Friday, June 29, 2012

We need a public inquiry for the banks

The extent of the cavalier disregard for the well-being of the system that the banks have now shown has only uncovered the tip of the iceberg that we have known exists in the British (and world) banking industry and culture for a long time. I have heard finance types for a long time say only the banks attract the smartest people.

What matters now is public confidence. The only way we can get visibility of what has happened in British Banks is to have an enquiry and make public the processes that have run banks for a long time. If Britain can do this then they will be doing a lot better tan the US have done, which is tantamount to a circus show where banking leader can sit there and plead the fifth or not recall, without recourse.

The only way for the banks to get credibility back is increase the understanding of what they do and what goes on day-to-day.

The Levenson inquiry has at least shed light on the processes between politicians and the media. Banks has shown a tenancy to say "it's too complicated" for too long, and we need to shed a light on the secrecy and apparent complexity of the products and services they sell.

You can't create money out of nothing and as we have seen the banks are trying to do just that - way too often. This is what caused the financial crisis and is also a core driver of the current European crisis. In both cases, a sudden decease in value and confidence evaporated apparent gains that were never there. The are wholesale cases of fraud on a global scale and we see that the people in these banks are quite prepared to do it, and not take responsibility because they are too big to fail.

If we look at the effect that the BBC has had on the quality of the media, shouldn't we at least consider the benefits a public bank might provide, such a bank can be held to account openly and help set a behavioural standard that other banks can use as a guide.

Sign the petition for an enquiry at number ten:

... and anywhere else you can find one ... how long can this ooozing public disregard and cynicisim be tolerated?

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