February 2023
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Financial services insiders agree – their business is rotten and our top bankers should be in prison

Yesterday I attended a networking event held by an exclusive group of rather wealthy people. One of the people there was probably worth over £100m. (Please note I was the only poor person there). Anyway, I chatted to a few people and explained that I was starting to give a talk THE GREAT SAVINGS AND PENSIONS SCANDAL where I expose the misleading statements and lies used by the financial services industry to get us to give them our money (remember – I’ll be doing this at the Economic Research Council in central London on the evening of 24 February. Please come along).

As the people I talked to were rather wealthy and as several were in financial services, I expected them to disagree with my opinions. Far from it. As one of them, who had been in banking for almost forty years, said: “the whole pensions industry is a complete and utter scam“. Another lambasted the £500bn unit trust industry for charging its customers massive amounts while giving little to nothing in return. While a third commented that many of Britain’s top bankers should have been prosecuted and imprisoned. And a fourth admitted: “look we all know the whole thing is rotten, but nobody is going to rock the boat as they’re all making so much money“.

You may know that a group of private investors, who lost a fortune when Fred Goodwin’s RBS raised billions to buy Dutch bank ABN Amro, are suing RBS and in particular the RBS CEO Fred Goodwin and RBS Chairman Sir Tom McKillop. The rather disgruntled investors claim they were misled by Goodwin’s and McKillop’s statements about the financial health of RBS.

Here are some examples of statements made by Goodwin and McKillop just months before RBS became Britain’s largest ever bankruptcy (click to see more clearly)

To me such statements suggest that Goodwin and McKillop were either totally incompetent or else recidivist liars. So what punishment did they get? Fred lost his knighthood but kept his £300,000+ a year pension. McKillop kept both his knighthood and pension. And, of course, as we taxpayers own most of RBS, it’s actually us who pay these two gentlemen’s generous pensions.

I wonder who will be paying the legal costs for Goodwin and McKillop when the case comes to court. Oh, we taxpayers own most of RBS. So I guess we’ll be the ones who will also pay millions to protect these two (IMHO) lying, thieving scumbags from any consequences from their (IMHO) lying and thieving.

4 comments to Financial services insiders agree – their business is rotten and our top bankers should be in prison

  • Paris Claims

    It’s a farce crooks like these get away with it. They should be arrested, tried, and hopefully locked up. All their assets should be confiscated.

  • NG

    I agree 100,000% (as Simon Cowell might say) with Paris Claims comment David Craig

  • shortchanged

    David, apart from those who read your and similar blogs, the great unwashed British public are so apathetic they are not interested in financial matters, whether they do not or can not understand I don’t know. Suffice to say the ‘elite’ of the business world have done a terrific job of keeping us in the dark. Reinforcing the fact that we are all mushrooms, kept in the dark, fed on bulls$$t.
    Why is Fred Goodwin et al getting these disgustingly large bonus’ as they are employees of the bank, and we are collectively his bosses and did not vote them a bonus or massive pension. These people are parasites living off the hard won wages of the general public, and it’s about time they were exposed for what they are. The media are as much to blame as anyone, a few column inches one day, forgotten the next.

  • Mike

    Banks should be classed as charities, since, like most charities, the CEO’s get huge salaries for ripping off the general public.

    I worked out that it would take 17,000 minimum annual subscriptions to pay for the CEO of Save the Children. These chuggers also get government funding just like Banks, so we pay twice. Nice little earner!

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