[Hanfgeist]

Should the bankers responsible for the credit crunch be jailed , I think there is a case for charging them with racketeering. Perhaps we could shoot a few of them as well if they accept their bonuses from the taxpayers bailout money.....

[emptywallet]

I wouldn't go as far as jailing them, hefty fines would be better.

[Sara]

I'd prefer to see individuals jailed for borrowing more than they can personally afford from banks who gave them money in the belief that it would be paid back. After all, those banks took a chance on people, handing them money in exchange for a contract that said the customer promised to pay it back.

How is it the banker's fault that people aren't paying back the loans they promised in contracts to repay?

[Hanfgeist]

I'd prefer to see individuals jailed for borrowing more than they can personally afford from banks who gave them money in the belief that it would be paid back. After all, those banks took a chance on people, handing them money in exchange for a contract that said the customer promised to pay it back.

How is it the banker's fault that people aren't paying back the loans they promised in contracts to repay?

From reading various accounts of the causes of the current crisis, to an extent, the credit crunch was caused by government, banks, speculators and pressure groups. The banks in America were effectively forced to lend money to people who could'nt afford to pay it back through the Community Reinvestment Act (CRA), a class action or tort against citi bank for racial discrimination and demonstrations by a group called Acorn which is funded by a wealthy speculator. The combination of these circumstances meant that the banks could not refuse a loan to anyone who asked for one regardless of whether they could pay it back or not for fear that they would be sued for a very large amount of compensation, so what is a bank CEO to do in this position? he is answerable to his shareholders so he decides to package up the toxic debt and sell it on as AAA rated debt instruments to banks around the world. The point where they are to blame is when the people in the foreign banks came back to them and said "Have you got any more of those AAA rated debt instruments?" and they said "why sure we have" and went into overdrive advertising loans on TV to everyone with everybody involved at each stage in the chain asking no questions because they were all taking a cut. They realised that they were onto a nice little earner and did'nt care that they were selling toxic debt which is why I think they are culpable. The overseas banks were also mad for profit and did not do due dilligence to check or even take time to understand what they were buying, they are also guilty of gross negligence which we are all paying for now. What they have done is more akin to racketeering than what we used to call banking.......

[Poor thing]

To the extent that these bankers did not do anything that was particularly illegal, I don't see why they should be jailed. However, since they are now the recipients of huge bailout funds, they should be denied the exorbitant salaries and fringe benefits that the already beleaguered taxpayers are burdened with.

[Sara]

As an investment banker with one of the largest banks in the world, I feel somewhat obliged to point things out from our side. I don't earn a massive salary and I don't get perks aside from no fees on my accounts. So I'm not ripping anyone off.

What I have seen over the past 4 years are customers willingly applying for more debt than they can afford. Banks consider carefully the credit risks posed by potential applicants and decline any who appear not to be able to afford them. AFter all - lending staff do have a duty of care to abide by.

Even after warning so many clients to limit how much they spend on a new home and avoid buying that expensive new four-wheel drive and avoid credit cards - they're back in my office 6 months later with several cards from different banks, a high interest car loan from a different bank and they're sitting in front of me begging me to reduce their mortgage payments.

I say that's not the bank's fault.

I say it's the personal irresponsibility of the individual spread out over millions of greedy people all trying hard to outdo each other with expensive gadget they can't afford.

[Hanfgeist]

Looks like some of the bankers may yet end up in a cell. Mr No Win No fee has started a class action in the US courts against RBS bank alleging fraud on the part of the CEO and executives of the bank.....

[emptywallet]

I think those that launched an attack on the ex RBS bank chief's home should be jailed, there is no need to resort to what they did.

It's wrong how much he's been paid, but noone deserves to have their home attacked and their safety put at risk.

[Hanfgeist]

I think those that launched an attack on the ex RBS bank chief's home should be jailed, there is no need to resort to what they did.

It's wrong how much he's been paid, but noone deserves to have their home attacked and their safety put at risk.

I agree, violent civil disorder is the last thing that we need on top of the other problems facing us now and Fred the Shred is to an extent being used by the credit card maxing government (who are now borrowing from the loan shark to pay of the credit card and god help us when Ray 'Bones' Barbone from the IMF sends Chilli Palmer round to collect the interest on those loans) as a scapegoat to divert attention from the financial problems but the predatory lawyers in the US don't usually go after people unless they are pretty sure that they can win the case against them....

[Lisa123]

I think to jail them would be a bit harsh...but they should definitely pay for the consequences of their greed and irresponsible actions. And they definitely should not be reaping the benefits of mulit-million pound pension funds!