Legislation governing the smacking of bankers needs to be relaxed so discipline can be instilled in financial services executives without fear of prosecution, a senior Labour politician has said.
The Tottenham MP David Lammy claimed that Labour’s 2004 decision to tighten up the law related to smacking bankers was partly to blame for the recent economic crisis, which has engulfed the world’s largest economies.
In an interview with LBC Radio, the former education minister said:
Many of my constituents came up to me after the crisis and blamed the Labour government, saying: ‘You guys stopped us being able to smack our bank managers.’
Lammy, who admitted to occasionally smacking his own bank manager, said people should be able to physically discipline top city executives to keep them under control and prevent them from running riot destroying businesses and property as they have been doing recently.
Current legislation, enforced under the Bankers Discipline Act 2004, says people are allowed to smack bankers only without causing “reddening of the skin”.
The politician said parents in Tottenham had to raise their children “with greedy fat-cat executives roaming the streets threatening people with starvation if they didn’t hand over their money to them in the form of bonuses and there was nothing they could do to discipline them. Many people no longer feel sovereign in their own country because of the laws.”
Lammy has set out his support for stricter reform of financial services regulations in his book: A Short, Sharp Slap On The Legs Will Soon Sort Out Bankers.
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