CBI’s Lambert lashes out at bank bashers

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Show Comments ▼ whatsapp whatsapp CBI’s Lambert lashes out at bank bashers Share center_img KCS-content Tags: NULL Monday 11 October 2010 9:16 pm RICHARD Lambert yesterday used his last speech on banking as CBI director-general to launch a scathing attack on the UK’s culture of political bank-bashing.Lambert, who is due to step down from his position next year, said politicians were “making matters worse” with unrelenting and vicious attacks on the banks, compounding the problem of lack of trust between the sector and the public.“This back and forth between the politicians and the bankers – what you might call Vince Cable versus Lombard Street – is not constructive,” Lambert said. “The crisis had many causes. Individual greed and errors of judgment on the part of the bankers were one. But there were much more powerful forces driving the way to catastrophe. They included badly designed policy frameworks, errors of judgment on the part of government, central banks, and regulators, and bad macroeconomic management.”The CBI director-general said that persisting with laying the blame at the banks’ door would result in the “wrong responses” to the sector’s problems, including the introduction of a much higher banking levy, which he said would place the highest burden on banking customers.Lambert added that it is “irresponsible” for politicians to caricature investment banks as casinos, warning that “overheated rhetoric” has already deterred at least one foreign player from investing in the UK market.But he urged bankers to step up to the plate voluntarily to demonstrate sensitivity in the area of compensation, particularly as the public spending cuts start to bite in the New Year.“If trust has to be built on a sense of fair dealing, then the combination of pay freezes and job losses in the public sector with large bonuses in the City would be toxic in the extreme,” Lambert warned, calling on banks to act collectively on compensation and resist the temptation to “poach disaffected mega-stars”. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img read more