Saturday, 7 July 2012


UPDATED:  2 March, 2015 -  Now looking back none of the executives were prosecuted on the contrary, Mr Diamond received a very golden handshake of several millions of pounds.  Most probably all the others did too.

The sky high salaries plus millions of pounds of bonuses still goes on.

The Tories are still in this all together.  At the moment, with the General Election only two months away, their promises are raining down like a monsoon. The last lot of promises were never kept and neither will those, in my opinion.

For years these boys did nothing but cleaning up. David Cameron in his last election manifesto promised to stop these sky high and ridiculous bonuses after already received over a million pound salary. However, after the election nothing was ever said and done. Then the public became angry in 2010 and they were promised March 2011 a new law will be issued against such payments. March 2011 came and went and nothing.

In the meantime a group of young people organised themselves and called themselves OCCUPY. To draw attention to themselves they put up tents in front of St Paul’s Cathedral and stayed during a bitter cold winter. David Cameron dried to move them through the power of the Church but the Church refused. In other words they agreed with Occupy.

David Cameron and his friends slowly looked a bit high and try and to save their pride had to do something. Instead of putting a law through to stop these bonuses which were always excused as it takes time to put it through. They put through a court and it went very quickly through for Occupy to vacate the location. Now there you have a contradiction.

The country faced a double-tip recession but the sky high salaries and bonuses were always there and paid. We are not talking about a few thousands but millions.

Last year £70billion were injected into the banks to encourage the economy. It supposed to be there for companies and small businesses to get another loan to encourage their production. First of all the government does not seem to be aware when the economy is down very few businessmen would increase their overdraft or loans. Secondly, it came to light, that the few asking were turned down. May we ask the question what happened to the £70billion given to banks?

In view of all that the Chancellor George Osborne authorised a few weeks ago to inject £140billion into the economy. Soon the News came that a most unprecedented move from the Bank of England Sir Melwyn King gave a very contemning speech about the bankers.

Apart from that there must have been further action in the background because all of a sudden a scandal broke lose about Inter rates fixing. The chief executive of Barclays Bob Diamond was accused and had to resigned plus was another 14 others. Other banks Lloyds, HSBC and RSB were also involved and will under investigation.

The Serious Fraud Squad is now involved and stated that they could face serious criminal charges. Furthermore, the FBI in the USA is also involved and will request the 15 traders to attend their investigation. 

David Cameron commented last week that there will be no investigation as requested by the Labour Party. It seems now that the matter was taken out of his hands by the Serious Fraud Squad. However, will the Justice Department secretary Ken Clarke stand up to them? If ever the saying of David Cameron came true “We are all in this together” it is now. These traders were all close friends to David Cameron and his government and some of them great donors to the Conservative Party.

The Bank of England and its banking system were greatly respected throughout the world and the pride of Britain. Ever since Margaret Thatcher de-regulated it, it went quietly down hill and now hits rock bottom. The only thing which has to be done is to put all and every one of them of these rogue traders into prison and it would clear up the mess. Recuperating as much money as possible what they pocketed. That would give the banks back their respect for the people and the world to belief in it again.

The country relies on banks and City finances and going back to the old system, regulating the banks, will also stabilize the economy.
Hopefully, David Cameron and Ken Clarke are not becoming weak kneed again and for once stand up for Britain and its people as they always promising and talking about. This is now a great turning point.

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