So now we know that the Bank of England and the FSA lost faith in Bob Diamond.
The regulatory abuses, the tax scams. sailing close to the wind on accounting and finally the LIBOR scandal apparently opened their eyes to the fact that the core of the company had gone rotten.
I have a four word response.
I told you so.
Why the heck didn't you either listen or notice? Not just to me, but to those others who also raised concerns as well? We told you it was an offshore abuser. We said its tax affairs stank. We warned of its attempts to set up new tax havens. We said the Cayman based debt restructuring deal stunk. And long ago some of use said its blind-eye to apartheid indicated its ethical failure. We were right, all along.
How about paying more attention in future?
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Since banks operate under licence there must surely be a mechanism for removing this ‘permission to operate’. With such obvious malpractice I hope someone somewhere will know which levers to pull to withdraw this permission. Surely our very complaisant Bank of England cannot be the court of final appeal in a matter like this?
I have been asking about that since the FSA report came out. I have tried to find out how licenses are withdrawn when need arises but my googlefu fails. It seems such an obvious thing to consider that I would have thought it would be discussed even in mainstream articles about the LIBOR manipulation: but it isn’t. Does anyone know how it works and why it is not on the table in this case?
So much for Gordon Brown’s “masterstroke” tripartite regulatory regime…
I’ve said before and I’ll say again: his mistake was to think bankers were honest
Although Barclays are receiving all the publicity at the moment don’t forget RBS who, once the lid is lifted, will be found even more horrifying.
Those with an account with RBS (or shares in) would be advised to get out now … changing banks is easy so why stay with these shysters?
This particularly applies to RBS International based in Guernsey who handle complaints regarding serious mis-selling of financial products by simply ignoring them.
Disgusting and totally unforgivable.