Anger at paucity of prosecutions of bankers responsible for misdeeds

London

DESPITE a litany of banking misdeeds estimated at US$235 billion over the past seven years, UK MPs, the British press and consumer associations have expressed anger about the paucity of prosecutions.

Moreover, there is shareholder anger that bank remuneration committees continue to award fat bonuses to directors who have presided over a period of gross misconduct.

Mark Taylor, dean of the business school at the University of Warwick in central England, a former foreign exchange trader and an adviser for the Bank of England's "Fair and Effective Markets Review", said bonuses were too high, there was little threat of jail for wrongdoers and bosses have not been held responsible.

"Questions will also be asked as to why no CEO or other senior figure has resigned at any of these banks," commented Mr Taylor. "If they were in charge of an organisation when these crimes were committed as a result of a cheating culture within the bank, are they not responsible for tha…