Bankers face no retribution in the UK. Iceland has sent 29 bankers to prison for their role in the 2007-08 banking crash. The UK’s overcrowded prisons could have squeezed in some bankers, but there have been no prosecutions for bringing down the industry and ushering in austerity. The UK finance industry has been a serial offender, as evidenced by mis-selling of pensions, endowment mortgages, payment protection insurance and rigging of interest rates, but successive governments have failed to prosecute.
Nobody’s doing nowt to jail the criminals!
It is not only regulators, prosecutors are missing too. In the US, Citicorp, JPMorgan, Barclays, the Royal Bank of Scotland and UBS have pleaded guilty to manipulating the foreign exchange rates, and traders have also been convicted of rigging a benchmark interest rate known as the London Interbank Offered Rate (Libor). In the UK, the Serious Fraud Office has recently lost six cases of alleged rigging of Libor.
Oh, we’ve just tried some possible criminals and found out that in fact they weren’t criminals after all.