Wednesday, Mar 26, 2008
FSA investigates itself
The Telegraph: FSA admits string of errors over Northern Rock
The Financial Services Authority, the City watchdog, has admitted to a catalogue of errors in its handling of the Northern Rock crisis, which saw the first run on a British bank in more than a century.
Posted by sold 2 rent 1 @ 09:04 AM (304 views) Add Comment
6 Comments
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1. sold 2 rent 1 said...
"catalogue of errors" - "string of errors"
Hmmmmm...I've heard that expression before.
Oh yes...“catastrophic” series of errors....used to describe the De Menezes shooting.
We hear this phrase repeatedly on Sky News / BBC News 24 (I can't remember which one)
Are all government departments in a state of breakdown?
2. alan said...
Robert Peston (BBC) said:
Here’s the most scintillating part of the FSA’s review, for those of us obsessed with the ideological differences between that watchdog and the Bank of England over what kind of loans should be made by the Bank of England to a dysfunctional banking system. The killer passage reads:
“Our understanding is that, during the review period, the FSA’s approach to liquidity reflected a presumption that, in the event of a crisis like that experienced in August 2007 (when money markets seized up), general market liquidity provided by the Bank of England would be increased and, in extremis, liquidity would be provided for systemically important institutions”.
Which is formal confirmation that the FSA was urging the Bank of England to pump money into the markets over the summer – but the Bank refused, fearing that it would be in effect bailing out the banks for their past recklessness.
3. malct said...
liquidity? no insolvency surely
see also FSA Northern Rock floating in the English Channel above 'the Whinstone connection'.
this comment below re confused76 Telegraph article was submitted at 4pm yesterday but didn't appear until after 10 am this morning I think that's because I didn't use my password (newy). As it is relevent and supportive of the HPC and freedom of speech but won't get any exposure there, I hope you don't mind me throwing it in here.
10. Malct said...
confused76 @1 - absolutely - embarrassing for the paper, devastating for Liam H. loads of well informed readers.
S2R1 @6 - 'You have to wonder what this article is trying to achieve.' quite so -what have they achieved? well seems they've created a useful knowledge base of specialist public opinion on which they can plan future articles for Ambrose.
This great site gets a mention also as above mentioned worth repeating - '5. seanb303 said...
this comment says it all
My Dear Liam.
It looks like you may have an avuncular consistancy to your mates in the city...but alas the majority of posters here, reject your no doubt well paid opinions.
I shall take my advice from those ameteurs from 'housepricecrash.co.uk' well before I consider your ill informed-but splendidly renumerated views-thank you very much.'
and this one - 'Dear Liam
You are of course writing and spinning utter tosh. Shameful for the fact that this is a "serious" paper and shocking that you are getting paid for it. Wake up, read, listen and learn. May I suggest you visit housepricecrash.co.uk and enlighten yourself at no cost'
great stuff!!!
ANGRY BBC breakfast articles reckons more of us are getting more angry YEAH!!!. I can't be bothered, but I'm not too impressed by the lobby group that pressure admin to delete S2R's article expanding on the ZG word. I've logged on to this site often for a couple of years and every day since last July. Yesterday I finally cracked and posted a comment only to see it vanish before I could read all the comments or save it (I have now thanks S2R) Now the last thing I want to do (as I have various articles of my own to post) is to upset admin albeit via a small group of tunnel vision narrow minded GreenBay types that seem able to influence admin to the point of censorship without comment or explanation, but this is simply NOT ON. If these freaks can't handle it they don't have to read it, they can find another site (try Telegraph) Try this, one sentence glued to UK house prices - When banks create money out of nothing (FRB) (DEBT) they don't create the interest, that they take from us, all of us, via ND if nothing else. No here's my post from yesterday -
17. Malct said...
Sold2rent1, Ju and all - truth needs to be discovered not told - very true - but sometimes a signpost is handy. IMHO if we add to Zeitgiest, BBC's Century of Self, BBC WTC7 prophesy, Money as Debt eg and etc at least for now, (1) a short study of PONEROLGY (see Laura at Signs of the Times) and (2) the book/film 'The Corporation' (corporate psychopathy) things begin to make a lot more sense. No need for Icke's reptiles! For balance see also 'Human Givens' All this has absolutely everything to do with house prices and anybody who thinks otherwise is an idiot. (IMHO) (new compromise 'needs to catch up on their homework')
kindness
Malct
Monday, March 24, 2008 02:54PM
and the one following
18. Cybervigilantes said...
Fully agree with you Malct. Ponerology is the study of evil for political purposes, reading Lobaczewski's book and the daily news from signs of the times (sott.net) has certainly given myself a far greater understanding of why the world is in the state it is and what we can do about it. The collapse in house prices is of course related to the larger capitalist system which like it or not is in the hands of greedy self-serving individuals. They have no conscience and yet dominate the lives of normal people.
Another must see video is Arun russo's "America from freedom to fascism". It discusses the role of the FED, big business and the IRS. part 1 of 11 can be watched here: http://www.youtube.com/watch?v=3ueEfRXZCVA
Monday, March 24, 2008 04:27PM
today
9. nopensionnohouse said...
He he, looks like I missed all the trouble yesterday! That’s most unlike me.
now's your chance npnh but do try to keep to matters relating to house prices.
4. sold 2 rent 1 said...
malct,
Have you seen the video on the website
http://www.wearechange.org.uk/
An Italian film about 9/11 truths was show at the European Parliament on Feb 28 2008.
This information war is heating up
Here is the youtube video directly
http://www.youtube.com/watch?v=smzZFmI5lt4&eurl=http://www.wearechange.org.uk/
5. malct said...
Yes I have and even financial and economics commentators mainstream are talking about the need for radical change in the banking industry.
The BBC needs to change - I listened to Declan C on BBC breakfast a few days ago interviewing a property developer, an esate agent and a local planner in Birmingham about BTL flats. What a load of absolute cobblers. No truth, no honesty, just a blatant attempt to deceive and commercially support a private venture. Some will have been deceived I suppose. Unlike the 597 respondents here http://www.bbc.co.uk/blogs/theeditors/2007/02/part_of_the_conspiracy.html and 607 in part two, who want to know why the beeb announced the collapse of WTC7 on 9 11 thirty mins before it actually happened. Wonder if there were and BTL flats in the building.
607. At 07:38 PM on 14 Jan 2008, Roger wrote:
On the 11th January, 2008, the attack on World Trade Center was discussed in the Diet (the Japanese parliament). If BBC does not report this, it PROVES that BBC is part of the conspiracy.
6. malct said...
sorry - Wonder if there were - any - BTL flats in the building.