What they are not telling you about today's bank scandal  It
gleams above the sparkling water of Canary Wharf, but the FSA is
no canary. Where I come from in Yorkshire the birds were used to
give early warning of noxious fumes.  What has been revealed
today has been smelling rotten for a very long time. Far from an
early warning, it has gone on for more than a decade. And yet
still there are big questions unanswered in this swaps scandal.
Canary Wharf Credit: Yui Mok/PA  I have spent the afternoon at
the towering HQ of the Financial Services Authority, where staff
have worked hard to broker a deal with the guilty banks.  Yet
still they can't say how much the banks owe in compensation or
how many small businesses were wrongly sold these swap products.
Nor can they tell me when the money will be paid. So far the FSA
has only investigated four banks, yet we know others did sell
these products. Worse, the gap in our knowledge concerns fines
and penalties.  Ominously, none are even mentioned in today's
FSA report