Analysing crash will prevent a repetition
MANY people are saying we should stop looking back analysing the crash. However, in order to move on we need closure and, in particular, we must make sure that the circumstances never allow it to happen again by removing the incentive to do wrong from those who did.
However, the politicians, regulators and former bank managers and directors who caused the crash are still in receipt of large pensions.
Until the Government introduces legislation and, if necessary, a constitutional amendment to strip those responsible for wrecking our banking system of their pensions we will not have closure. They wiped out the share capital of the banks when their jobs were to grow and protect it. Now they are putting the rest of us in penury for years because of the state guarantee.