Wednesday, Feb 25, 2009
Even Robert 'The man who broke Northern Crock' Peston is gobsmacked !
BBC 'News': FSA admits huge mistakes
Peston's take on today's Treasury select committee meeting with the FSA. I too, watched with a gaping mouth, catching flies, at the absolutely inadequate and quite frankly, moronic way that the FSA was being run. It's like the police saying "look we only try and catch criminals when we see someone running away with a shotgun and a swag bag!". "...It wasn't apparently proper for the FSA to challenge banks on whether they should be growing so fast in the mortgage market, or loading themselves up with collateralised debt obligations manufactured from toxic subprime loans, or funding themselves to an ever-increasing extent from the sale of mortgage-backed securities." - Not me guv', 'onest I never touch securitisations.
Posted by shining wit @ 08:00 PM (341 views) Add Comment
2 Comments
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1. paul said...
I met a representative from the FSA in mid 2006 at a risk management conference (believe it or not).
He was completely disinterested in our fraud management solution. He also wrongly classified it, and completely misunderstood its purpose before walking off in a self-important kinda way. He was a young chap.
I do hope the good lord can see it in his heart to make sure that young man is on the dole queue right now.
2. who stole my pension? said...
And as we all now know the risk department wasn't staffed by competent risk management people. In fact a sales manager with a performance target to meet was good enough at RBS (or was it HBOS or both).