Guarding against banking greed?

So today we get a squint at the new regulations that MAY be brought in to guard against the greed, ignorance and arrogance that brought about the banking melt down and consequent financial crisis last year.

Sir David Walker’s interim report lands on the chancellor’s desk today. It is said to reveal the unbelievable lack of knowledge that existed on many bank boards.

He does have a plan to force financial institutions to publish the pay and remuneration of senior dealers, managers etc. He also wants people to be qualified for the job. The trouble is that this is still a closed club that dominates the City of London, despite the influx of ‘foreigners’ courtesy of globalisation.

The Financial Services Authority has refused my Freedom of Information request to reveal the 51 people they ruled unfit for the jobs for which they applied in the Financial Services Industry – they would not even reveal the jobs for which they applied.

So don’t hold your breath on greater transparency. Indeed I can’t believe that those 51 were the ONLY people they have rejected this year, but they have published no numbers since.

The greatest fear is that we return to exactly the same landscape that brought about this last financial disaster. Great hope is vested in Sir David Walker and his report, let’s hope it is justified.