'Prosecute directors for banking crisis'

NON-EXECUTIVE directors should be taken to task for their roles in the banking crisis, according to the keynote speaker at this year's Guernsey Awards for Achievement.

Tim Smit (pictured), the creator of the Eden Project, claimed in this month's edition of Director magazine that they should be facing criminal charges for the roles they have played in the unfolding drama.

'I wrote in the first draft of this year's annual report something about the pyramid salesman in the City. In the end it was removed, because it would have upset the City.

'Any fool could see it coming. Where you have a bunch of people using the language of growth, but where the only thing that's growing is house prices, it's time to worry.

'When the history of these events is told, it will be clear it was caused by old men concerned about their virility watching young men take risks.

'The non-executive directors of the major banks should face criminal charges rather than the gentle approbation that has been doled out. We think about these as victimless crimes when in truth anyone dependent on a pension is getting screwed. It's a joke.'