Wednesday, Feb 11, 2009
Crosby's gone
BBC: Sir James Crosby resigns from FSA
"Sir James Crosby has resigned as deputy chairman of City watchdog, the Financial Services Authority (FSA). "
Posted by phdinbubbles @ 11:44 AM (1709 views) Add Comment
37 Comments
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1. paul said...
So, the FSA claims (and the BBC intones solemnly) that there's no foundation to the allegations, but Crosby resigns.
Why do they do that? Does the BBC or FSA seriously think that everyone believes there's no substance to the allegations?
2. Amos said...
At last! Got one of the b*st**ds
Well done Paul Moore.
3. mountain goat said...
Excellent, hopefully the first of many.
4. letthemfall said...
Media and public pressure can have beneficial effects.
5. penbat1 said...
These guys have personality disorders
http://en.wikipedia.org/wiki/Personality_disorder
particularly Narcissistic Personality Disorder
http://en.wikipedia.org/wiki/Narcissistic_Personality_disorder
- has a grandiose sense of self-importance
- is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love
- believes that he or she is "special" and unique
- requires excessive admiration
- has a sense of entitlement
- is interpersonally exploitative
- lacks empathy
- is often envious of others or believes others are envious of him or her
- shows arrogant, haughty behaviors or attitudes
6. penbat1 said...
Will someone let me know when the first public flogging will occur.
7. 51ck-6-51x said...
No doubt he'll be back though :(
8. P. Doff said...
Hmmm .... No substance to the allegations and yet HBOS pays out what Moore considers to be adequate compensation for the loss of his high power job. I wonder how much it costs to bury a problem.
9. phdinbubbles said...
@penbat1
"particularly Narcissistic Personality Disorder"
Most world leaders are highly narcissistic, bordering on pathological levels - but then again I'd hardly expect someone with, for example, avoidant personality style or disorder to want to be thrust into the spotlight. However, narcissism is the root of most human social-evil.
But who's really mad - the world leaders or those that elect them?
10. p. doff said...
7. 51ck-6-51x said...'No doubt he'll be back though :('
The fall guy usually gets his reward after the smoke has cleared.
What's Mandelson up to these days btw?
11. penbat1 said...
phdinbubbles - pathalogical (or malignant) narcissism is the root cause of most evil. Narcissism is spectral and a healthy normal individual has a moderate amount of narcissism. Some people have too little narcissism (such as sheeple) . But if narcissism is excessive, other people get damaged.
12. debtfree said...
How can the FSA now have any credibility in the public eye if they have a chairman that actually encourages what they are fighting against ?
This looks to be the beginning of something as well in the US.
The SEC, equivalent of FSA, are also taking an absolute bashing.
A must watch video here of Gary Ackerman from the House panel ripping into SEC and nailing it on the head about them and the Madoff Ponzi scheme :
http://www.cnbc.com/id/15840232?video=1021551579
In the video link posted, listen to the last few comments at the end as it mirrors what the FSA have actually done.
The truth of the matter is that Madoff and other ponzi alike schemes are not the guilty ones, its the SEC and FSA, for it is THEY who are shielding the actual scheme.
13. phdinbubbles said...
@penbat
Splitting hairs here, but narcissism is by definition excessive self-regard - the originator of the concept (in psychological terms), Freud, was later of the opinion that a certain amount of excessive self-regard is a 'normal' trait (in that it appears in a large proportion of the population) and can be healthy. Most of the sheeple I've spoken to over the years (in respect of the housing bubble) I would decribe as being narcissistic in their defences (rather than having too little narcissism) - constructing primitive defences to convince themselves that they are right in the face of reasoned arguments. Krusty, for example, a classic narcissistic bully.
14. penbat1 said...
phdinbubbles - as you probably know, there are several recognised models of narcissism.
You might like a butchers at my website http://www.bullyeq.com.
15. phdinbubbles said...
Excellent website - have come across it before.
So what's your opinion on this individual? :
(The projection's great - accusing someone else of being controlling!)
16. titaniccaptain said...
Wonder what that text really said....lol
17. layers said...
Narcissistic - let's call a Spade, a Spade. These guys are psychopaths - or the really successful ones are.
18. paul said...
I do like that phdinbubbles!
"IT TIZZA TEAM. DON'T CALL ME DARLING!"
19. renting2 said...
Wish a few politicians would follow suit.
20. penbat1 said...
layers said - yes psychopath (aka sociopath) includes malignant or pathalogical narcissists - its just that the definition of a psychopath is a little broader.
Crosby, like other high flyers, tapped into the ongoing psychotic delusional idea of the perpetual bully market at a high level of influence, to ruthlessly screw everyone he could for his own gratification and personal gain. They propogated the delusion and normalised it within society.
You could argue that estate agents and Krusty etc tapped into the delusion at a lower level but it is more difficult to establish who were ruthless psychopaths and which were just brainless sheeple who just got caught up in the delusion.
21. penbat1 said...
I meant "bull market" not "bully market"
22. wage slave said...
Now a regulator has gone lets hope the blame continues to get apportioned higher up the chain of filth until it lands firmly at the door of the regulator's regulator - i.e. Gordon Brown. He is ultimately responsible for the mess we are in and should be exposed as such to the masses.
23. layers said...
19 - penbat1 -"You could argue that estate agents and Krusty etc tapped into the delusion at a lower level but it is more difficult to establish who were ruthless psychopaths and which were just brainless sheeple who just got caught up in the delusion."
