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Darling's banker bashing

Former chancellor attacks the bankers as "arrogant and stupid" in new extracts from his memoir.

More extracts from Alistair Darling's memoir, due out next Wednesday, have leaked onto Labour Uncut, and today we get his view of Fred Goodwin and co. "My worry," writes Darling, "was that they (the bankers) were so arrogant and stupid that they might bring us all down".

The former chancellor reportedly lambasts Goodwin's response to the crisis as that of someone "off to play a game of golf", concluding that the former RBS boss "deserved to be a pariah". Elsewhere, Darling describes Andy Hornby, the former chief executive of HBOS, as "looking like he was about to explode" when confronted with the full scale of what had happened on his watch. According to Labour Uncut's Atul Hatwal, the former chancellor will also attack a lack of gratitude for the bailout that was "as shocking as it was stupid".

What makes Darling's intervention politically notable is that it comes so soon before the publication of the Vickers report on banking. As the Lib Dems fight for the introduction of a strict ring-fence between banks' retail and investment arms, Darling's attack on the avarice of the City won't do their cause any harm.

Tags: Alistair Darling

13 comments

Awake!'s picture

Darling was their only decent and capable man.
But it's weird that under his watch goodwin ot 15 million pension- I don't blame him, i just think that shos the scale of how much things were messed up then.
Currently hester doing a diffiult job (and quite well apparently) he gets 2.5 million everyone up in arms- goodwin was a maniac and brown gabe him 15 million- its all mad.....

Mrs,M L Bonwick-Jones's picture

What i cannot understand is that Balls is following Darlings economic plan,
which would cut £7 for every £8 the coalition are cutting, we still are paying £130,000,000 interest on the national dept, Labour seem to have an issue with a basic economic fact that you can only spend more then you earn for a short while before you are in dept.Yet the deluded dribble is ' we told them not to cut too much'.
Harriet Harmen has even stated that thing are not that bad !
Prehaps Mr Darling is needed back in the shadow cabernet, and no they would never themselves point fingers at the banks and why do polititians only say what they truly believe after leaving office.

swatantra nandanwar's picture

Bankers have been getting an earful for the past 3 years. Keeping repeating the message is getting us nowhere. What we should be working on is to ensure that it doesn't happen again. We've said that tougher regulatory measures must be brought in, cut back on their bonuses, cap their highest salaries and if found to have breached decent standards of behaviour and ethical practices make them corporately responsible which means criminal proceedings being taken against them.
The Conservative view is that voluntary regaulatorysystems work. My view is that they aren't worth the paper they're printed on.

llanystumdwy's picture

Its a pity that Darling did not take the reigns at the treasury years before he did. Unlike the self-serving Brown, he would have done things that were in the interest of the country.

swatantra nandanwar's picture

The 'bankers' have become an easy target. Dsrling should pick on someone his own size, and ask himself why tougher regulations were not imposed to control them.

C Baker's picture

Alistair Darling was one of the few good Labour MPs in the cabinet. Unfortunately, his ideas made sense, so no good to BROWN- who loved himself and the bankers and was an economic imbecile, even Blair knew that.

But never mind, more Labour and Ed Balls talking rubbish.

Yet Darling, Cable and Obama are trying to be heard and warn against the banks, nobody is listening, not here, not in the US or in Europe.

When the banks rip off the rich, which is coming soon, with no returns on pensions and investments. Then the buy to let landowners, multi nationals etc, will come down on the banks as they too will lose their money when the casino starts up again.

RJD's picture

Actually George, what makes Darling's intervention politically notable is that it is of no political consequence because it carries no political force. It would have been notable if he'd had the balls to make those comments at the time the events were unfolding. He calls the bankers stupid and arrogant but he was the one who gave them what they wanted with no strings attached. What does that make him? Worse than stupid and arrogant, he is a coward and a hypocrite.

Graeme's picture

@swatantra - an easy target but his comments are completely right. Are you really saying we should not pick on the banks? You must be in a minority of one. Of course he should have done more ... but egged on by Osborne to do even less. Now it seems the Tories will do nothing.

Mrs,M L Bonwick-Jones's picture

I also agree with Alastair Darlings view on bankers, he is also a flawed but decent man,and the shadow cabernet is a sorry place without him or someone with his decency.
Brown and Balls had no interest in reigning in the banks whilst the country was in meltdown they were far more interested with their plotting and in-fighting.The behaviour and treacherous nature of Brown and Balls is well documented in Andrew Rawsley's excellent book, and Ed Miliband is just keeping his enemy close.

Luddite's picture

"arrogant and stupid" arrogant definitely 'stupid' they were not!! Labour's cabinet were stupid, for taking on so much private debt, without any Banker going to prison.

Eddy S's picture

The years before the crash debt was easy, people were faking there income on mortgage applications and all this mortgage debt was being passed around until the music stopped with lehmans, northern rock and gordons beloved Scottish banks.

This was all tolerated because the uk devoid of private sector industry had few growth areas that generated tax revenue and banking grew and grew and with it the property sector and mortgages, the party ended and now everyone is upset especially as the public sector grew significantly and relied on healthy increase in tax revenues.

The west has longer term problems in which it needs to reduce consumption and debt and invest in the future, this process will be painful but the public don't want to hear it and the politicians don't want to tell us (as the messenger always gets killed).

Eddy S's picture

I don't know why no one focuses on Fred the shred, he is the real target, he got his knighthood and is laughing, like darling rightly says, let's start naming names using bankers in general is a scapegoat. I have to say I have slot of respect for darling he worked in the most difficult environment with his colleagues out to get him, he can hold his head up high.

Stuart Eels's picture

Fully aree with Alistair Darlings views on the Bankers, just wondering why you are not airing his views on Gordon Brown and Ed Balls. Lets' be honest Brown and Balls had the opportunity to rein in the Banks but didn't.

I will never understand what Ed Miliband sees in Ed Balls.

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