Calls grow for an independent banking inquiry, after MPs give Diamond easy ride

Yesterday’s three-hour grilling of Bob Diamond has done nothing to change the minds of those calling for an independent judge-led inquiry.

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Yesterday’s three-hour grilling of former Barclays chief executive Bob Diamond at the hands of the Treasury select committee has done nothing to change the minds of those calling for an independent judge-led inquiry.

Bob-DiamondAlthough there were some heated moments, very little useful information arose from Diamond’s questioning, raising concerns about MPs’ ability to conduct the much-needed investigation into the Libor scandal.

The Telegraph reports:

Several members of the Commons Treasury Select Committee have admitted that the banking chief was able to get away with evasive and “implausible” answers during a three-hour appearance before them yesterday.

Their task seemed to be made more difficult by the format of the select committee session, which saw MPs limited to a set number of questions before they were forced to hand over to a colleague pursuing a different line of attack, which often seemed to allow Mr Diamond to slip out of traps laid for him.

Labour has called for a judge-led full public inquiry, which would involve a barrister questioning witnesses under oath. However, David Cameron has insisted that such a forum would take too long, arguing that the public wanted a shorter probe, which a parliamentary inquiry could deliver, with answers to the question of what went wrong provided by the end of the year.

Quentin Letts from the Daily Mail however, felt MPs gave Diamond an adequate “pummeling”. He said:

Barclays Bob tried to smarm them, tried to tell them he was ‘shocked’. He even pulled the I-knew-nothing gambit. The Commons Treasury committee did not believe him. To put it in language this Yankie banker might understand, MPs did not ‘buy’ him.

They gave him a rumbling pummelling. Parliament exists to voice public opinion. Mr Diamond was confronted by a contained fury. Here was Parliament as the public square, giving vent to society’s dignified disgust.

Many calls for a judge-led inquiry stem from fears that the debate has become politicised.

According to Labour leader Ed Miliband, the chancellor’s actions are showing a judge-led inquiry is needed:

“Throughout the last week George Osborne has just played politics with this issue.

“In a way [Osborne] is making a great case as to why we should not have a parliamentary inquiry and we need a judge-led inquiry independent of politics. If anything proves it, it is George Osborne’s behaviour – flinging around accusations about the last Labour government.”

 


See also:

Inside the world of the bankers… This is why we need a full inquiry 4 Jul 2012

Leslie: ‘Frenzied Osborne throwing around false allegations and demeaning his office’ 4 Jul 2012

Miliband attacks “slow to act, bankrolled by the banks” Cameron at PMQs 4 Jul 2012

Balls: ‘I’d be very happy to appear at an inquiry… Why are ministers so worried by one?’ 4 Jul 2012

Once again, hypocritical, deregulation-loving Osborne attacks Labour over bank regulation 3 Jul 2012


 

On Left Foot Forward yesterday, Shamik Das wrote:

“If Osborne is so certain in his accusations, why not allow a full, judge-led inquiry grill those he’s accused? Given the repeated calls from Miliband and Balls for such an inquiry they don’t fear one – unlike Osborne and Mr Cameron.”

The longer the government try to put off an independent inquiry, the more people will begin to question what it is they are trying to hide.

 


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22 Responses to “Calls grow for an independent banking inquiry, after MPs give Diamond easy ride”

  1. Selohesra

    Perhaps if some had asked some searching questions rather than simply insulting him or grandstanding for the media they might have got further

  2. Vicky Thomson

    Calls grow for an independent banking inquiry, after MPs give Diamond easy ride I Katie Stanton – http://t.co/Ri7UuZUj

  3. Anonymous

    So, ready to support a proper investigation yet then?

  4. BevR

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride http://t.co/fNkrFZNw

  5. sean

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride http://t.co/fNkrFZNw

  6. Robert Clayton

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride http://t.co/fNkrFZNw

  7. Foxy52

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride http://t.co/fNkrFZNw

  8. Selohesra

    MPs can do proper investigation once they (both parties) stop playing games.

  9. Anonymous

    Ah yes, right, no there can’t be an investigation by trained professionals then. Gotta defend them all!

  10. Trakgalvis

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride, writes @LFFKatie: http://t.co/Ezj81bBi

  11. joseph edwards

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride, writes @LFFKatie: http://t.co/Ezj81bBi

  12. John Hurr

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride, writes @LFFKatie: http://t.co/Ezj81bBi

  13. Daniel Rogers

    RT @leftfootfwd: Calls grow for an independent banking inquiry, after MPs give Diamond easy ride, writes @LFFKatie: http://t.co/Ezj81bBi

  14. Kevin Richards

    What are our politicians afraid of? : Calls grow for an independent banking inquiry, after MPs give Diamond easy ride http://t.co/rLHXJqyv

  15. Selohesra

    If Labour have no MPs of sufficient calibre to ask pertinent questions then they are worse than I thought they were. There are some smart Labour people – Timms or Field for a start. It’s the f’wits like those posturing yesterday that let the country down

  16. Anonymous

    Oh, you mean the people who are Tories in the labour party, and work very hard to undermine any chance of Labour getting elected as a party. Yea, I BET you love em.

    The fact is, what happened was predictable. It needs a proper, professional investigation by skilled professionals. Exactly what you’ll do almost anything to prevent.

    My interest, as usual, is the truth and not what the centralists and right wing are up to.

  17. TristanPriceWilliams

    They can’t have a proper judge-led inquiry. There are far too many things that must not come out if London is to retain its pre-eminence in Financial matters.

    I suspect the City authorities who have the most amazing powers, and the Remembrancer, a powerful (and rich) City representative in the Commons, would have something to say about a Leveson style of inquiry. I further suspect that it would be NO

    No a nice quiet parliamentary one, with, as people on here say, a pile of jokers playing for the tv cameras, their 10 minutes of fame, and seat in the Lords if they do the right thing…will do nicely.

    Cosmetics. Maquillage.

  18. Tory MPs unnerved by Osborne's “disproportionate obsession” with Balls | Left Foot Forward

    […] See also: • Calls grow for an independent banking inquiry, after MPs give Diamond easy ride 5 Jul […]

  19. JC

    Nice an abusive again. You’re not a Tory troll by any chance, trying to stop any debate of failings in the Labour party in order to see it ridiculed are you?

  20. Anonymous

    And THERE’S a conspiracy theory.

    I’m not a right wing Tory or centralist Labourite, no.

    Also, calling Fields a Tory is “abusive”? LMAO.

  21. Selohesra

    I’m pretty sure old Botty is not for real – but he certainly spices up some of the discussions here. I can’t believe LFF take him too seriously though

  22. Anonymous

    That’s right, only far right fanatics like you are “for real” everyone else is a shadow of the truth.

    I discuss policy with actual left wingers just fine, trolls like you who are only here to disrupt the conversation? I’ll keep mocking you.

    Keep up the abuse.

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