As concern continues about the activities of banks in both the run up to the credit crunch and the fixing of interest rates, MP’s on the Treasury Committee are today questioning Paul Tucker, the deputy governor of the Bank of England.
Last week, in the wake of the Libor rate fixing scandal, Barclay’s Chief Executive Bob Diamond along with Chairman Mangus Agius and Chief Operating Officer Jerry Del Missier, all resigned. All have denied knowledge of rate fixing.
Many other banks are said to be implicated in the scandal and demand is growing for full judicial inquiry. Tucker will be asked by MP’s whether he gave a ‘nod and a wink’ to bankers to rig the rate, which affected loans to small businesses as well as millions of mortgages.
East London Lines went out to ask local people their thoughts on the banking crisis and whether they still trusted bankers
Rosemarie Whitter, 35, voluntary worker, New Cross:
“No they’re disgusting. There is one rule for one and one rule for another.
Rich people have one rule and the poorer class always pays for it. Bob Diamond should be arrested straight away. What’s the point in him resigning? You’re saying to society that you can go around and deceive everyone. Really and truly they’re ripping us off left right and centre.”
Brian Robinson, 62, Fibre optics, Manchester:
“No because of the bonuses and the dishonesty; it’s unfair.”
Kevin Amor, 27, part time history student/builder, Catford:
“Trust the banks? No, I don’t trust them, not who’s running the banks. They should be nationally owned, they shouldn’t be there to make large profits. The general idea of bankers is that you want to make lots and lots of money.”
Lucy Whelan, 24, research officer, Bromley:
“I don’t generally trust them. NatWest are really keen on keeping everyone thinking they’re nice. I don’t trust their general ethos.”
Sergio Serre, 39, Italy, Unemployed:
“I trust them 70 per cent, no, let’s say 50 per cent. They know their responsibilities but try to escape from problems.”
Words and pictures by Ufuoma Essi, Emily Reed and Georgia Mulvaney-Thomerson