We have had requests to re-run our financial blogs during G20 Week

At last someone is talking sense and saying what we all believe, cheers Mrs. M. Bankers need to be exposed and prosecuted for robbing us of our economy and our life savings!  If they had come to our homes and stolen our tellies, our cars, our jewellery and our possessions, we would cry ‘Thief!'  These well-heeled, spoiled, white collar robbers have stolen our pensions, our deposits, our savings, our stock and shares, and yet they are still dining in the best restaurants on looted booty and floating around on their yachts.  While they dine on caviar bought by us, we are losing our livelihoods, our incomes and our peace of mind.

Sir Ken Macdonald, QC, former Director of Public Prosecution (2003- 2008,) has stepped in with all guns blasting.  "It's time to get tough on banking robbers,' he writes in the Times, Opinion, Monday, Feb. 23, ‘09.  ‘Mug someone in the street and you go to prison, but mug their savings and you can buy a yacht.  It's a disgrace to justice.'

This is the kind of straight talk and demand for accountability the public has been waiting for.  Who is responsible for this economic disaster?  Let's bring the criminals to court for their crimes.  Why should ‘Notting Hill brigands' get away with economic murder, when we punish those without wealth and power?  Are these criminals beyond the reach of the law?  Without bringing to court these financial terrorists, who have done us more daily harm than political terrorists, there is little hope in restoring public confidence in the banking system. 

We don't have faith that these white collar criminals will be prosecuted for fraud. We watch legislators on both sides of the Atlantic accusing top end executives of irresponsible behaviour.  But nothing comes of this.  Only days after this reprimand, banks announce grotesque bonuses for their wealthy traders, in spite of all the public fury.  The minute we look away, the bankers have their hands back in the till.

Bankers, CEOs, traders, hedge fund managers, and fat cats should be audited and made to explain their bonuses and transactions.  Where did the money come from and where did it go?  We now believe that what we deposit in the bank or own in shares may be stolen from us by these criminals in the financial market. And if the worst happens and we lose everything, through no fault of our own, nobody is prosecuted.  The perpetrators go right on enjoying their lavish lifestyles.  No wonder there's no confidence in the market. 

White collar financial crimes take place on laptops in the warmth and comfort of luxury offices, with little risk of detection.  These abuses should be aggressively regulated.  There are highly paid PhDs and high flying geniuses working for financial institutions on sophisticated derivative instruments, which are difficult for regulators to understand.  The regulating authorities can't attract these professionals because of lower salaries.  So it's difficult for regulators to comprehend what is taking place and how some schemes function.  The regulating authorities need upgrading.

The public need to see that you don't fly in private jets as a reward for robbing your bank.  White collar finance crime must be punished like every other crime.  Greedy millionaire city frausters with their bonus culture are stealing our economy and our future and getting away with it.  As Sir Ken points out these financiers should be servants, not masters, of the universe. Let's make them give back their yachts:  Buy One Get One Free!

Hurrah, Sir Ken!