Send them all to jail

Thursday 26th February 2009, 2:55PM GMT.

From David Eves.
NICK Leeson spent a few years in jail for supposedly being responsible for the collapse of Barings Bank.

Will those lords, sirs and chief executives responsible for the multi-billion pound collapse of banks in recent times suffer a similar fate? Or is there one law for the goose and another one for the gander?
61 La Collette Flats,
Green Street,
St Helier.

1
Islander

February 26, 2009 at 6:24 pm

It would certainly be a great example if the person who is responsible for the economic crisis was dealt with in the right way. Sadly that is unlikely.

The problems started about 10 years ago when the interest rate was reduced too far. Pension funds collapsed as they could not maintain the income to meet their promises. House prices shot up until people could not afford to buy them.

Now the UK government thinks that the solution is to reduce interest rates even more. That can only make it even worse and reduce confidence.

One reason is that it has caused the pound to go down in value against the dollar and the euro. Prices go up as imported goods, including food, cost more. When the next election is due the interest rates will go up to improve the exchange rate so that food will cost less again. All carefully managed by stealth.

There is one person who is responsible and should be punished. That is Incapability Brown.

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2
lula

February 27, 2009 at 10:27 am

also the people that borrowed more than they could repay – surely each individual can just say no when banks offer them loans – yes it’s tempting but the amount of people in a shedload of debt can not blame the banks – they can only blame themselves.

it was over lending that brought on the credit crisis as well – and only the borrowers have themselves to blame for that…

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