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Wednesday, December 15, 2010

Royal Bank of Scotland directors 'failed to live up to their duties'

From the WikiLeaks File:

Perfect timing since the UK's Financial Services Authority just closed the books and found no wrong-doing at RBS. The ongoing efforts to sweep everything under the rug instead of holding people accountable is ridiculous. When people complain about WikiLeaks, they're completely missing extremely important revelations like this. While it's easy to see how hiding this information benefits those in power (including the bankers) but for the taxpayers who had to bail out the banks and accept cuts, the case for secrecy is much less compelling. Shouldn't voters have a clear understanding of what happened when they are being asked to fund such enormous failures?

Society is much better off knowing these details.
Lord Turner, chairman of the Financial Services Authority, is likely to come under pressure to reopen the regulator's probe into Royal Bank of Scotland after leaked US cables show the bank's new chairman Sir Philip Hampton said the former bank directors had failed to live up to their duties.

The private remarks by Hampton that directors had breached their "fiduciary responsibilities" are disclosed barely a week after the City regulator controversially shut its investigation into what went wrong at RBS.

The FSA's decision, revealed by the Guardian, was greeted with astonishment in the financial community and means no action will be taken against the bank or any of its former directors, including former chief executive Sir Fred Goodwin.

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