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Beyond Today

Did the financial crisis change banking?

Beyond Today

BBC

News

4.61.1K Ratings

🗓️ 8 April 2019

⏱️ 18 minutes

🧾️ Download transcript

Summary

There’s a story you won’t hear much about today — because it’s a story that didn’t really happen. The former chief executive of Barclays John Varley and three other former senior bankers were on trial accused of fraud, the first time criminal charges were brought against the head of a global bank for activities during the financial crisis. And this morning the jury was discharged. The BBC’s business editor Simon Jack has been covering the crisis and its aftermath since the beginning. He spoke to us about whether lessons have been learnt in the past decade. Producers: Lucy Hancock and Seren Jones Mixed by Weidong Lin Editor: Harriet Noble

Transcript

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0:00.0

BBC Sounds, music radio podcasts.

0:04.6

Hello, I'm Matthew Price.

0:08.6

This is Beyond Today from BBC Radio 4.

0:11.1

Every day we ask one big question about one big story.

0:17.0

Today did the financial crisis change banking?

0:29.0

There's a story you won't hear much about today

0:32.0

because it's a story that didn't really

0:33.3

happen. The former chief executive of Barclays and three other former senior

0:38.2

bankers there was on trial accused of fraud and it was a big deal. It was the first time criminal charges were brought

0:45.2

against the head of a global bank for activities during the 2008 financial crisis. And there's

0:51.3

not a lot more we can tell you about it because the case might come back

0:54.8

to court one day. It's now more than a decade since the crash happened and still today, most

1:00.9

of us who aren't in banking, complain that we ended up failing out the banks, that

1:06.1

we paid the price.

1:08.1

Britain's big banks under sustained attack on the markets.

1:11.6

As we go on air, there are crisis talks about how to

1:14.1

stabilize the banking system. Now one person who's been living this since

1:18.9

before the day it happened is the BBC's business editor Simon Jack who we spoke to just before the jury was

1:26.1

discharged in this case.

1:27.1

Well I was at the time presenting business news on breakfast TV and at that time it was broadcast from the stock

1:36.0

exchange so I'd make my way to the city every morning in the middle of the night

1:40.7

pretty much about 4 a.m. to get there and at that time the markets

...

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