Thursday, 2 December 2010
'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.