The National Audit Office has published its review into the British Business Bank's accreditation of Greensill Capital this morning. As it says:
Our review shows that the Bank followed a streamlined version of its established process for accrediting lenders for CLBILS when assessing Greensill's application. That accreditation process was streamlined in response to the policy need to deliver money to businesses at pace during the pandemic. In the case of Greensill, applying a less streamlined and more sceptical accreditation process might have led the Bank to further question several of Greensill's statements, including on: loan default rates; exposure to specific borrowers and product types; and its business model and ethical standards. Each were the subject of press reports prior to accreditation.
It is to the Bank's credit that it quickly picked up the loans allegedly in breach of the scheme rules, and shows that the post-accreditation monitoring process was, in this case, effective. But had the Bank done more due diligence, including on the loans Greensill claimed it intended to make, it is possible that this situation could have been avoided.
In other words, if pressure had not been brought to bear for yet another 'favourable deal' when it was obvious that problems existed a great deal of trouble might have been avoided.
Time and again the failings of this government are being made clear.
So why does it survive? Because it pursues policies of the type noted here.
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The bank claims they were not influenced – that means they made major avoidable errors. Which means the decision makers are liable for these errors. – certainly they shouldn’t still be in their positions – a loss of job, pensions and sanctions so they can not work in the financial industry.
If they claim they were pressured by Ministers or Spads ‘many times’, these mendacious MP’s and their little unelected beavers also need to be sanctioned – out of government, for ever, and charged with attempted embezzlement, which should put paid to their high flying career prospects.
As for Greensil, Cameron and any ex and current Ministers and senior Civil Servants who paved their ways – including the PM – they should be tried if appropriate
This country now openly being led by daily shameless lies with the MSM and social media propaganda, is about to unleash massive public violence with ‘patriots’ and ‘nativists’ alongside ‘freedom day’ with the added ‘who me’ cover of the supposed multicultural ministers of colour – who are just the modern day petty patels of the same original avaricious EIC that led to the Imperial fairytale of nation that ruled the waves and the world through slavery, piracy, opium and mass murder under cover of nationalist, supremacist, Christian entitlement that is still pretty much the m.o.
Dare I say that we are being pushed into resistance which will be called sedition and be summarily dealt with as the mass media echo chamber choir blames our stand as Russian/Chinese plot? They will also be projecting upon us what THEY are – racist fascists against the peoples of the world through their latest fantasy religion of individualism.
This is deeply disturbing.