Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Rogue bankers should have been jailed, says Gordon Brown

Gordon Brown
Gordon Brown

Rogue bankers responsible for the 2008 crash should be locked up, says Gordon Brown.

The ex-prime minister, who has been widely criticised for not regulating the City tightly enough as Chancellor, said the lack of proper punishment makes it “inevitable” history will repeat itself.

In his memoirs My Life, Our Times, he also recounted his first meeting with Fred Goodwin in the 1990s, when the shamed former RBS boss was an accountant involved in privatising Rosyth dockyard in Fife.

“If bankers who act fraudulently are not put in jail with their bonuses returned, assets confiscated and banned from future practice, we will only give a green light to similar risk-laden behaviour in new forms,” he wrote.

He added: “If bankers’ conduct was dishonest by the ordinary standards of what is reasonable and honest, should there not have been prosecutions in the UK as we have seen in Ireland, Iceland, Spain and Portugal?”

As well as his knighthood, the former Fife MP said Mr Goodwin should have been stripped of his bonuses and his right to be a company director.

He said: “I first came across him (Mr Goodwin) as one of the accountants involved in privatising Rosyth Dockyard.

“But over the years I saw him change.

“By the time the bank collapsed he had from his company a private suite in the Savoy costing £700,000 a year, a fleet of 12 chauffeur-driven Mercedes limousines with RBS emblazoned all over them, and he regularly used a private jet at the weekend – whether for boar hunting in Spain or following the glamorous F1 circuit around the world.”

Mr Goodwin was in charge of RBS when it racked up hundreds of billions of pounds of debt in a series of toxic deals, leading to the taxpayer stepping in to bail-out the bank.

Mr Brown also revealed he had been prepared to quit if the multi-billion pound bank bail-out package failed to prevent a further collapse in the financial markets.

The former Labour leader, whose book is out on November 7, said that “at no point did I ever hear Fred Goodwin express real contrition to me – or to anyone else – for his role in the bank’s collapse”.

And he warned “little has changed” since 2009 and the banks that were deemed “too big to fail” were now even larger.

Already a subscriber? Sign in



More from The Courier Scottish politics team

More from The Courier