How many times have we heard this won't happen again because regulation will save us. We NOW need something similar to Glass Steagall & Volker with the best protection from both of them enforced. Nothing watered down like the recent Conservative slip allowing crazy derivatives within the ring fence, which will be abused > JP "$9billion" Morgan style!!! I tell you the politicians are in on it, they say one thing and laugh behind our backs, or in the "derivatives in the ring fence case", in our faces. The only thing they're good at is clinking those champagne glasses at bankers buffets. I'm not afraid to say we're being run by the mafia, government has been bought and lost our confidence. 1. Financial ((MBS) Crisis, 2. PPI and STRIKE 3. LIBOR manipulation scandal. It's unfortunate that all banking staff should have their bonuses clawed back, not just the top.Reasoning behind this is the industry should pay for the mess not the tax payer. At the end of the day, pre financial crash all staff where strongly pushing loans on to people, I know staff that left banks because it was against their morals in the way they where not serving the customer but ramming loans onto them. All must pay the price with loss of bonuses, if need be for several years. This would be good as it would curtail the bandit culture.
FT Article: Libor firestorm engulfs Diamond
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