Tuesday, December 13, 2011

Standing up for Britain - or for the bankers?

According to the children’s song - “In the big rock candy mountain, the cops have wooden legs.
The bulldogs all have rubber teeth and the hens lay soft boiled eggs.”

Obviously in the never-never land inhabited by the Financial Services Authority those bulldogs would be examples of “due diligence.”

Charged with the apparently serious job of regulating the banks, the FSA admit in their recent report that their light touch approach allowed the Royal Bank of Scotland to get away with (metaphorical) murder in its financial shenanigans.

“"This approach reflected widely held, but mistaken assumptions about the stability of financial systems and existed against a backdrop of political pressures for a 'light touch' regulatory regime."

The FSA were scared of exercising any “supervisory function” and admit they “failed to challenge the
management of RBS.” One is tempted to ask what the FSA are they for? A cop with two wooden legs would have done a better job.

Well thank heavens that sort of thing couldn’t happen nowadays……

Except of course one David Cameron was among the advocates of the light touch with the light-fingered speculators of RBS and his most recent brave stand for Britain was actually a brave stand for the City of London. God forbid that anyone should interfere with their activities.

It is obvious to everyone that we need control over the financiers; bulldogs with real teeth. Yet the politicians of all parties stop short in pious trepidation before the big banks and attempt to drain the ocean of depravity with spoonfuls of inadequate control.

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