Wednesday, 14 April 2010

David Baker and Richard Barclay fined by the FSA

Another day, another fine. At least they weren't arrested in the Tottenham Court Road. Yes, David Baker, former deputy chief executive of Northern Rock, and Richard Barclay, former managing credit director at Northern Rock, have been fined £504,000 and £140,000 respectively.

I can't be bothered to discuss why they were fined. Bad record-keeping or something. The details are here, if you're really all that interested.

In their defence, I just want to say that maybe Dave and Rich were busy with other activities, and that maybe they didn't have the will or the inclination to keep accurate records. I mean, you know what it's like. How many of us, when we come back from a mad, burning session on the astral plane, have the energy or the enthusiasm to deal with paperwork and reports and all the other inconsequential shit that demands our attention on this cold earth? I'm not saying Dave and Rich are personal friends of mine because they're not. I hardly know them. But I have seen them in the mystical desert of our love, and I do know that they are decent men. They tried their best with Northern Rock. My one criticism is that they never employed any financial shamans at the bank. They were burning it up on the plane almost every night, and yet they never thought that it might be a good idea to apply what they had learnt to the running of Northern Rock. But never mind. We all make mistakes.

I know there are people at the FSA who read this blog. Is there any chance now that the fines will be cancelled? Come on, FSA. Do the right thing for once.