Tuesday, 3 July 2012
I do not claim to understand much of what is happening in the banking world but my interest in this is simple. My first husband David was a senior bank manager with Nat West. Through him I understood the basic morality that managed the banking system....insider dealing was the biggest tempation but those who got caught went to prison. They were on the whole honorable men and fully conversent with banking regulations. Many things they might have done were not done because the regulations were in place. I am now told that these were abolished by Gordon Brown and the Labour Party. Why? It's easy to ask that now after the collapse has happened but there were good reasons for the banks to be regulated and what has happened since is very depressing as well as going to cost us all yet again! The appointment of Bob Diamond for Barclays was noted with some disapproval by Vincent Cable at the time. The government of coilition failed to notice the chain of events that led to the manipulation of the Libor rate. No party comes well out of any of this. I don't want the greedy bankers scenario to stay in the popular mind.....but it's going to be there for some time yet I think. Some old fashioned morality would be good right now....something about helping each other, not coveting our Neighbours donkeys....that sort of thing. At a basic level "Do as you would be done by" seems a good start!