Renegade Inc. - The State of British Banking

Labour were going to sort out the finance sector, which is why it fought so hard to prevent them gaining power.

It is just like Yes Minister, the great British comedy, where unless a minister has a lot of experience in finance, or the military, etc, and they usually don't, they will have to rely on very experienced civil servants instead, who will tell them what to do and what to say.

But the civil servants, the regulatory authorities, and the bankers are all part of the same club - the Gentry - who scratch each others backs and look out for each other. And it's a revolving door, where civil servants and regulators will eventually get top jobs in banking.

Not all banks are crooked, but far too many of them are, and they are running a criminal enterprise, the panel here says.

The banks spend hundreds of millions on the best lawyers each year, while the government only spends a few million to prevent banking crime. The government is  completely out-manoeuvred. The crime is said to be so bad that it is wrecking the British economy.

Since one of the greatest financial crises in human history - you can count on one hand how many British bankers have gone to prison for fraud.

At the hands of corrupt bankers many hard-working people have lost their businesses, their homes and their savings. An industry that has decimated lives still has had no recourse to stop the banks illegal asset stripping.

So we have to ask why? Have the judiciary just got all the judgments in favour of the banks plain wrong? Are the world-class British police inept or underfunded?  Have successive governments not had the insight, or have they turned a blind eye?

Or could it be that maintaining a corrupt British banking sector is a central plank of the British establishments’ strategy to maintain power?

Host Ross Ashcroft is joined by Financial journalist and author of shredded Ian Fraser and Police & Crime commissioner for Thames Valley Anthony Stansfeld discuss state of British banking.