GMB call for a public inquiry into the wrongdoings of Barclays Bank

GMB call for a public inquiry into the wrongdoings of Barclays Bank as four former executives have been charged with fraud over their involvement in the 2008 financial crisis.

GMB raised the issue at the height of the crisis and have been calling for an investigation into Barclays involvement since.

Paul Maloney, GMB Southern region secretary, said “These are the bankers who caused the recession and stuck two fingers up at the tax payers who rescued them.

“Back in 2008 we said GMB members wanted to see swift action to ensure that the bankers responsible for the crisis are held accountable and dealt with. GMB members will want to see bankers’ heads roll.

“In 2009 I called for the head of Barclays to be sacked and the bank investigated. Particularly so because Barclays, as the feeder bank for Northern Rock, lost £5 billion in the American housing market causing the demise  of Northern Rock and the start of the financial crises. To cover their tracks they took £7.3 billion from Qatar and then loaned £2.2 billion back.

“Except for a few MPs, most from all sides of the House of Commons stood idly by and ignored the facts exposed by GMB.

“There should be a public inquiry into the wrongdoings that ordinary people have been paying the cost of for the past 7 years. Northern Rock was the first UK bank to go to the wall because of the actions of Barclays.

“Swift action it is not but let’s hope that justice will prevail when the fat cats face criminal charges for the first time on 3 July.”

Contact: Paul Maloney 07801 343839