If Jeff Skilling of Enron can be serving 24 years 4 months in gaol (with fine of $45 million for good measure), all because he misled investors, we've wondered here several times why UK banksters couldn't be pursued on similar grounds.
In fact, belatedly some of them are indeed being pursued - if only in a civil suit - on exactly that basis. Not surprisingly it's Fred Goodwin and the RBS boys: let's face it, the RBS case was pretty egregious.
We'll be watching with interest. The article linked above suggests that focus is on the prospectus for an RBS rights issue. This is an aspect that I've never really understood: corporate lawyers are always very much more twitchy about what gets said in a prospectus than what gets written in annual reports and accounts. As we know, many AR's are a crock of the rankest ordure, but a prospectus is held to higher standards. Could one of our lawyers explain why this is ?