
Yesterday's 'Bankers' Sorry Fest' was a truly pointless and futile carnival of apology. It was a lose-lose situation for all involved. Those who wanted abject, tear-inducing, grovelling apologies from the big four former bank chiefs will have been desperately unsatisfied with the low sorry count. (There were 7 sorries, 13 apologies and 1 regret in total according to The Times). Any of us after some more probing questions that may have led to deeper and more profound answers to the cause of the banking crisis came away from watching the charade with zilch.
However, while we were all looking at the phony interrogation by the Treasury Select Committee, the 'real' story of the day was lurking elsewhere. The Sir James Crosby and the whistleblower story hovered around all day and then butted into the evening news agenda with a vengance. We all know what happened next. It is indicative of the fluid nature of events, and the out of control blame culture we all live in, that news stories about the economic crisis have a habit of seemingly popping up from nowhere and usurping the current story of the day. The trouble for Gordon Brown (GB) is that the blame radar keeps on revealing targets closer to home. I predict that the end of this process is going to be painful, obvious and inevitable: GB will be staring at himself as the radar makes a constant bleep and he will be unable to defend New Labour's record or his personal role in the perceived mismanagement of the economy. A few months ago he employed the blame radar to locate a distant American submarine, or
subprimemarine if you will, as the toxic asset-packed vessel that was to blame for UK's economic woes. In the last few weeks, with the aid of some crass contributions by 'Up Pops John Prescott', GB's ire has been fixated on THE BANKERS. And now, today, a close aid and appointee of GB's, Sir James Crosby (CEO of HBOS from 2001 to 2006), has had to resign because of accusations that he unfairly dismissed his former head of risk at HBOS for articulating his fears of the bank's rapid and risky growth. Bleep, bleep, bleep, bleeeeeeeeeeeeeeep!
When one member of the Treasury Select Committee, Liberal Democrat MP John Thurso, said:
“Could we get back to Captain Mainwaring running a bank we could trust?” the quaint ineffectiveness of the whole occassion was sealed. Sir Tom McKillop (former RBS) laughed and replied: “Well I recognise that sentiment.” Ahhhh...
...the reassuring, bumbling amateurishness of Britain's favourite bank manager and part-time Captain of the Home Guard (a fictional character I love, by the way) versus the former
Masters of the Universe - no competition! In this climate Mainwaring wins every time. But perhaps a slither of sense sneaked under the door of the Select Committee and floated like a nasty smell through the corridors of the Palace of Westminster to get up the noses of any MP who might try and escape the dense toxic fog engulfing UK's political class and the sensible words were:
“It’s just too simple if you want to blame it all on me.” (
Sir Fred the Shred Goodwin, former RBS CEO).
Case not closed. Case never properly opened.