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Breaking: U K Accounting Rules Fatally Flawed "staggering Errors"

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http://uk.finance.yahoo.com/news/uk-bank-accounting-rules-fatally-flawed-warns-influential-watchdog-tele-6457e7a66502.html?x=0

UK bank accounting rules 'fatally flawed', warns influential watchdog
13:20, Thursday 26 August 2010
The Government has been warned of a regulatory fiasco in which British banks have apparently adhered to flawed reporting standards for more than five years.
An influential watchdog has written to the Department of Business listing a catalogue of
staggering regulatory errors
that allegedly contributed to the collapse of several banks in 2008 and still threatens the system today.

:o:o:o

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http://uk.finance.yahoo.com/news/uk-bank-accounting-rules-fatally-flawed-warns-influential-watchdog-tele-6457e7a66502.html?x=0

UK bank accounting rules 'fatally flawed', warns influential watchdog
13:20, Thursday 26 August 2010
The Government has been warned of a regulatory fiasco in which British banks have apparently adhered to flawed reporting standards for more than five years.
An influential watchdog has written to the Department of Business listing a catalogue of
staggering regulatory errors
that allegedly contributed to the collapse of several banks in 2008 and still threatens the system today.

:o:o:o

Didnt Nu LieBoor allow the banking system to use the alternative non-linear arithmetic paradigm ?

i.e. 1+1 = 3.

Maybe the torries are insisting that 1+1 = 2....how stupid can you get

:lol::lol::lol::lol:

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* The application distorted banks company accounts, giving false assurances, and hampered the directors and regulators from seeing the build-up of leverage and other risks.

Not my fault, guv. Don't send me to prison. Fraud? Not here, guv. It's the systems fault, innit. No one could see it coming. These things happen. Please don't get angry. Keep slogging away like good little serfs. Don't riot. It's just correcting. Who could've known.

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Mark to make believe PFI SIV its all utter fraud.

Its only a matter of time before the whole thing unravels we'll print like bu**ery to try and cover it and then we will go hyper - simples.

Its too big to contain. But when it all looks to be at its worse it will actually be getting better.

Acountants will soon become an endangered species better start practicing burger flipping or busking.

You lawyers better start retraining soon as well.

Once these grimey professionals have been exposed for what they are we can get back to a balanced economy.

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Didnt Nu LieBoor allow the banking system to use the alternative non-linear arithmetic paradigm ?

i.e. 1+1 = 3.

Maybe the torries are insisting that 1+1 = 2....how stupid can you get

:lol::lol::lol::lol:

The third unit = the 'off balance' (fraud)

So much for highly trained/paid City A_ccon_tants! :rolleyes:

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Is this saying the UK was using flawed standard relative to the EU? If so the UK is in the sh I tt er

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the books balance...its just that we've run a bit short of cash....slip us a couple of trillion guv..for "liquidity" dontchaknow.

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SO this means UK banks have been and are still overstating profits!

Let's see what the markets do.

they wont do anything...ALL banks throught the World have been at it....since time immemorial....they even had to abandon the accounting standard for Mark to market in the US in 2008....as it would make the banks look bad...

lipstick on a pig.

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 SO this means UK banks have been and are still overstating profits!

Let's see what the markets do.

OMG!!!! The markets have collapsed by nearly 0.5%. The sky is falling in. The sky is falling in.

It doesn't "mean" anything. It's just one bloke's opinion.

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OMG!!!! The markets have collapsed by nearly 0.5%. The sky is falling in. The sky is falling in.

It doesn't "mean" anything. It's just one bloke's opinion.

er no, its fact...but its not a new fact.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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