Plan to Jail Bankers Who Behave Recklessly Eyed by UK Lawmaker
Way too late. By the time the law actually starts, there will be nothing left to steal
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Bankers who behave recklessly would be jailed under a new law being considered by MPs and peers on the banking commission, whose final report is due next month.
Several members of the commission, which was set up by George Osborne after the scandal over the London Interbank Offered Rate, argue for a new law which would hold bankers personally liable for catastrophic losses.
One member told the Financial Times: "Banks benefit from a public subsidy, in that they know they will be bailed out if they fail. I think we want to see a sense of personal responsibility to match that."
Andrew Tyrie, the Conservative MP chairing the commission, is close to completing a draft report with the final version due at the end of May.
Mr Osborne set up the commission to look into all aspects of bankers' behaviour, under heavy pressure from Labour, and will find it difficult to reject its recommendations.
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