Don’t you just love the banks? They are, truly, the story that keeps on giving. Yesterday The Guardian reported on a survey which found that 32% of London bankers would trade on inside information (yes, that’s breaking the law) if there was no chance of arrest. Far from changing their ways since the crash for which we’re still paying, the survey reported a decline in ethics over the past two years.
And now, bang on cue, comes the news that six banks have been fined a total of $5.7 billion, for rigging foreign exchange markets. Complicated, but what it means is that they get together to screw the rest of us – again. Do stop me if you’ve heard this before.
No comment from George Osborne, but then he’s busy announcing the next round of cuts. He told an employers’ organisation “when it comes to saving money, w all know that the more you can do early, the smoother the ride.” He didn’t add that we also know it’s a whole lot easier to shaft the poor than the rich – they just don’t have the same clout. The banks are still getting away with it, but it won’t be them that have to pay.