The Tories have quietly scrapped a crackdown on fatcat bank bosses

Going easy on the bankers: George Osborne.

The Tories have quietly dropped a crackdown on fatcat bosses who preside over reckless behaviour in Britain’s banks.

Labour and Lib Dem peers voiced their fury today after the move was slipped without fanfare into an obscure section of a new banking law.

Lib Dem Baroness Kramer accused “outrageous” George Osborne of “buckling to pressure from his friends in the banks” – and warned it could allow bosses to turn a blind eye to another LIBOR rate-rigging scandal.

The ex-MP told the Mirror: “People are no longer talking about the banks so the Tories think they can go easy on them.

“The government claims the rule will make it hard to hire good people. They’ve obviously been in conversation with the banks to come up with statements like that.”

Source: The Tories have quietly scrapped a crackdown on fatcat bank bosses – Mirror Online

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11 thoughts on “The Tories have quietly scrapped a crackdown on fatcat bank bosses

  1. ian725

    Tories playing True to Form of course they will help their Paymasters. Its in the hands of the People to get rid of this odious Government.

  2. Thomas

    The Tories only go after the weak and the poor and those who steal a little, not those who take a lot.

  3. Dez

    So let me get this straight because there was going to be a crackdown on silly mega million bonus payouts they upped all their top salaries to compensate for any future bonus loss. So looks like these wonderful overpaid financial gods, that crashed the world markets, and who are paid mega bucks because they are edgy risk takers are no longer risk takers because they can now do exactly what they want ….. again!!. The world is completely mad run by elites who are out of control who when they screw up just pass the bills to the plebs to pay for them… they are untouchables….again.

  4. casalealex

    “Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take away from them the power to create money and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.” attrib Abraham Lincoln

  5. Angela Bevan

    “Human rights” they cried! Bankers must be treated as innocent until proven guilty, a few very wizened looking lords demanded. I watched them online today. Disgusting to hear the draconian City loyalists whinge about being picked on but heartening to hear so much wisdom and knowledge of the grave situation from the non corrupt. Thought they were extinct. We aren’t shown the sensible people on TV, just the gloating winners. It might encourage people to stand up if they knew that there’s still a few good men left. Yes, and women too of course but it sounds better.

    I’m going to do a video compilation or podcast of this because I know that I was pleasantly surprised by the clear heartfelt speeches the ‘normal’ ones gave. Had it been an independent jury, truth and justice would have conjured up a festive miracle. They chased those spirits from the halls centuries ago so now we are left with a nightmare before Christmas instead.

  6. Florence

    So just to make sure I understood the situation:-

    1. Bankers need to be “lightly” regulated to attract “good people”:
    The workers have to be subject to punitive and invasive monitoring of their lives through the claimant commitment because otherwise they would all become “bad people”

    2. The Bankers have to be highly paid, to attract “good people”, and their wealth will benefit the UK by trickle down of money to the poor and generally benefit the UK economy
    The poor have to be paid as little as possible, under subsistence level, to make them good enough workers for the UK, for the benefit of the UK economy and wait for the money to trickle down in the form of zero hours contracts

    3. Osborne likes bankers, and hates workers

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