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Uk Is Ahead Of The Curve On Banking Reform

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"Bank-bashing may now be part of our national culture, but the fundamental changes needed in the industry are already in place

Banking reform is on the agenda and has been since the run on Northern Rock in 2007. Since then, UK banks have undergone a massive programme of reform..."

Drivels on at: http://www.guardian.co.uk/commentisfree/2011/mar/08/uk-banking-reform

Do these people take us for fools? What? Oh :(

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"Bank-bashing may now be part of our national culture, but the fundamental changes needed in the industry are already in place

Banking reform is on the agenda and has been since the run on Northern Rock in 2007. Since then, UK banks have undergone a massive programme of reform..."

Drivels on at: http://www.guardian.co.uk/commentisfree/2011/mar/08/uk-banking-reform

Do these people take us for fools? What? Oh :(

The article reads like something a B grade sixth former would write. (one that works and ties hard, I dont mean someone with natural ability who rushed their work)

Poor....

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The article reads like something a B grade sixth former would write. (one that works and ties hard, I dont mean someone with natural ability who rushed their work)

Poor....

Oh look, I just WASTED my effort with my reply here. (that was me above)

Just take a look at the comments others have posted on the Guardian website, I should be ashamed at my rather limp and polite respose earlier!

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The article reads like something a B grade sixth former would write. (one that works and ties hard, I dont mean someone with natural ability who rushed their work)

I read that before seeing that it was written by Angela Knight who certainly fits the try-hard dunce image.

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Oh look, I just WASTED my effort with my reply here. (that was me above)

Just take a look at the comments others have posted on the Guardian website, I should be ashamed at my rather limp and polite respose earlier!

That's fookin champion, that is:

no-user-image.gifdratkins 8 March 2011 5:48PM

UK banking is mired in systemic fraud.

We learned the FSA had no idea how bad the problem at RBS was. This is because RBS bankers were accounting for their assets fraudulently (so that they could pay themselves big bonuses rather than retain it in the company as capital). In fact the regulatory regime had the necessary laws to force disclosure - they were just not enforced. It

Barclays was leveraged 50:1, required hundred of billions in credit lines from the Federal Reserve, received billions in ill-gotten gains through the AIG heist, and continues (like all the other banks) to overvalue its toxic assets; with HMG, FSA and BoE permission

The system is fundamentally fraudulent, designed to pay bankers big bonuses off fraudulently valued assets, then pay them again through taxpayer bailouts. And the current top banking executives are most implicated in this fraud

We need a reset. That means destroying these banks, jailing their executives, turning banking into a utility function, allowing investment banking to become 'small enough to fail', reforming derivatives so that they do not threaten systemic financial stability. And hopefully never ever seeing the likes of craven apologists for bankers like Ms Knight ever ever again.

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That's fookin champion, that is:

no-user-image.gifdratkins 8 March 2011 5:48PM

UK banking is mired in systemic fraud.

We learned the FSA had no idea how bad the problem at RBS was. This is because RBS bankers were accounting for their assets fraudulently (so that they could pay themselves big bonuses rather than retain it in the company as capital). In fact the regulatory regime had the necessary laws to force disclosure - they were just not enforced. It

Barclays was leveraged 50:1, required hundred of billions in credit lines from the Federal Reserve, received billions in ill-gotten gains through the AIG heist, and continues (like all the other banks) to overvalue its toxic assets; with HMG, FSA and BoE permission

The system is fundamentally fraudulent, designed to pay bankers big bonuses off fraudulently valued assets, then pay them again through taxpayer bailouts. And the current top banking executives are most implicated in this fraud

We need a reset. That means destroying these banks, jailing their executives, turning banking into a utility function, allowing investment banking to become 'small enough to fail', reforming derivatives so that they do not threaten systemic financial stability. And hopefully never ever seeing the likes of craven apologists for bankers like Ms Knight ever ever again.

+1

Thanks for the support. I'm just too meek and mild for my own good ;-).

Love your choice of pasted quote. There were a NUMBER of them!

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During the 80s/90s recession the banks were criticised for their extremely harsh treatment of some debtors but apart from the Tory government it seemed to be mainly the estate agents taking the brunt of the blame for it all getting out of hand and there was a tremendous amount of estate agency "bashing" and reams and reams of stuff in the media about how in future there would be new rules and regulations to govern their behaviour and to get them to behave with more integrity.

