Friday, 10 December 2010

Why the FSA RBSG report is like the Iraq Inquiry

Since the FSA cleared RBSG executives of any wrong doing last week, following an eighteen month inquiry led by PwC, there has been mounting pressure from (surprisingly) the RBSG executives, politicians, the public and the media for the report to be published. It now turns out, according to Lord Turner, Chairman of the FSA, that having spent a considerable amount of tax payers money on the investigation by PwC there is no report. This brings back memories of the 'dossier' that resulted in the war in Iraq - another document that can't be published.

Lord Turner went onto say "I feel uncomfortable with the present position and I recognise and respect the public desire to…have the history of why taxpayers ended up having to rescue RBS". He also pointed out that the eighteen months investigation was never intended to produce a report that met that requirement.

Just as with the Iraq Inquiry, once again we see the politicians deciding what the outcome should be and then setting the terms of reference to ensure only what they want comes out. They treat us all as if we are idiots and won't spot that these investigations and inquiries are rigged from the start.

Should there be a thorough review of what brought about the UK taxpayer having to bail out RBSG, so that we can ensure that it never happens again? Of course there should and, if a proper scope was investigated, it wouldn't only be the bankers who the finger would be pointed at, so it'll never happen. And even if it should by some miracle happen, who could possibly carry out the investigation when so many people and bodies have their fingerprints all over what went on from regulators, auditors to politicians. And there are so many with a vested interest in burying the conclusions.

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