tag:blogger.com,1999:blog-6093560390959788459.post1912465276565845193..comments2024-03-21T09:29:25.220+00:00Comments on The Financial Crimes: And another thing...Alexhttp://www.blogger.com/profile/13775753218753337766noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6093560390959788459.post-36374982296659979092010-08-11T09:48:51.740+01:002010-08-11T09:48:51.740+01:00I suspect that the "grassing themselves up&qu...I suspect that the "grassing themselves up" was simply the action of incoming management who wanted to cover their own baxksides. The deadbeats at the FSA (as I understand, mostly failed compliance officers from building societies and the like) who had missed what was going on thought they had make an issue of it - keeps them in a job after all. Hence the large sums of money and pointless gesture.Alexhttps://www.blogger.com/profile/13775753218753337766noreply@blogger.comtag:blogger.com,1999:blog-6093560390959788459.post-53345937086895460172010-08-11T03:42:08.765+01:002010-08-11T03:42:08.765+01:00Thanks for the banks posts Alex!
A bit tin foil h...Thanks for the banks posts Alex!<br /><br />A bit tin foil hat, but could I venture that by grassing yourself up to these quangos for minor stuff, you tie up the few genuine investigators they have (i.e. ex-Met, ex-SOCA types) just leaving you the policy generalists to deal with.<br /><br />The OFT for example is 90% civil service generalists and 10% the rest of the world.Steven_Lhttps://www.blogger.com/profile/05029437876479574883noreply@blogger.comtag:blogger.com,1999:blog-6093560390959788459.post-17323574582539998342010-08-07T23:25:19.341+01:002010-08-07T23:25:19.341+01:00They would argue that:
1) They were not grossly n...They would argue that:<br /><br />1) They were not grossly negligent because they quite reasonably rely on the reports of their subordinates. A bank director doesn't personally check on these procedures - he relies on the reports of internal and external auditors, and the comments of the regulator.<br /><br />2) There was no loss to anyone, apart from the fine to RBS, which arguably only happened because the government appointed directors pointed out the mistakes to the FSA.<br /><br />It is also worth remembering that Fred the Shred's only qualification for being a bank chief exec was that he had been the administrator of BCCI, and probably knows where a few bodies are buried in that fiasco. UK bank regulators would therefore cross him at their peril.Alexhttps://www.blogger.com/profile/13775753218753337766noreply@blogger.comtag:blogger.com,1999:blog-6093560390959788459.post-70792855816610469572010-08-06T16:08:47.995+01:002010-08-06T16:08:47.995+01:00Surely the people who ought to be picking up the b...Surely the people who ought to be picking up the bill are the past management. Can RBS sue its former directors for reimbursement?Edwardnoreply@blogger.com