I do like the first comment after this post by John Redwood, the Conservative politician. The comment points to the various crimes committed by banks. JR then replies “If a bank has committed the kind of errors you allege then these need to be reported with evidence to the authorities. Unless and until this bad conduct is established with evidence the banks are not guilty.”
Errors? Excuse me. We’re talking about CRIMES here. And anyone who goes on about a “need to report” crimes is years out of date. For the benefit of John Redwood and other delusional politicians, banks HAVE BEEN FOUND GUILTY!! Lloyds alone is having to fork out about £2bn for PPI. HSBC has been fined $2bn in the US for money laundering. And J.P.Morgan has been fined TEN TIMES that figure.
But of course when the heads of those criminal organisations turn up on Capitol Hill or the House of Commons, politicians are all smiles. As Simon Johnson, former chief economist at the IMF put it recently, “Politicians continue to defer to the supposed wisdom of these individuals.”
And John Redwood is one of the few British politicians with a brain. So the rest must be pushover for bankers.
P.S. (4th Feb). In case anyone is wondering why I didn’t answer John Redwood’s points on his own blog, the answer is that he is very reluctant to publish anything that suggests that politicians like himself hob nob with big time white collar criminals, and that politicians like himself have been suckered by those criminals.