Watch This Reporter Issue a Brutal Takedown of the International Banking System


Six years after the financial crisis, Paul Mason of Channel 4 News in England is officially fed up with watching big banks screw their clients, while financial regulators continue to dole out little to no punishment for each new banking scandal.

“I have sat in the rooms where they’re pleading in the most genteel tones, ‘Don’t over regulate us. Don’t make it possible for us to go to jail otherwise no one talented will come and run these banks,” an exasperated Mason said on camera.

“If we’re going to have a complex finance system, we’re have to do something a bit more radical than all this cuff-link tweaking.”

Mason’s refreshingly honest take comes as six banks, including the Royal Bank of Scotland where Mason is seen standing outside in the recording, were recently fined $2.6 billion pounds after a 13-month investigation by regulators in both the United Kingdom and United States found the banks to be rigging the foreign exchange market. But criminal charges for the employees involved? Nope.

Mason says if “the banks had the same scrutiny over the traders and their own managers as they have over the camera crews standing outside,” perhaps there would be no need for such an investigation and yet another round of fines.

“All we ask, all we can ask, is that the regulators do their job proactively,” Mason says, steps away from RBS’s headquarters. “That they actually get on the case, just like the security guards outside here, and the CCTV cameras there, and the City of London police, they get on the case and stop wrong doing – what’s so hard about it?”

 

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate