Gordon Brown has warned that “rogue bankers” could cause another financial crash because the failure to imprison them after the last crisis means it is “inevitable” they will start gambling again with public money.
Writing in his memoirs, which are published next week, the former Prime Minister warned the “mistakes of the past have not been heeded” and bankers who act fraudulently must be jailed, banned from future practice and their assets confiscated.
He questioned how Fred Goodwin, the former boss of RBS, could walk away with his past bonuses “untouched”, a tax-free lump sum of £5 million and a pension of £300,000 a year after the bank collapsed and was bailed out by the taxpayer.
But he said Mr Goodwin’s conduct was “typical” of UK banking a decade ago, which he summed up as the “shameful wasting of millions of pounds”, and also heavily criticised Barclays, Northern Rock and HBOS.
Source: The Telegraph