The Standard Chartered story is everywhere this morning. And I know the case is not proven, but these things don't go public until regulators are very sure of their case.
I summarise my feelings on Twitter in this way:
I'm not sure there is much to add to that.
Except, inevitably, it's London, again, that's involved.
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The mask slips ever further, Richard. And what a situation it must be creating for Tyrie’s investigation, which is shoting at a moving target, and one that’s rapidly undermining any/all excuses they were going to use for not being very critical of banking and the City. Interestingly it increasingly exposes the other serial apologist for the City, and erstwhile leader of the Tory party, ‘BoJo’. The question now is, when will Miliband realise that this is the moment to go further with his ‘bad capitalism’ line of attack and commit Labour to a radical overhaul of financial regulation and of the relationship between the City and the state. With the conference season fast approaching and the Mensch inspired by-election there’s everything to play for.
Miliband: A man for all seasons, at the same time.
Sooner, or later, he will have to decide which face to use.
The omens are not good though.
There was a great prog on R4 on saturday at 12 where the presenter tried to explain what had happened to the old, bureaucratic, hide-bound but essentially decent “capt Mainwaring” style bank manager.
One point brought out was that most High St bank staff were paid v poorly in basic wages but then given quite lavish “sales” commissions for selling product which was, often plainly, of no value to their customers.
If you reward people like that it is obvious how they’ll react.
So it is simply not good enough for the likes of the “Rev” Green (the CofE have behaved disgracefully on this in not defrocking him – I’d be spitting if I weren’t Roman), to say that as head of the organisation they can’t be responsible for their underlings’ actions.
They rolled the tyre downhill. No matter what divots or deviations it took, if it hits a car- it is your fault !