Wednesday, 11 February 2009

Treasury Select Committee and the Robber Barons

I think one of the most telling things to come out of the Treasury Select Committee hearings is the fact that not one of the 4 heads of HBOS or RBS had any sort of banking credentials or qualifications. This was the 'Old Boy Network' exposed for what it really is; a completely self-serving systematic robbing of both staff and ordinary shareholders by a greedy elite. One of the sacked heads is being retained by his former employer at £60k a month as a consultant. It runs across the whole of the sector, sitting on each others boards as non-executive directors playing you scratch my back and I'll scratch yours in each others remuneration committees while forcing down wages for junior counter staff in the name of cost cutting and efficiency, and getting more bonuses for the savings they make. Well, they have shown us efficiency in action and they shouldn't only be apologising to the Commons, to their staff, or to their shareholders. They should be apologising to the whole country which they have forced to the point of bankruptcy with their greed, and especially to the minimum wage workers who will lose their jobs in every sector of the economy, not just the financial sector, because of their greed. They should be barred from holding directorships, because the morally bankrupt are much more despicable than the economically bankrupt. It's sick.

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