£290 mill in fines, what do bankers have to do go to prison?

[Adrian W]

How much did they actually make out of it?

http://www.bbc.co.uk/news/business-18612279

Edited by Adrian W on Wednesday 27th June 15:43

[Adrian W]

Use Psychology said:

sorry, just imagining newspaper headlines in keeping with the current popular opinion of bankers.

the debate is hindered by the inability of most people to tell the difference between bankers (people who work for banks, probably quite reasonable, normal and nice people) and banks (fked up organisations).

I'm having a little trouble with this, people manipulated the rates not organisations, however it does seem that people are immune from any consequences from their direct actions, in any other industry arrests would have been made

[Adrian W]

Use Psychology said:

Adrian W said:

Use Psychology said:

sorry, just imagining newspaper headlines in keeping with the current popular opinion of bankers.

the debate is hindered by the inability of most people to tell the difference between bankers (people who work for banks, probably quite reasonable, normal and nice people) and banks (fked up organisations).

I'm having a little trouble with this, people manipulated the rates not organisations, however it does seem that people are immune from any consequences from their direct actions, in any other industry arrests would have been made

I think it's well established that 'normal' people can have their behaviour significantly altered by the culture of the organisation in which they find themselves. My point was that individually bankers are probably as moral, ethical, blah blah blah, as the righteous tabloid readers of this world, but when you put them together in an organisation (a bank) then it's possible for an irresponsible culture to emerge. Thus the behaviour of the organisation can be different from what the individuals in that organisation would consider reasonable.

Can the same argument not be put forward regarding the Totonham rioters, the judges didn't see it like that.

[Adrian W]

Dr Jekyll said:

Adrian W said:

Can the same argument not be put forward regarding the Totonham rioters, the judges didn't see it like that.

The difference is that even if they don't go to prison the bankers aren't going to roam the streets manipulating interest rates.

[Adrian W]

First it was derivatives then PPI now this, it does seem that the banks can get away with anything and there is absolutely no accountability.

Three years ago I had to put a business into administration because of a bad debt and an impatient bank, the administrators investigated everything and made it absiilutly clear that if in their opinion I had misbehaved in any way whatsoever I would become personally liable and would face criminal charges.

It's about time bankers are held personnally responsible for their actions.