Banks on trial and 'convicted' - This is Money Show

This is Money Podcast

This is Money

Business, Investing, Business News, News

4.4 • 735 Ratings

🗓️ 20 November 2015

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When banks brought down the global economy in 2007/08, Iceland jailed the bankers responsible.

In Britain meanwhile, taxpayers gave our bankers getting on for £200 billion to be paid for by cutting spending on police, armed forces and the benefits of disabled people.

We also commissioned a report into multiple scandals committed at HBOS bank that has taken seven years of writing.

The report came out this week. It's damning and 'convicts' the bosses responsible - but will anything happen to them?

Probably not.

HBOS is the abbreviated cover for Halifax, Bank of Scotland, Lloyds and scandal.

This is Money's Rachel Rickard Straus and Lee Boyce despair as they pore of over the revelations in the report.

Also this week, with Share Radio presenter Georgie Frost:

The great new smart meter rip off

The worst ever cash Isa rates from Government-owned NSandI

Bad deflation - what's that and is it heading our way?

Britain v Germany - who's winning the supermarket price wars?

Surprisingly expensive cars

and

David Beckham

Email us hello@dmgmedia.co.uk

Text us 020 7938 6000.

Hosts: Georgie Frost, Simon Lambert, Lee Boyce, Helen Crane

Producer: Georgie Frost

Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0	Welcome to This Is Money and Share Radio podcast.
0:08.3	I'm Georgie Frost here with you on DAB online and through the Share Radio mobile app every weekday from 9 until 1 sharing ideas about money.
0:16.0	I'm joined today by Consumer Affairs Editor Lee Boyce and personal Finance Editor Rachel Rickard Strauss.
0:21.4	From the award-winning, this is money, to talk through some of the stories on their website they've been investigating.
0:26.4	Over the last seven days and on the agenda today, as damning as it is, delayed.
0:31.5	Seven years, seven million pounds and six hundred pages later.
0:35.4	We now have a clearer picture of what led to the collapse and subsequent
0:39.0	multi-billion-pound taxpayer bailout of H-Boss. It doesn't make happy reading for former
0:44.4	bosses or the regulator. Banks were rampant, lending money indiscriminately without proper credit
0:50.0	checks. H-Boss's balance sheet got up to about £213 billion. But it's not all bad news in the
0:56.8	finance industry. Another step along the way to making banking fairer. So we think this is a really
1:03.0	effective way to rebuild our customers' trust. Find out who's scrapping controversial sales
1:08.3	target schemes. A clue for regular listeners? It's not Lloyd's.
1:12.0	We take a look at the great smart meter rip-off, fears energy giants will use the device to
1:16.5	double the cost of your power when you need it the most. Also today, no early Christmas present
1:21.6	and frayed for savers, NS&I cuts cash-eiser to the lowest ever level, as new inflation figures show prices
1:28.4	are falling, taking the pressure of the Bank of England to raise interest rates anytime
1:32.6	soon.
1:33.6	But after two months of negative inflation, again, only a smidge at minus point one, but should
1:38.4	be worried about so-called bad deflation.
1:41.7	You also need to see minus 1, minus 2% for quite a period of time before
1:46.5	you start to worry about really sort of bad deflation where the economy really is hitting the buffers.
	...

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