financial crash: learn the lessons

The Petition

Dear Alistair Darling,

We've not forgotten the lessons from the credit crunch – you mustn't either.

We call on you not to forget the lessons from this crisis at the first sign of a possible recovery. Last year we all recognised that the era of unregulated finance and greed must come to an end, and that banks now owe the public a huge debt.

Please use your powers as regulator and as an owner of major banks to make sure we don't see a return to short term bonuses and dangerous risk-taking.

We've all seen the results of the financial crash: problems that started in the banks have meant thousands and thousands of jobs losts, homes repossessed, lives damaged. Now, the bankers think they are back on top: anticipating big profits, and giving themselves big bonuses.

The bankers are hoping we have goldfish memories. Behind the scenes they're lobbying the Chancellor Alistair Darling to quietly drop his earlier plans for reform. We need to drown out those voices. Speak up now to tell the Chancellor Alistair Darling that we expect him to stop this dangerous slide back into the bad old ways.

Before the financial crash, politicians said that bankers were best left to regulate themselves. But over the past two years we've seen what that led to. Leaving the banks free to reward irresponsible risk-taking with huge bonuses led to a massive financial crisis, which has cost taxpayers billions. The fallout has threatened millions of us with unemployment or repossession. We mustn't go back to the policies that got us into that mess.

As taxpayers we now own a huge stake in the banks, and we have a right to demand this money is used responsibly. Earlier this year the chancellor commited the government to tough action to ensure responsible banking. Right now we need to remind him to stick to those commitments. Tell him to tighten up regulation on the banks, tackle bonus culture and make sure that any profits from bailed out institutions help pay back their debt to taxpayers.