RSS Feed
July 3rd, 2012 
FAKE NEWS for the Zionist agenda - Committee to report by the end of the year so it can influence new banking legislation proposed for 2013
- Will have power to summon witnesses under oath
- Ed Miliband renews call for longer, independent inquiry
By
James Chapman and Becky Barrow
10:24 EST, 2 July 2012
|
01:36 EST, 3 July 2012
Bankers will have to give evidence on oath to a six-month Parliamentary inquiry into their behaviour.
David Cameron and George Osborne
dismissed calls for a judge-led investigation, like that into the media
by Lord Justice Leveson, insisting a panel of senior MPs and peers could
act more quickly and forensically.
The committee will aim to report by
Christmas so its recommendations can be included in a Banking Reform
Bill due early next year.
Scroll down for video
Announcement: David Cameron said the probe into Libor fixing would get to the truth quickly rather than a longer Leveson-style inquiry
It will examine the ‘culture and
professional standards of the financial services industry’ and determine
whether new criminal and civil sanctions are necessary.
But the Government’s move drew scorn
from Labour, which is to try to force a Commons vote as early as today
on whether a public inquiry should be held instead.
Labour sources said they were
considering whether or not to co-operate with the Parliamentary
investigation. If Labour refused to allow its MPs and peers to sit on
the panel, its cross-party credibility would be fatally undermined.
The Chancellor told MPs: ‘The failure
to regulate the banks in the boom years cost this country billions of
pounds. The behaviour of some in the financial services industry has
damaged the reputation of an industry that employs hundreds of thousands
of people and is vital to the economic prosperity of the country.
‘We are changing the failed
regulation, reforming the banks – now it’s time to deal with the culture
that flourished in the age of irresponsibility and hold those who
allowed it to flourish to account.
‘I don’t think a long costly public
inquiry is the right answer. It would take months to set up and years to
report. We know what went wrong. We can’t wait until 2015 or 2016 to
fix it.
Anger: Ed Miliband called for a full independent inquiry into banking standards
‘Let us have a serious inquiry, but let us have an inquiry that comes to a conclusion within a measurably short period of time, so we can actually amend the law that is going before the House next year.’
The committee, which is expected to start work as early as next week, is to be led by Andrew Tyrie, the chairman of the Commons Treasury Select Committee.
Senior figures from the House of Lords, such as former Chancellor Lord Lawson, are expected to be invited to sit on the panel, as well as a number of cross-bench peers.
Unusually, the committee is expected to question people under oath, including members of both Houses, and powers to summon witnesses or relevant papers.
Witnesses are likely to include Bank of England governor Sir Mervyn King and his deputy Paul Tucker, former prime minister Gordon Brown and Shadow Chancellor Ed Balls, who was a Treasury minister when the scandal was taking place.
A separate, independent review of the regulation of Libor, the inter-bank lending rate at the centre of the scandal, will also take place and will be headed by Martin Wheatley, the chief of the Financial Conduct Authority.
His review will also look at the adequacy of the UK’s current civil and criminal sanctioning powers with regards to financial conduct and market abuse.
Mr Miliband said the inquiry did not go far enough and demanded a ‘full and open inquiry, independent of bankers and independent of politicians’.
‘However able or distinguished, politicians investigating bankers will not command the consent of the British people,’ he told MPs. ‘People are understandably angry about the way banks let them down and I don’t believe the proposed way forward is a way we can build the consensus that is required for real change.’
Mr Balls said the decision to reject Labour’s call for a judge-led public inquiry ‘will not do’.
‘Just as in phone hacking or the Iraq war, so in banking, only with an independent, forensic and open public inquiry, not politicians investigating bankers, can we re-build trust for the future,’ he said.
Banking, he added, was a profession which depended on trust, and that trust was ‘currently in tatters’.
In the Lords, former Labour City minister Lord Myners condemned the ‘monstrous’ activities of those behind the manipulation of interest rates and questioned the role of trade minister Lord Green, who was chairman of the British Bankers’ Association when it took place. The Treasury Select Committee has launched its own investigation into the rate fixing scandal, with Barclays boss Bob Diamond due to give evidence tomorrow.
