Union Leader: Give Bankers ASBOS

[TriWooOx]

Quote:Bankers who helped spark the credit crunch should be given anti-social behaviour orders to stop them being "reckless" in the future.

A Trade Union leader has suggested speculators who acted "irresponsibly" could be banned from working,just like teenage yobs are banned from loitering.

Harry Fletcher, deputy general secretary of Napo, the probation officers union, said guilty bankers could also be given "acceptable behaviour contracts" like errant children.

He added the Government should also investigate the possibility of fining people whose "negligence" had in part forced a taxpayer bail-out of banks.

"The Probation Service deals with over 240,000 offenders every year who have behaved recklessly and caused damage and harm to innocent victims," he said.

"The behaviour of dealers and traders is exactly the same: some of them have caused alarm and distress and have behaved in a reckless way."

He said innocent people had lost their homes and jobs as a result of the crunch and bankers should not be given "impunity".

He called for financial regulators, the Financial Services Authority, or the Home Office to launch an urgent inquiry into what new measures were needed.

Geraint Anderson, author of the book City Boy, told Sky News bankers will always claim they are being stupid rather than reckless: "That's their get out clause.

"It's not so much bankers that are at fault but the bonus culture that encourages short term greedy gambling - they are just acting logically within the system that exists."

He added: "Bonuses cannot be taken off a banker once received so why think long term when taking reckless bets."

Mr Anderson also suggested bankers knew the credit crunch was coming: "They sold on to other bankers mortgages backed securities which they knew would explode at a later date.

"They knew what they were doing - these caused the problems we're now facing."

http://uk.biz.yahoo.com/17102008/140/union...kers-asbos.html

[rsol]

Absolutly, they know what they do, just they try to make sure THEY dont get the hit and pass thier problems to someone else down the line..

[DJOldskool]

Of course, would you care if you lost your job after picking up 20mil worth of bonuses? Neither would I.

They knew deregulation would cause this, yet the bankers campaigned for it and the gov implemented it.

Lots of rich people got a lot richer over those two years before bugging out, leaving the middle classes to take a large financial object up the rectum!

I feel so sorry for anyone about to retire in the next couple of years. They will be effected the most.

[mothandrust]

fuck ASBOs - waterboarding at the very least