Thursday, 2 December 2010

Not Guilty



'Bad business decisions'.  That was the verdict of the FSA after investigating the Royal Bank of Scotland (RBS) in the years running up to the financial crisis.  There's a surprise.

The investigation started in May 2009 and today's announcement shows just how our political masters support the financial sector.  It also shows how slow the wheels of justice run in matters involving billions of the hoi poloi's cash yet, if you've a parking fine you haven't paid, then you're in court - unless you pay the extortionately increased fine - before you know the time.

'These had not been the result of any lack of integrity,' said the useless FSA.

We own 84% of this bank yet the FSA refuse to take any action against those who made these 'bad business decisions' which has resulted in hundreds of thousands of people having financial difficulties.

So there was no fraud just incompetence.  It does beg the question why we, the taxpayer, now own 84% of RBS if nothing was done incorrectly or without due diligence (in government speak).

Now Fred and his cohorts can relax now they know their excessive pensions will be intact, yet many of their older individual shareholders may already have had to sell their properties in order to survive without the indignity of approaching government for help with pension credit or other charitable government benefits.

All I ask is, if anyone does have an RBS account, please consider moving to an institution which has a moral code.  Of course the UK financial regulatory authorities are partly responsible for the financial crisis because they didn't do their job.  Our financial sector is a business which regulates and looks after its own.  Look after your own.

The FSA's investigations into other banks is continuing.  Am I interested?  No.  I know their evaluation, don't you?  And I didn't need a degree in economics or anything else to assist my decision.

16 comments:

Dioclese said...

So exactly where is the fine line between negligence and incompetance?

cynicalHighlander said...

Why bank Regulation is a joke

The Aidrie bank is the last independent bank in the UK. The French are planning to remove their money from the banks on 7th Dec.

subrosa said...

Pass Dioclese. Or perhaps one makes an excuse...

subrosa said...

Sadly CH the Airdrie bank won't open an account unless you visit in person. I tried it recently and have reasonable credentials yet they insisted I visit a branch.

I can understand in this day and age, but to have a 3 hour drive in normal weather, to open a bank account just isn't a choice for me, much as I admire their principles.

cynicalHighlander said...

I wasnt aware of that but have come across this not much use up here but it might be worth exploring further in your area.

Registering an Interest in Opening an Account

Please note that we are only looking for an expression of interest at this stage. We are only able to open accounts on a face-to-face basis as we do not hold the relevant permissions to open accounts online or by post. If there is sufficient interest in opening accounts in a specific area* we will make arrangements to visit that area to enable customers to open an account

subrosa said...

That's interesting CH. I wasn't told that on the phone even though I did ask if there wasn't another way other than to go to Airdrie.

RMcGeddon said...

cynical... Airdrie Bank isn't the only independent bank in the UK. There is also..

Close Brothers Group, Handelsbanken, Islamic Bank of Britain, Julian Hodge Bank,Metro Bank,Standard Chartered Bank,Arbuthnot Latham & Co,Butterfield Bank,C. Hoare & Co ,Duncan Lawrie, Harrods Bank, N M Rothschild & Sons , Raphaels Bank and Reliance Bank ( Salvation Army).

subrosa said...

Well RM, I didn't know that and Airdrie call themselves the only independent bank left.

Somehow I can't get enthused about any you mention though. :)

RMcGeddon said...

SR. Metro Bank look ok. 'A new revolution in Banking'...

https://www.metrobankonline.co.uk/

And Standard Chartered have been around for over a hundred years and seem to have avoided the madness of RBS and HBOS etc. Although I haven't really followed their record for the last couple of years so can't be sure.
There's also Tesco Banking, Asda and the Post Office etc but I'm not sure if they're affiliated with anyone toxic

Dramfineday said...

"These had not been the result of any lack of integrity" Spot on, one can continue to make duff decisions effecting the lives of millions in the sure and certain knowledge that you have integrity.

Just a thought, before you make said duff decions it might help if you had a banking degree and not just the "apprentice" style business knowledge that assumes that people who sell stuff such as toffee apples, puff candy, or even being a lawyer qualifies you to run a message, never mind a bank.

But that's just me.

Dark Lochnagar said...

Rosie, in your intro to this story, I'm sure you meant the FSA not the SFA!

subrosa said...

Ah DL, you spotted my deliberate mistake. :) I'll amend it right now. Many thanks.

tris said...

It’s wrong that these people get off free as birds whilst the rest of us pay for their greed.

It won't escape the notice of people in general that if you cost the country countless billions of pounds and throw it into such a mess that the government is (reluctantly?!?) forced to take housing benefit away from the poor and the old and the sick, nothing happens to you.

If you over claim on a benefit application by as much as only a few miserable quid, which doesn't cause the country to go into recession at all, you end up with community service, which turns out to be the same thing as if you have the audacity to be unemployed.

The worrying thing is that when people see horrific injustice like this, particularly if it has affected them personally... ie they lost their job because of Freddy boy and his stinking likes, then they begin to wonder if the justice system actually works for them, or for the country.

And when enough people being to feel like that, and the legal system persists in supporting the rich and prosecuting the poor, eventually something gives.

We have seen students, lecturers, parents and schoolchildren take to the streets and in some cases, turn to violence and destruction to try to tell their government that they no one is listening to them. It may be, before long, that other people will join them.

I‘ve no desire to spend my Saturdays protesting in the cold, but the alternative does see to be getting shafted...

Crinkly & Ragged Arsed Philosophers said...

Absolutely no point in setting a thief to catch a thief.

Besides Fred was only a minion. A doorkeeper who got carried away by the gold braid in his uniform

subrosa said...

Aye RA, it's his masters, who placed him there, we should be chasing. The invisible men.

subrosa said...

'When enough people being to feel like that...'

That's the problem Tris. Not enough do. Students always used to protest when I was young. It's part of their lifestyle.

But when will others waken?

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