A shocking culture of cynicism and greed

On 29 June 2012, at a Threadneedle Street press conference to mark the publication of the Financial Stability Report, Bank of England Governor, Mervyn King, said this:

"There's something very wrong with the UK banking industry and we need to put it right... It is time to do something about the banking system...

It goes to the culture and the structure of banks, the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate, and today news of yet another mis-selling scandal."

Asked whether Blarclays' boss, Bob Diamond, was a 'fit and proper' person to run the bank in the wake of revelations that it manipulated interest rates, both King and Lord Turner, Chairman of the Financial Services Authority, declined to answer. Turner said there was a 'culture of cynicism and greed that is quite shocking,' and added:

"There are some very wide cultural issues that need to be addressed."

The day before, former City minister, Lord Myners, said this:

"This is the most corrosive failure of moral behaviour I have seen in a major UK financial institution in my career,' he said. I think fines and public criticism will not stop these behaviours. These behaviours will not stop until the people perpetrating it or responsible for overseeing them face the prospect of criminal charges and the prospect of going to jail."

The Masters of the Universe at play, eh? One law for them another for us. Anyone out there imagine things are going to change because the 'authorities' are speaking out? Or do we think the huff and puff is all for show.

I don't keep the little I have in the bank any more but the money under the matress is on the show.