Tuesday, February 10, 2009

Bankers with Beanos: But why? why? why?

An exquisite spectacle. Four senior bankers, wearing their best brown trousers with Beanos stuffed down the back, taking what was coming to them from the Treasury Select Committee.

Fulsome and humble apologies.

But explanation came there none. Why did RBS feel they had to takeover ABN Amro? Why did HBoS become too dependent on wholesale finance markets and lend too much? Why didn't they see fit to ensure that contracts stated that, if the company as a whole made a loss, no bonuses would be paid out? (It's standard practice for many other companies. D'oh!)

No, none of the bankers could actually utter the word: "Greed".

By the way, they are not "former bankers" as described. At least one, Andy Hornby, is reportedly receiving £60,000 a month as a consultant to HBoS. Presumably he is fairly actively engaged for that sort of money.

But it was a great public spectacle. A bit like the old fashioned stocks. At last we see the faces of these bankers and they get caned. Great.

And am I the only one thinking "Thank you Maggie Thatcher" (for it is she who set up the current departmental select committees in 1979). My goodness me, I'll have to erase that thought from my hard drive pronto!

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