Apr 10th, 2013
By [email protected]
It was a “colossal failure” of management. The trio of top bankers to blame for the collapse of HBOS were “reckless” and “deluded”. Lots of us have been thinking along these lines for years – and now, a parliamentary commission has taken the words right out of our mouths.
The MPs and Lords on the commission have singled out Lord Stevenson, Sir James Crosby and Andy Hornby as the ex-bosses responsible. But, so far, they’ve only had a slap on the wrist – even though MPs have made it clear that they’re not “fit and proper” to ever work in the City again.
The banking regulator has the power to stop these men working in finance, but they’ll be coming under pressure not to make a fuss from powerful banking lobbyists. Together, 38 Degrees members can show them that taxpayers, who own a staggering 41% of HBOS, want these bankers to face a City ban.
MPs and Lords have said that these ex-bosses “should be barred” from the City. The regulator is feeling the heat, but so far they’ve not made a move. We can intensify the pressure they’re under to make the decision fast. Together, we have the people power to make the regulator squirm.
All of us paid to bail out the banks. And many of us are now feeling the pain. Let’s make sure that these super-rich City boys are properly held to account for their failings.
The three bankers at the heart of HBOS’ collapse are only the tip of the iceberg of our broken banking system. 38 Degrees members will continue to work together to clean up our banks for good. We know it’s possible. Let’s make sure we don’t let these ex-bosses get away with it.