Miliband: Time for prosecutions, proper regulation and an end to the “casino culture”

Ed Miliband today called for criminal prosecutions in the wake of the Barclays Libor scandal, saying people were “outraged and disgusted” by the rigging.

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An angry Ed Miliband today called for criminal prosecutions in the wake of the Barclays Libor scandal, saying people were “outraged and disgusted” by the rigging of Bob Diamond and co.

Bob-Diamond-behind-barsHe said:

“First, we need criminal prosecutions, we need the full force of the law brought against those who have done wrong, and if they are found guilty and if their offences warrant it, they should go to jail.

“Second, we need proper regulation of the market because the rules at the moment are clearly not being enforced or are not working. If they do not allow for criminal prosecutions, they should be changed so that can happen.

“Third, we need to end the swaggering casino culture in banking that makes them think their responsibility is not to serve the public but to serve themselves: they think they are too big to fail, too powerful to be challenged.”

He called the rigging scandal “a wake-up call”, adding:

“Bob Diamond has big and immediate questions to answer. We want to know what happened, what he knew and when he knew it. And how this was possibly allowed to happen on his watch.

The public and Barclays shareholders will hold him to account for those answers. And we should hear them straightaway.”

 


See also:

Osborne, Barclays, the Cayman Islands and tax avoidance 17 Apr 2012

The warnings about Barclays’s tax-dodging greed were there in 2008 28 Feb 2012

Transparency, accountability, responsibility: Miliband’s “one nation banking” principles 3 Feb 2012

A word for 2012: Liquidation 4 Jan 2012

Miliband: “Tories were encouraging us to deregulate further” 4 Feb 2011


 

George Osborne is due to address Parliament on the scandal later this afternoon.

 


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22 Responses to “Miliband: Time for prosecutions, proper regulation and an end to the “casino culture””

  1. Damien Short

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  2. Christian Wilcox

    #Labour. The only party you can trust to deal with these damn Bankers: http://t.co/XImKcAsp. The #Torys just fold. #Croydon (@GavinBarwellMP

  3. Sharon Avraham

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  4. sean

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  5. robert delahay

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  6. kevin leonard

    Even the millipede agrees with me http://t.co/5u1BMyYF this lying thieving bastard should be behind bars and assets given to the poor

  7. LardBlogger

    Ah, the tolerant left.

    Change ‘Ed Miliband’ to ‘Vladimir Putin’, you get the idea.

  8. Selohesra

    All these experts being wheeled out saying everyone knew there was something fishy going on – what were the government of the time doing about it?

  9. Colne Valley Labour

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  10. Tim Weisselberg

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  11. S

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

  12. Anonymous

    Because of course you have to talk about your buddy Vladimir.

    How dare people be held to account for financial crime. After all, you’re in the firing line…

  13. Anonymous

    As ever, Labour’s sins are of inaction.

  14. BevR

    RT @leftfootfwd: Miliband: Time for prosecutions, proper regulation and an end to the "casino culture" http://t.co/b8nj2KRR

  15. cameronsfollys

    [Labour had hand in laissez-faire!] Miliband: Time for prosecutions, proper regulation & an end to the “casino culture” http://t.co/XuqQb1VH

  16. Chris WrightPhillips

    Miliband: Time for prosecutions, proper regulation and an end to the "casino culture": http://t.co/F8SJK50e by @ShamikDas

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