The Most Revolutionary Act

Diverse Ramblings of an American Refugee

Dr Stuart Jeanne Bramhall

Dr Stuart Jeanne Bramhall
Location
New Plymouth, New Zealand
Birthday
December 02
Bio
Retired psychiatrist, activist and author of 2 young adult novels - Battle for Tomorrow and A Rebel Comes of Age - and a free ebook 21st Century Revolution. My 2010 memoir The Most Revolutionary Act: Memoir of an American Refugee describes the circumstances that led me to leave the US in 2002. More information about my books (and me) at www.stuartjeannebramhall.com

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JULY 18, 2013 1:37AM

New Law Would Jail Banksters

Rate: 6 Flag

In Britain, though. Not the US. Britain’s Conservative prime minister David Cameron plans to introduce a bill in Parliament to penalize bankers for reckless and criminal behavior. Would Obama, the so-called liberal Democrat, ever push such a law? In your dreams.

According to the Daily Mail, a new law in the British parliament would send banking executives to prison for “financial malpractice.” The British paper reveals that that the legislation to be introduced by Cameron will most likely adopt all of the recommendations of The Parliamentary Commission on Banking Standards. These include a provision that banking executives be held personally accountable when a bank collapses and new powers for City (i.e. banking) regulators to cancel bosses’ pension rights, bonuses and pay-offs when their bank fails. The goal of the new law would be to protect British taxpayers from future bail-outs.

As in the US, the British banksters responsible for the 2008 economic crash walked away with massive pensions and bonuses, despite virtually destroying the banks they had run. The Commission also recommends establishing a new licensing regime to prevent another Libor scandal (in which bank managers colluded to artificially lower inter-bank interest rates). Under the new system bankers would have to abide by a new set of conduct rules or lose their license.

Sadly no UK bankers have gone to jail for their role in the 2008 economic collapse. Under current British law, senior bankers were able to evade punishment by claiming 1) that they were not personally responsible for their bank’s failure and 2) that they had not committed deliberate fraud. Presently the burden rests with financial authorities to prove wrongdoing. Under the new law, bank CEOs would be held individually accountable and would have to show they took “all reasonable steps” to avoid a failure.

The new law wouldn’t target bankers retrospectively. Fred Goodwin, who left Royal Bank of Scotland in ruins will still receive his pension of £342,000 a year for life. And former HBOS CEO will continue to get a £406,000 yearly pension.

photo credit: DonkeyHotey via photopin cc

Reposted from Veterans Today

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Comments

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It's good to see a parting of ways between the US and Britain in a few areas. When a government refuses to prosecute private banks because it relies on them for financial largesse, this is the epitome of cronyism and corruption. Such a government has lost all its legitimacy and should be treated accordingly by other civilized countries.
Good for them! Now what the Brits need to do is to institute a speculation tax.
Obama famously said to the bankers after the economic collapse, "I'm the only thing standing between you and the pitchforks." No doubt where his sympathies lie. In Europe they still have some sort of standards and investigations but here the banks are untouchable gods on both sides of the aisle.
No bankster worth his salt will have any trouble getting around such legislation easily. I - and I'm not a bankster - can think of one easy way to do that without even trying. It's called the sacrificial goat method.

The right way to control this sort of thing is for the government - and ONLY the government - to have control of the nation's money creation. As long as banks are involved in money creation is as long as there will be this sort of malfeasance.

R
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Sounds good but I suspect they're already working on a way around it.
Dream on. Not likely to become law except in a very toothless form. No, we have not parted ways - Brits are just like "US".
Thanks for mentioning the Financial Transactions Tax, ONL. The British response has been extremely obstructionistic. The rest of Europe seems to be all for it.

CG, Obama is a millionaire and I think you're right about his sympathies. Wouldn't it be great if they let us have a non-millionaire/billionaire president for a change?

Excellent point Kathryn. We have a parliamentary system here in New Zealand, and it makes it much easier to pass popular reforms. A government that loses its ability to pass legislation has to dissolve Parliament and call and election.

Sky, I'm going to try some of your arguments on the Green Party economics issue group. It's our job to sort the monetary policy the Greens will adopt for the election next year. There are 3 of us calling for NZ to support the IMF proposal to eliminate the right of private banks to create money - the rest of the issue group treats us like we're delusional.

OJ, I think the Brits may be concerned by the move by the BRICS countries to set up an alternative World Bank and IMF not based on the US dollar. If the world loses confidence int he British banking system, the UK is in real trouble. Banking is virtually their only significant export industry. Unlike the US. While banking/finance is extremely important to the US, America also does a brisk trade in armaments and illicit drugs.
While banking/finance is extremely important to the US, America also does a brisk trade in armaments and illicit drugs.

I'm so relieved. Altho relying for your economy on the ability of bankers to steal has never proven to be a mistake. Ever.