Let's see if they bother to follow up with any of this but wow, they spared no punches here. I hope that the US commission exposes the banking crisis perpetrators like this including those in political power who helped it all happen, Democrats and Republicans alike. Any of them who side with Wall Street over the rest of the country deserve to be humiliated and sent packing. The bus better be large though because there will be plenty of them. The Independent:
In a scathing verdict, the Treasury Select Committee accused Lord Myners, a former chairman of Marks & Spencer appointed by Gordon Brown last October, of "naiveté" in his handling of the former RBS chief Sir Fred Goodwin's pension and a failure to exercise tight enough control of the issue.Self-pitying bankers. There's a lot of that going around in that club, including with their tennis partners.
They also blamed the City bonus culture for creating a "lethal combination of reckless and excessive risk", contributing to the crisis that has tipped the nation into recession.
The MPs were critical of all players in the recent dramas: the RBS board was "incompetent"; former bankers guilty of "self-pity"; the usefulness of audit firms questionable; non-executive directors part of an "incestuous... cosy club"; and the credit ratings agencies "not well equipped" to assess complex financial instruments. The Financial Services Authority (FSA) continues to show "complacency", having been "extremely slow" to act. Only the media emerges with any shred of credit.
The MPs also express concern that the now majority state-owned RBS and Lloyds groups were continuing to award bonuses and salaries that were "too high". They call for the issue to be given a higher priority by the FSA: "The failure to act meaningfully in this area would be viewed with incredulity amongst the general public and further erode trust and confidence in the banking sector."
