Someone asked "Why should they go to jail?"
I have to admit that they probably haven't actually broken a law which would entail a custodial sentence. However, I am sick and tired of hearing that we have to pay huge salaries to attract the right people. The argument usually contains the phrase "recruitment and retention" and it is a load of old tosh. The same people will often quote that saying that makes my blood boil "If you pay peanuts, you get monkeys." Another load of tosh. It seems that, with HBOS, someone paid big bucks and ended up employing the monkeys. This is exactly what I have said before, "If you offer big bucks, you get greedy barstewards." Since deregulation, these people have lined their own pockets, with little or no regard for the rest of the population, by gambling with other people's money.
I googled "HBOS losses" and read an Independent article which contained the following gems, "a staggering lack of competence" and "punishments for the 'HBOS trio' should include class-action lawsuits for breach of fiduciary duty". The losses, which the article suggests are approximately £25 billion but could be up to £10 billion more, equate to about £500 for every man, woman and child in this country.
Why should they go to jail? Because, when you accept the huge salary because it reflects the responsibility of the post, you should face the consequences when you fail to live up to that responsibility. And because anything less seems inadequate.
The numbers involved are obscene, because the profits that banks made were obscene. Billions and billions per year. Everyone was happy with this as we were all enjoying the benefits and the good times.
If they haven't done anything illegal (or punishable by prison) then they shouldn't be in prison. We can't make things up because we think they were greedy and we don't like it.
The systems were broken, individuals shouldn;t have had the responsibility they did.
I work in banking, and I am bloody angry with the way the industry has been tarnished by the way so I have no sympathy with these guys who are all millionaires, but even after searching today I have still only seen details of reckless, poor decision making rather than illegal activity.