Committee sources said Mr Tucker is likely to be summoned as well as two former chancellors, Alistair Darling and Mr Brown.
In another move, Mr Osborne confirmed taxpayers would scoop a windfall worth billions of pounds from fines which are expected to be paid by British banks involved in the manipulation of interest rates.
At present, all fines which are levied by the City regulator, the Financial Services Authority, benefit banks, rather than cash-strapped taxpayers.
The money is paid to the FSA, which uses the cash to lower the annual levy paid by all its regulated members from banks to small building societies. But yesterday the Chancellor said all fines – backdated from April this year to include the Barclays fine – will be paid into the public purse.
-
‘Cannibal’ attack in China as drunk bus driver leaps on…
-
2008 gold medal darling Nastia Liukin FACE PLANTS at…
-
‘My grandma shot me. I’m going to die’: 74-year-old breaks…
-
They get fired for being ill and they HATE it when you order…
-
Marijuana deals, the pain of Happy Meals and how to get a…
-
Zara was a brat who ‘crossed the line’, says her father…
-
What a MARVEL! The blue and red lizard with a striking…
-
Anderson Cooper comes out: ‘The fact is, I’m gay, always…
-
Pictured: Flesh-eating bacteria victim Aimee can’t stop…
-
Doctor arrested at Disney World for ‘kicking his son, 3, in…
-
Spanish princesses give players the royal seal of approval…
-
Two men suspected of trying to hijack a flight in China were…
Share this article:
Here’s what other readers have said. Why not add your thoughts,
or debate this issue live on our message boards.
The comments below have not been moderated.
-
Newest -
Oldest -
Best rated -
Worst rated
Osborne and Balls like two schoolboys, it was him miss he was milk monitor! Balls is plain daft and Osborne – good grief how he got a job as a tea boys labourer is a mystery.
Report abuse
The electorate want a Parliamentary inquiry into whhere has British democracy gone. We are led by a dictator called dave, who in turn is commanded by an unwanted and unelected group calling themselves the EU.
Report abuse
How can a committee made up of MPs Lords ever be impartial? The time for committees and enquiries has long past and only a full scale police investigation, where evidence is produced will suffice. I just don’t trust these people to take an oath to tell the truth, they were meant to be men of integrity before we knew all this and look what’s happened. No we need an investigation with evidence of what went on.
Report abuse
The electorate want a Parliamentary inquiry into whhere has British democracy gone. We are led by a dictator called dave, who in turn is commanded by an unwanted and unelected group calling themselves the EU.
Report abuse
YOU ARE ALL IN THIS TOGETHER. your all just a bunch of criminals. the saying is true the more you have, the more you want
Report abuse
“Does that include Ed Balls who was ‘City Minister’ at the time this scandel was taking place? Seems alot of unsavoury things happened during the 13yrs New Labour were on Government Fred, pity they can’t be called to account over all of them isn’t it? – Yvonne, West Midlands, UK, 2/7/2012 19:31” ———————— Yes, a lot of “unsavory” things happened. Personly I’d call some of it criminal. Does the fact that Dave was told about this in 2010 and did nothing (common knowledge in the City) make it better? I’m not naive enough to believe the politicians knew nothing. And you’re wrong on another matter. Have someone from the police investigate this case. Someone not tainted with political connections. If they’ve done anything criminal, bankers and politicians alike, throw them in the slammer. Why a panel of MPs and peers, Yvonne? Some of the lamest brains in the country? This is another whitewash, pure and simple.
Report abuse
“Under Oath” and Banksters? Are you being serious? These parasites, these Money-Changers that are even reviled in the Bible itself, take an oath? Oh that will ensure the truth now won’t it.
Report abuse
Another Cameron Smoke and Mirror trick – He doesn’t want to expose the entire Tory/Business conspiracy to REAL public gaze. Contrast that to the Milliband insistence of having a legal public enquiry to expose the “flaws”
Report abuse
Not good enough. MPs have neither the personal skills, technical knowledge or motivation do carry out a serious investigation of this criminal class.
Report abuse
Cameron? Personally I will take no lectures from a housing benefit sponger.
Report abuse
The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.
Posted in 
Tags: 
