Will the Treasury select committee knockout the UK bankers?
As the show trial of the so-called "Masters of the universe" starts today, those expecting the Treasury select committee to deal a knockout blow to those at the top of the UK banking sector may well be disappointed. While there is no doubt the likes of Sir Fred Goodwin will take a serious pounding from the MP select committee this is nothing compared to the pressures and challenges they have had in their business lives.
While just a short few months ago Mervyn King, the Gov of the Bank of England, was ridiculed and humiliated by members of the so-called Treasury committee, those who have been at the top of the banking sector are unlikely to be intimidated. As we mentioned on one of our earlier post, the UK government will surely be concerned about potential revelations regarding how the UK government and the regulatory authorities acted during the ongoing recession. Did they assist the banking sector quickly enough? Did they fudge the chance to kill the downturn stone dead? Why did they not see the economic crisis coming?
It will be interesting to see this locking of horns as many people may be surprised to see how resilient and strong the "Masters of the universe" really are.
Share this..
Related stories
UK government announces £20 billion loan insurance package
As we suggested yesterday, the UK government has today revealed plans for a £20 billion loan insurance package for small businesses. The move will see the government effectively guarantee loans to businesses, from the banks, which will take away the risk of default on the side of UK banks. However, interestingly the scheme has received mixed approval in the marketplace with many suggesting it is...
Read MoreGoogle Stocks lose £13.7bn Value
Google shares took a massive plunge after the web giant accidentally released the details of their quarterly performance to the public early. The mistake is thought to have cost Google £13.7bn, and has confirmed suspicions that the company is suffering the results of decreased revenue from web advertisers. The announcement that Google’s profits were down 20pc was scheduled to take place afte...
Read MoreUniversity students getting poor value for money
22/05/2014 A third of students paying increased tuition fees of up to £9,000 a year claim their degree course is either poor or very poor value for money. Additionally, only 36% said that their course represented good value for money, in comparison with 52% in 2012. The study which was conducted by the Higher Education Policy Institute (Hepi) and the Higher Education Academy (HEA) also r...
Read More'Packaged account holders are often losing money'
Packaged accounts frequently offer worse value for money to savers than those which provide free banking, a price comparison site has claimed. Under the terms offered by packaged account providers, savers pay a monthly fee which typically entitles them to a higher rate of interest on their money as well as benefits such as free travel insurance and gifts. However, according to Sean Gardiner, chief...
Read MoreWhat else did the Bank of England keep from us?
News that the Bank of England loaned £62 billion to Lloyds bank and Royal Bank of Scotland during the height of last year's financial meltdown has caught many in the market by complete surprise. There are very few, if any people, outside of the regulatory and Bank of England circles who had any idea of the massive risk which the authorities took at the height of the crisis. So what else did the...
Read More