Agree, and I'm being unfair to broadly brush most with this label, however, I believe that these personalities are at the root-cause for much of the World's ills, and our societal structures reward this type of behaviour (Law, Finance, Politics, Religion...), so it's important to try and recognise them for what they really are, and then take appropriate action. This isn't easy, particularly as there's a whole myriad of people acting in this way as they see it as THE only way to get ahead and therefore, assume a number of these antisocial (what a lovely word for such terrible and wicked behaviours!) traits.
But as I intimated before, the more successful the individual, the more likely that they are a social deviant who have only the basest of human drives, thus complex emotions such as empathy are foreign to them. Think Bush, Blair, Pinochet, Hitler, Stalin, et al ;-)
Until we get these sickos out of positions of power, we'll all be subjected to this mess over and over again.
24. bellwether said...
Oh stop the morbidity, who really cares and who was naive enough to think that things weren't corrupt. We might as well talk about how we were never loved as children. There have been posts on today that contained worthwhile food for thought which got less than 30 views and this sh!t gets 900. Who are we the sun readership
25. penbat1 said...
layers said...- Yep i agree. But it is unlikely to treat or cure psychos as they are egosyntonic (meaning it is second nature to them and they are in denial) . The best you can do is raise awareness of the general population to wise people up, although all too many of them are sheeple thanks to our dumbed down media and education system. Psychos depend on an army of gullible sheeple to carry through their delusional deeds and ideas.
I believe one good strategy is for the general population to learn emotional intelligence (EQ).
26. bellwether said...
Layers and penbat1 your postings speak more of your own denials and projections than anything else. The assumption that you would somehow behave differently in a similar position is untested and statistically unlikely to be accurate. This is simply human nature we are dealing with and exceptions to it are rare
27. phdinbubbles said...
@bellwether
"The assumption that you would somehow behave differently in a similar position is untested and statistically unlikely to be accurate."
Why is it statistically unlikely to be accurate? Given my knowledge of the issues surrounding personality disorders then it would be statistically very likely that Layers and penbat1 would behave differently in the same situation (that's obviously assuming they're not psychos themselves and the likes of Crosby are).
"This is simply human nature we are dealing with and exceptions to it are rare"
Not true. One of the biggest mistakes that a lot of people make when interpreting the actions, impulses, emotions and motivations of others is in assuming that everyone is pretty much like themselves (a form of projection). For a large proportion of the population this is true to a certain extent, but there is overwhelming evidence that a statistically significant minority (in the case of personality disorders) have rigid character traits that would seem very bizarre to the average person (plenty of psychological and physiological evidence (mri scans) exists to back this up) if they knew about them. I have come across people with personality disorders (my own diagnosis - so obviously a bit ropey) whose behaviour is outrageously different (and anti-social) to what I would consider normal, but who are capable of putting on a mask to convince people that they are just like them - wolves in sheep's clothing. Do i expect everyone in this world to be nice? - of course not - of course there are complete b*stards out there - of course there is corruption - but what the majority of people don't realise is that there is a significant minority of any population (around 1%) who are dangerous to know and what makes them dangerous isn't that they're b*stards but their ability to appear normal and function well within society (and materially profit from society because of their inability to empathise).
Besides, if you think this post stinks so much, why have you contibuted two comments to it? And if you'll forgive me for counter-projecting - doesn't that speak more of your own denials and projections?
28. penbat1 said...
Ibellwether - it helps if you are capable of independant thought and not just fall into line with peer pressure for sheeple herd mentality..Sure i still get taken in by bulls*** from time but less often - I have learnt about manipulative techniques to wiatch out for - you can buy books on the subject.
29. Orcusmaximus said...
To be fair to Crosby, a report done by him
(http://www.hm-treasury.gov.uk/d/crosby290708.pdf)
seems quite reasonable. Also, he has done the honourable thing and resigned.
30. bellwether said...
Statistically because it takes a very high standard of mental health to resist the basic temptations of greed and selfishness, and that standard is incredibly rare. A bit like it being rare to have someone who might win the olympics
We all have the basic ego centric drives and talking about someone else's is just another way of our satisfying them. I'd like to think I would behave differently in a position of power but chances are, I wouldn't. I think that in fairness that goes for most of us.
I can probably agree that a fascination with power is a problem (but so would having no interest in it at all) but then a fascination with peoples fascination with power is really just one step removed. the first is agressive the second passive agreessive.
m although for most of us they are not tested. A bit like livin
31. bellwether said...
ignore last line if you are reading
32. jackas said...
Some nice intelligent banter on here about personality disorders.
I think its simpler than that however.
I think the blokes just a complete ****
33. 51ck-6-51x said...
I agree with bellwether - It is all the result of human nature.
I don't know what his source was but I remember Evan Davis (of the BBC) suggesting that if we had only female traders the markets would be less volatile (since testosterone helps the overshoot both ways).
34. shipbuilder said...
I have to agree with phd on this one. The personality types talked about here gravitate naturally to positions of power, to the point that a sociopathic personality type becomes associated with success and is therefore desirable and normal. Have a look at any self-help book. The abnormal is seen as normal, leading to the conclusion that it represents 'human nature'. Most of the people I know are normal, decent human beings and exhibit none of these tendencies. Am I in the minority?
35. troy said...
shipbuilder - Am I in the minority?
my considered and learned opinion would conclude in the affirmative.
Well, at least that makes two of us, perhaps? no forget it.
36. troy said...
shippy - oops! forgot malct, p4ac, s2r1, nooneo and many others I won't mention for fear of antidefamationary political correctness.
will reconsider and get back to you.
37. greytornado said...
It would be interesting to know how many minutes before PMQ's he 'resigned'.