'The Government is absolutely right to take further action to bail out the banks. The alternative would be not just a prolonged recession, but slump.
'But ministers must also realise that there will be public anger that even more tax payers money has had to be put into the banking system, particularly among those who face losing their jobs or homes because of the irresponsible policies pursued by the banks.
'Fighting recession must now take priority, but voters deserve answers to such simple questions as to why banks have such big black holes in their accounts and where the money went. There needs to be a public inquiry into the behaviour of the banks, their advisers and their auditors.'
Paul Kenny, GMB General Secretary commenting on the latest bail out of the UK banks said, “I do not think that the politicians fully comprehend the depth of anger felt by the public at the irresponsible behaviour by the top directors of the UK banks which has necessitated this multi billion bail out. What GMB members want to know is when will prominent individuals like Bob Diamond at Barclays, who was paid £21 million last year, be sacked.And John Gray reports on a talk by Graham Turner, whose book I blogged briefly about here.
The lesson has to be learned that banks are just another public utility that the economy requires to function effectively. Like all the other public utilities they need to be under strict control of the state and be run for the benefit of UK citizens. We need them run by managers who know what they are doing and we need to clear out the irresponsible gamblers that brought about the bankers recession.”