Treasury select committee summons nine UK bankers
The powerful Treasury select committee has issued summonses to 9 of the U.K.'s former leading bankers as they attempt to get to the bottom of the reasons why the UK financial system went into meltdown. Those in attendance include Sir Fred Goodwin, Sir Tom McKillop, Andy Hornby, Lord Stevenson of Coddenham, Stephen Hester, Eric Daniels, John Varley, Paul Thurston and Antonio Horta-Osorio.
All of the above banking figures are expected to be called over the coming weeks to give evidence in front of the committee and no doubt receive a grilling from the committee members. These are the same MPs who gave Mervyn King of the Bank of England a seriously difficult time in light of the Northern Rock debacle and the nine bankers set to attend in the future can expect much of the same.
The committee itself has attracted much controversy with cries of political bias and political points scoring in past investigations. However, there is no doubt that the committee has an interesting habit of getting to the bottom of issues due in the main to the power it holds and the ability to call expert witnesses. This forthcoming review of the banking sector has the potential to seriously embarrass both the UK government and some of the leading figures in the UK banking sector, although UK taxpayers will no doubt await the outcome with bated breath.
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