Financial crime reached record levels in 2011, the value of reported fraud rocketed to £3.5 billion.
Fraudsters cheated the public sector in 2011 of £1.1 billion of our money. These crimes were found out, but how much goes undetected.
It was reported in the national press on Jan 31 that five of RBS top bankers received £40 million in pay and bonus in 2010, each receiving between £7 million and £12 million, while the new CEO of RBS has only been persuaded to give up £1 million bonus when he has accepted the huge task of clearing up the mess left by previous overpaid management.
On January 19, the national press reported how two insurance companies owned by RBS have been fined £2.7 million by the City regulator for a series of internal failings including the forgery of signatures on documents. It’s unbelievable that responsible people would stoop so low.
Whatever happened to the days when a man’s word was his bond, where is the integrity and honesty in our financial institutions that we should be able to rely on?
Has money become so devalued that the people with most money no longer know how much is enough?
Dennis Barton, Woodthorpe, York.
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