Rowan Bosworth-Davies an Ex- Metropolitan detective specialized in Financial crime who has been on Max Keiser’s show many times to talk about how the London Banking system has become the center of the Organized crime syndicate called the City. Here is what he has to say:
This is the third and last tranche of evidence I submitted to the Commission on Banking Culture and which their Government Servants sought to suppress.
Regulation by prosecution
47.The recent report issued by the Treasury Select Committee entitled ‘… Fixing LIBOR: some preliminary findings…’ contains very little that those of us who have long been concerned about the criminal state of the British banking sector did not already know.
48.One of the key findings of the report deals with the relationship between the various regulatory agencies of the State, and the way in which they dealt with the emergence of incriminating details about the LIBOR affair.
49.What this report demonstrates so clearly is the lack of willingness for the FSA to adopt its powers to prosecute financial crime, and the very narrow interpretation they placed upon their function. This reflects earlier findings concerning the attitude of the regulator towards its prosecutorial role uncovered in its earlier days.
51.’…The Committee is concerned that the FSA was two years behind the US regulatory authorities in initiating its formal LIBOR investigations and that this delay has contributed to the perceived weakness of London in regulating financial markets…’
52.This failure to respond effectively to the early information about Barclays is reflected upon critically by the Committee, as it identifies the likelihood that this evidence may have led to evidence of other wrongdoing elsewhere in the wider market.