Did it happen with estate agents? I don't think so but judge for yourself from their behaviour during the latest "boom".

Do they take people for fools. Good question but they're claiming there's already been reform and it isn't that evident - like the estate agents reform during and after the last recession.

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I think Angela knight is the perfect representative of the banking sector- arrogant, out of touch and grossly insensitive to the pain they have inflicted on the population.

I hope they keep her front and centre- she does more damage to the banksters than a thousand posts on here could ever do.

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I think Angela knight is the perfect representative of the banking sector- arrogant, out of touch and grossly insensitive to the pain they have inflicted on the population.

I hope they keep her front and centre- she does more damage to the banksters than a thousand posts on here could ever do.

Spot on.

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I think Angela knight is the perfect representative of the banking sector- arrogant, out of touch and grossly insensitive to the pain they have inflicted on the population.

I hope they keep her front and centre- she does more damage to the banksters than a thousand posts on here could ever do.

+1 .... Angela Knight is especially loathesome

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I thought our last PM..cant remember his name, said he thought it was time for a Global System of regulation for banks...otherwise individual countries could ignore the regs and banks would "suffer" competition..

Cant think of any regulations that have changed much...indeed, the FSA hasnt even completed its report into mortgage fraud...only 3.5 years passed since the crash.

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I think Angela knight is the perfect representative of the banking sector- arrogant, out of touch and grossly insensitive to the pain they have inflicted on the population.

I hope they keep her front and centre- she does more damage to the banksters than a thousand posts on here could ever do.

I'd have to disagree. The endless repetition of the meme (The crisis came out of nowhere, banks have to pay vast amounts or they'll just go offshore, all better now, shut up carping..) will get into people's heads.

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http://www.ft.com/cms/s/0/2e6ba9a6-49bd-11e0-acf0-00144feab49a.html#axzz1G76gdHMa

For instance, the attempt to negotiate a deal with the banks – the so-called Project Merlin exercise – was misguided. Although the government never spelt out what its quid pro quo would have been, the implication was that it would go easy on regulatory reform in return for more lending.

If "the implication was that it would go easy on regulatory reform in return for more lending" then that implies that there hasn't been much regulatory reform to start with. Which suggests that Angela Knight's article is being very misleading - to say the least.

Or the FT article has the wrong end of the stick.

Which article is true <_<

Edited by billybong

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"Bank-bashing may now be part of our national culture, but the fundamental changes needed in the industry are already in place

Banking reform is on the agenda and has been since the run on Northern Rock in 2007. Since then, UK banks have undergone a massive programme of reform..."

Drivels on at: http://www.guardian....-banking-reform

Do these people take us for fools? What? Oh :(

Angela [totally-disconnected-from-reality] Knight

"It remains easy to criticise this, but that section of the banking business where these bonuses are paid is also the one that brings big business into the UK – and pays a lot of taxes, too."

UK Banking tax receipts £60 Billion p.a, (and reducing coz they are off-setting CDO losses for next few decades and tax avoiding £XXXTrillions in off shore tax havens set up for themselves and select 'clients')

Amount taken from taxpayers in last 3yrs to keep their insolvent businesses running & fund bonuses £2.4Trillion!

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Angela [totally-disconnected-from-reality] Knight

"It remains easy to criticise this, but that section of the banking business where these bonuses are paid is also the one that brings big business into the UK – and pays a lot of taxes, too."

UK Banking tax receipts £60 Billion p.a, (and reducing coz they are off-setting CDO losses for next few decades and tax avoiding £XXXTrillions in off shore tax havens set up for themselves and select 'clients')

Amount taken from taxpayers in last 3yrs to keep their insolvent businesses running & fund bonuses £2.4Trillion!

That certainly puts the bankers "contribution" right into perspective.

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That certainly puts the bankers "contribution" right into perspective.

I'd say

- a 'fisheye' lens in this case! :)

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Guest sillybear2

"To use the expression of others, it really is time to move forward."

So it's time for the banksters to move forward with your money. In actual fact things are worse than ever, banks are now addicted to central bank money, low interest rates and government guarantees in order to stay solvent.

Things will move forward, just not in the way the BBA expects, people aren't stupid and there will be some big changes.

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  • 284 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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