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Wednesday, May 01, 2013

Cable Calls For Decision on Fred Goodwin

Vince Cable, the Business Secretary, is less than pleased that action has yet to be taken by Scottish prosecutors against Fred "the shred" Goodwin (the former CEO of RBS) and other senior directors of RBS for their role in its demise.

The Telegraph reports that Cable has written to Lord Wallace, the Government’s chief legal adviser in Scotland, demanding to know when a decision will be made on whether to ban the former bankers from sitting on company boards.

Cable first asked Scotland’s Crown Office and Procurator Fiscal Service to consider prosecutions in January 2012.

The irony being of course, despite Cable's desire for speed, if a decision to prosecute was taken the trial would be lengthy and extremely complex. Any successful prosecution would then be appealed, and the resulting quagmire of appeals and counter appeals/hearings would take years to resolve, not to mention cost a small fortune.

The question that Cable needs to ask himself is will such a lengthy prosecution really serve the public interest?

A cynic might argue that Cable is playing to the gallery.

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