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Former law chief claims bank fraud is worse than terrorism
Paul Waugh, Deputy Political Editor23.02.09
A FORMER Director of Public Prosecutions lambasted Labour's record on tackling financial crime today as he declared that fraudulent bankers are more of a danger to society than terrorists.
Sir Ken Macdonald said that Britain's systems for regulating markets and for prosecuting market crime had broken down.
He said: "If you mug someone in the street and you are caught, the chances are that you will go to prison. In recent years, mugging someone out of their savings or their pension would probably earn you a yacht."
In his first major announcement since leaving office last year, Sir Ken called for tougher regulation and a single, powerful authority to replace the "failed" Financial Services Authority and the "struggling" Serious Fraud Office.
His comments come as financial regulators in the United States charged Allen Stanford, the billionaire cricket impresario, with masterminding a $9.2 billion fraud - and after Bernard Madoff's alleged $50 billion fraud.
Tory leader David Cameron has in recent weeks claimed that the FSA has failed to match up to the American regulators' tough action on City fraud.
In an article for The Times, Sir Ken said there should be more laws to "confront the clever people who have done their best to steal our economy".
Reader views (6)
WELL SAID.
Ronnie Biggs rots in Jail for stealing the Queen`s Mail.
Meanwhile (as an ex-banker) I have been "robbed" of the value of my investments ad the major part of my savings interest on the "alter" of the self importance of these people who pay themselves excessive bonuses on op of their extravagent salaries. They are so out of toutch with their customers that the only way they might revert to reality is by a short spell in Brixton, the Scrubbs or Belmarsh. A lenient sentence for those who lose thousands of millions and pick up the loose change dropped after the robbery to the tune of up to £1.6m per person!
- Roy Haines, Billericay UK
Nick Leeson had to go to jail, what's different about these financiers? Oh yes, they are Labour's men.
- Wa, Oxfordshire, UK
and what about charges of aiding and abetting, in which case I can think of a few well known names would spend a well deserved rest, at HMs pleasure? Maybe a loss of their unmerited parliamentary pensions and expenses (the latter of which should rigorously vetted) might follow, if only!
- Hugh, Middx
Steady 'Fraser - Telford Park', you're congratulating Crash Gordon's old Treasury mate.
Isn't he the same chap, who's been hanging around for a 'pay back' peerage himself, after 'coincidentally' quashing the 'Cash for Honours' scandal without a satisfactory public explanation, just as Brown 'assumed' power in 2007!
Any sincerely neutral and honourable 'critic' would have lambasted Brown first.
But instead he's still doing Brown's bidding and noisily blaming bankers.
- Dave, cumbria
Can I also recommend that the soon-to-be outgoing Labour government forfeit any honorary titles when they leave office as never in the history of mankind has a set of individuals been LESS deserving. Oh, and let's not forget "Lord" Mandelson who's only claim to fame is getting regularly fired.
- Marianne, SW France
CONGRATULATIONS!!! At last, someone speaking sense and telling the people both "how it really is" and "the truth" for once.
New Labour in my humble opinion, in the last 10 to 12 years has done litte more than "line their own pockets" and "make it easier for crime NOT only to be committed but to go unpunished"! In short, under New Labour . . . Crime DOES pay!
- Fraser, Telford Park
