Peter Reynolds

The life and times of Peter Reynolds

Now Is The Time For Recrimination – Before They Get Away!

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I am delighted to see that The Times and now, this morning, Andrew Marr, are joining me in calling for bankers to be brought to account.  The “Thunderer” even said that “heads must roll”.  Roll they must, many of them, until the baskets are full and the streets of the City are running with blood.  The executions should take place in public so that the greedy thieves and scoundrels who have pillaged our economy can be subject to public humiliation and villification as they meet their doom.

I will carry the metaphor no further but the dread and fear that should now be ruining the weekends of the chief executives and chairmen of the banks should be little different from that of the French aristocrats awaiting the guillotine.

We must insist that those individuals who have taken multi million pound bonuses from banks, funds and all forms of financial institutions that are now insolvent must be able to justify the payments in the same way that a director of a small business that had gone bust might have to explain his drawings to a liquidator.  In many instances money will have to be recovered.

Whether guilty of personal wrongdoing or not, the chairmen, chief executives and non-executive directors who have presided over this catastrophe must take responsibility and go!  The same sanction must fall on the heads of the regulators.

Lord Adair Turner, Chairman, and Jon Pain, Managing Director Retail Markets, who both accepted poisoned chalices at the FSA only last month may have some excuse but the rest of the board should be summarily dismissed, not even allowed to resign.

Gordon Brown and Alistair Darling have been extraordinarily unequivocal in many of their statements this week.  We want to know much, much more detail about the “mechanisms” that will put in place to restrain the banks in future.   If the taxpayer has saved your business then in future you will not be gambling on ludicrously complex financial products that only you understand and for which you set the rules.  We prefer that you lend £100,000 to a small business rather than £10 million to a virtual roulette wheel.

“There a million stories in the Naked City”.  Now is the time for “le dénouement”.


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