Governor's scathing attack on industry's culture of excess as new scandal erupts
The scandalous activities of the banks have been with us for decades. Only now does the Governor of the Bank of England propose that action be taken to control the renegade industry. "It is time to do something about the banking system," King said."It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate, and today, news of yet another mis-selling scandal." The banks have been caught with their fingers in the till, and they should face the full economic and if established the full legal consequences. The question is will they? From previous experience, there will be a few days or weeks furore in the media, questions in the House and heated debate on BBC Question Time, then after the imposition of self regulation, the banks will return to the status quo.