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ralphmalph

Fsa Has To Borrow 200mil From Banks It Regulates

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http://www.independent.co.uk/news/business...sa-1766006.html

So your masterplan is to set up a tripartate regulation structure, you fill the main regulator with your ex banker chums that have been on a lending binge for the last 10 years and what do they do - spend 200million more than their income and then borrow of the bad boys that they are meant to be regulating.

What a mess they have made.

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So Turner has put the regulator in hock to the banksters he's *ahem* regulating.

Nice. Lloyds and HSBC are paying his salary.

We're way beyond moral hazard now. We're in la-la land.

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The FSA spent £347m in the past year, but raised only £324m from fees and other revenues. Although the first facility was agreed with Lloyds before the credit crunch, it remained unused until this year. However, the regulator has already had to sign a further agreement to finance its expected deficit for the current year.

So we have a regulator who doesn't understand the basics of finance.

Isn't borrowing money from the people you are regulating a conflict of interest?

This is just insane.

I keep saying if you wrote a film script or a book with all of this in no one would believe it.

Everytime you think it's got as surreal as it can, along comes another little gem proving you wrong.

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Probably taking a leaf out of the banker chums book. No matter what the performance have a bonus.

Ha ha, pay yourself a great big bonus out of borrowed money and worry not about the consequences.

How on earth do you get into the financial sector? I am doing something wrong.

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nulabour are the one's who need b***** regulating.

For one, i'd regulate the number of 'showdowns' darling has with the banks to exhort them to 'get credit flowing'.

Darling, just another kn0b who doesn't understand the modern monetary system.

Wonder if the banks will have trouble getting that 200mil back if/when the tories dump the SFA. Good.

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So we have a regulator who doesn't understand the basics of finance.

Isn't borrowing money from the people you are regulating a conflict of interest?

This is just insane.

I keep saying if you wrote a film script or a book with all of this in no one would believe it.

Everytime you think it's got as surreal as it can, along comes another little gem proving you wrong.

remember

the FSA looked at Northern Rocks balance sheet in May 2007 and saw a strong company with a sustainable business plan

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