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Knut

Adair Turner On R4 This Morning

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Again, I was quietly encouraged, listening to Adaire Turner with Peston this morning. Although he stated that he was, frankly, seeking definitive laws that would be enacted to regulate future speculative banking I would like to have heard his private machinations on the topic.

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Again, I was quietly encouraged, listening to Adaire Turner with Peston this morning. Although he stated that he was, frankly, seeking definitive laws that would be enacted to regulate future speculative banking I would like to have heard his private machinations on the topic.

Is this the same Adair Turner head of the FSA who is so anti-bonus that he paid 19.7 million of public money in bonuses to his staff for their performance last year.

The casual observer may have thought that they did not have a great year, what with Northern Rock, B&b, BOS and RBS and all but obviously the remuneration committee thought otherwise.

By means of a whimsical comparison, 19.7 million would be the equilavent of paying every MP 30,000 in expenses, just imagine how popular that would be.

http://www.guardian.co.uk/business/2009/ju...atchdog-bonuses

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The point is, they want to protect their own interests. But to do this, they have to protect the system itself. To do this, they need to leave the banks recapitalised whilst reducing the chances of a re-run of 07-08. Now, how to do that and retain some credibility?

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Any mention of 3 x salary MAX? And 30 years prison sentence for ANY perpetrators of LIAR LOANS?

Because unless and until they grasp that one, NOTHING is going to change.

Ha, of course not Eric. They know, of course, but spout the usual euphemism of underestimated risk. Rather akin to the risk of the jewel robber getting caught. They’re desperate to keep a veil over the deliberate and fraudulently/negligent lending opening a whole can-of-worms. No irrational exuberance here, just a straightforward caught-in-the-act and irresponsibly exploitative folly..

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