crisis.

Politicians are willing to attack irresponsible lenders. But on the other side of the coin, they believe that irresponsible borrowers deserve help. For example, a few rate cuts ago, they attacked banks for not passing on the cut to struggling home owners. Surely those struggling home owners caused the crisis as much as the lenders?

And if you consider this from the view of a lender. If a potential customer wants a loan, and they get paid commission for providing that loan, aren't they going to find ways to do so? Won't they be thinking "I need to put my kids through college", rather than "that young couple are being too optimistic about their future earning potential"?

bbmac said:

Fred the shred Goodwin (ex Ceo-RBS) was very quiet through it all!

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I read that they all had extensive PR/media advice before it. Obviously, Fred's advice was to say sorry, then sit in the corner and shut the f**k up!!

YouTube - Special Fred - Stephen Lynch

This explains Fred The Shred Goodwin and his fellow criminals.

I was truly amazed that these highly paid bankers didn't have a banking qualification between them !!

That begs the question WHO are the executive directors that appoint such greedy incompetents ?

AND

who appoints the non executive directors ?

There is a nasty smell of "old boy" corruption here !

Are they all members of a secret society like the Free Masons ?

They got their knighthoods from politicians - so you can guess what shady deals that could arise from this sauce of "gifts" !!

I don't suppose their agenda will let the select committee delve too deeply in case some awkward dirt comes to the surface.

There is a nasty smell gentlemen about this whole affair