Saturday, December 11, 2010

Arrogance, Incompetence and a Shameful Bid to Hide the Truth About the Bank Collapse that Nearly Ruined Britain

The refusal to make public the report into the catastrophic failure of the Royal Bank of Scotland tells us a great deal about the arrogance and hopeless judgment of the City's financial regulator.

While the Financial Services Authority (FSA) often takes a hammer to deal with minor miscreants, it is using kid gloves when it comes to dealing with the scandalous behaviour of bosses who brought down Britain's biggest financial group and which led to taxpayers being exposed to potential losses of £250billion.

The regulator's egregious claim that the report into the bank's collapse is too technical and incomplete to be published is frankly preposterous.
The truth is that the FSA is morally bound to let taxpayers know what went wrong and why, for example, its own staff spent £228,000 on Christmas parties at the height of the most damaging financial crisis for a century and why they are still paid exorbitant salaries.'


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