I see this morning in the paper that yet another bank CEO has got a multimill payout. This time it's HSBC, last week it was Lloyds (which includes Halifax, who look after some of my scrawny savings). Reports claim that nevertheless the multimills are a bit less multi because they have been reduced as punishment for the banks' payouts to people who have got compensation for the misselling in the past of payment protection insurance (PPI), that is, insurance to cover you if you can't make repayments on a loan. The evidence was that many of these arrangements were inappropriate for the people who were manipulated into paying the charges; hence the compensation.
What I want to know is: who has gone to jail? And if they can't tell me it's a lot of people, why not? Whenever I was offered one of these PPI things over the years, they accepted my refusal instantly. It seems to me therefore that they knew when they offered PPI that they were on rocky ground, and had been told not to press the point with anyone who seemed to know what they were doing. So the people who did the offering were all-but-frauds and the people who set up the system and collected the spondoolicks were all-but-frauds.
So why have a lot of them not gone to jail? If as a social worker (registered and regulated) I had been found out doing something like this, I would have lost my livelihood. Which of these bankers has lost their livelihood? And why not? Presumably because they were all doing it, so they can't all be kaboomed. I want to know why the guy last week is getting any payout at all from the profits they are making on my bank account. I don't regard a multimill payment as punishment. I regard hard labour for no return as punishment and frankly I don't care if they all leave the country. They wouldn't hesitate to do it to a lot of criminal teenagers, so why not a lot of (at the very least) couldn't-care-less-gimme-the-money bankers?
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