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Wednesday, 18 February 2009

McFall shows his true colours

After inflicting his derision on an undeserving Governor of the Bank of England we waited with baited breath for John McFall’s outpouring of pure venom on the leaders of the UK Banking community.

Instead we saw his most gentle and self effacing treatment of these unqualified, overpromoted destroyers of a once proud financial industry. McFall failed, once again, to identify the difference between a Bank and a Banker.

Within a day or so he and the "select" committee were to confront, the Prime Minister, and this time we witnessed sycophantic verbal backslapping all witnessed by an apparently unbelieving Chancellor of our Exchequer.

In all of these encounters no-one reflected even casually on the fact that our Banking Industry was and still is in the hands of people who have no qualifications such as Finance of Foreign Trade, Practice of Banking, Monetary Theory and Practice, Law Relating to Banking or Accountancy.

Media, press, radio and television commentators have all fallen into the same trap, led by Robert Peston and Jeremy Paxman. They've all jumped onto the bandwagon and have done as much damage as possible to a Banking Industry that was once led by truly qualified professional people and was the envy of the commercial world.

John Maxey
(Ex Bank Manager, Nat West)

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