Vast numbers of words are being written about Bob Diamond's performance at the Treasury Select Committee.
I need add only a few.
I don't believe him.
That's it. Enough said.
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I contacted my MP – the egregious Chloe Smith – asking for a proper, judge-led commission or enquriy into this whole sorry matter, and here is her disingenuous “attack dog/attack is the best means of defence” response
“Thank you for your email.
I am sorry but I do not agree. A long costly judge led inquiry is not the right answer. It would take months to set up and possibly years to report. We already know what went wrong from the extensive three year Financial Services Authority investigation. We can’t wait until 2015 or 2016 to fix these problems. We need a new culture of responsibility in banking as soon as possible, not in many years’ time and at huge expense.
I welcome the Prime Minister’s swift announcement of a Parliamentary inquiry into culture and professional standards in the banking industry. The inquiry will look at what lessons are to be learnt in relation to transparency, conflicts of interest, culture and the professional standards of the banking industry.
I believe the inquiry will have real teeth as it is able to take evidence under oath, have full access to papers, officials and Ministers, including Ministers and Special advisers from the last government. It will report by Christmas so its recommendations can be included in upcoming legislation on banking reform.
I firmly believe that this is the right approach because it will be able to start immediately, it will be accountable to Parliament, and it will get to the truth quickly so that we can make sure this can never happen again.
I also disagree that this matter is not for politicians.
We elect MPs to make decisions and pass laws. Why exactly would the 38 Degrees campaign think they should not do so when it comes to cleaning up Labour’s making a massive mess of our financial system?
Given Labour broke the nation’s finances we just don’t have the time to waste putting things right. I think it amazing that the former City Minister Ed Balls has failed to take responsibility for a broken regulatory system – or the years of massive bank bonuses and knighthoods.
So, I want the inquiry to get to the bottom of just what Labour were doing as the Government in charge at the time. Labour’s failure to regulate the banks in the boom years cost this country billions. They have serious questions to answer now.
I am confident that this Coalition Government will take the right action — fast — to reform the
UK’s financial regulation so this can never happen again.
With best wishes,
Chloe
Tory chutzpah knows no bounds. given the fact that they’ve knocked the wheels off the economy, and still expect it to perform at Grand Prix peformance:
Not everything Ms Smith says here is wrong. But I certainly wouldn’t trust the Tories to do anything that might interfere with the Get Rich Kwik culture of the City of London.
James – there might be SOME merit in what Chloe says, until you read the sub-text of her response, which shows that the prevailing intention behind the proposed Parliamentary enquiry is to saddle Labour – and Labour ALONE – with responsibility for the corruption of the Banks, preferably by being able to show that Labour were BOTH fools AND knaves.
The concept of pursuit of the public good seems to be entirely lacking, on my reading of this reply, and Labour is entirely right, therefore, to ask for a real enquiry, especially as they foolishly allowed their months’ long Leadership election campaign distract them from the need to nail the Tory lie that Labour left the economy in a mess, when it was the Bankers and the City that did so through their greedy incomptence – a point in which we clearly agree.