Archive for Public Accounts Committee

Speak for England, Margaret!

Posted in Banking, business, Politics with tags , , , on March 12, 2015 by Tom Leatherbarrow

Public Accounts Committee chair Margaret HodgeMargaret Hodge has been accused of being rude. She was. Margaret Hodge has been accused of being bullying. Possibly. Margaret Hodge has been accused of losing her rag. Definitely, and I envy her.

In an age of carefully choreographed media appearances, this week’s grilling of HSBC bosses at the Public Accounts Committee translated into a tour-de-force performance by its chair, the Labour MP for Dagenham.

If you haven’t seen Rona Fairhead, chair of the audit committee at HSBC, squirm when asked why she hadn’t quite grasped the fact that the bank’s Swiss business might, just might, possibly, potentially, be used for tax evasion, you can watch it here.

As Simon Jenkins comments in today’s Guardian, even a child knows that Switzerland is a tax haven. Apparently this little fact had escaped Rona.

Why do I envy Margaret Hodge? Because I recently closed down two HSBC accounts. I’d had enough of the money laundering, manipulation of LIBOR, playing around in the North American Mezzanine Credit Default Swap market, bonuses – I could go on but you get the point.

I marched into my local branch in Bromsgrove intent on giving the stuffed shirt who runs the place a piece of my mind when he, surely, would  ask me why I was deserting the sinking ship?

Only he didn’t ask. He directed me to a chair and then went off to check whether I had any money in either of the accounts or whether my salary was paid into them. I know this because I got out of my chair and looked over his shoulder.

When he found out that my salary was paid into another bank, he didn’t bother asking. He just turned on his heels leaving me with a colleague to cut up my cards.

So, I never got my Margaret Hodge moment and to add insult to injury a week later I got an automatically generated postcard from Head Office which said “It’s sad to say goodbye”.

No it wasn’t and well done Margaret.

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