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Tuesday, 3 July 2012

So Diamonds arn't forever!

The news of Bob Diamond's resignation this morning was almost inevitable - but it does not go far enough.

There has yet to be a single prosecution in the banking sector for the crimes committed against the people of this country.

Whilst working as a social worker, I would often despair as some of the young people I worked with would end up with custodial sentences for rediculously minor offences. Once I remember someone being sent to prison for nonpayment  of a fine imposed because they had shoplifted dog food for their pet.

How can it be that a bank (actually a network of banks) can operate a fraud that involves billions of pounds of money, and yet no one is held to account? The bank gets to pay a tiny fine of £390 million, which doesn't even go to the public purse! (the 'fine' goes to the FSA to pay for their running costs, which means that all the banks pay less the next year!)

Bob Diamond was the head of the investments wing of Barclays Bank when it committed such a fraud, and as such, criminal investigations should start with him. Instead, he gets away with estimated £100 million in earnings.

We cannot keep allowing these injustices to go unpunished, or those who are responsible for our banking sector will never realise that financial crimes of this scale should not be above the law.

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