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Bollocking bankers


The House of Commons yesterday welcomed the bosses from RBS and HBOS - two of the banks which the British government has taken significant stakes in.

The MPs on the Treasury Select Committee got their chance to grill the CEOs and Chairs of these businesses.  I have only had the chance to read the news reports and watch the film of the interviews, all here.

The main focus of the proceedings (though I will read the full transcript) appears to have been to seek to humiliate the bankers and demand an apology - that's all well and good.  But does that really help anyone other than puffing up the chests of a handful of the MPs?  Surely, we need to understand the group behaviour that we all collectively indugled in which pushed the world to the brink of financial collapse. 

Yes, MPs have a duty to represent the public and ask the questions which they want but they also have a responsibility to rise above the fray and use their position to widen the sphere of public knowledge, not simply slamming bankers for their greed and stupidity - after all, they were serving a market where we were all willing customers...

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October 2009

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