Politicians do love the circus:  Public Flaying for U.K. Bank Titans

LONDON — One by one, a parade of fallen U.K. banking titans conceded big strategic mistakes that precipitated the banking crisis, but their serial mea culpas didn’t shield them from a public dressing down that reflected anger over bank bailouts and executive pay.

Former top executives from Royal Bank of Scotland Group PLC and HBOS PLC — the biggest recipients of the U.K.’s £600 billion ($895 billion) bank bailout — on Tuesday appeared before a Parliamentary Select Committee scrutinizing the banking crisis.

Equal parts public hearing and political theater, the session featured a quartet of former banking superstars who have become symbols of greed, ego and excess thanks to the economic crisis.

Not sorry enough:

The apologies proved no protection from members of Parliament intent on voicing public rage. The politicians grew especially angry when the bankers appeared to blame the credit crunch for their banks’ troubles, instead of admitting greater responsibility.

“Isn’t part of the problem with your bank, and your leadership, is the culture you created, that you lived for good times, and wanted the good times, and you didn’t want any criticism … you didn’t identify any of the problems?” John Mann, a member of Parliament for the ruling Labour Party, told Mr. Goodwin.

Strangely enough, not a word about the European Union’s and British Parliament’s roles in the situation.

Smoke and mirrors, a time-honored tactic for any political class.
H/T Daily Beast