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Mps Want Extra Independents On Bank Committee

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Gold is in a bubble.

There you go chaps, that was dead simple.

Now deflate it!

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...give us a break ...Gordo the goon is gone ....the bursting bubble will take years to deflate ...identifying new bubbles is not quite the issue right now..... :rolleyes:

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Gold is in a bubble.

There you go chaps, that was dead simple.

Now deflate it!

There are a few GOLD Bully's oooops sorry Bugs who would disagree..............Whats a bubble,............. it ain't a bubble till it pops............Now houses WERE in a bubble!

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Chaired by Mervyn King?! Is that some satire from Private Eye? Lady Gaga would be a far preferable chair

...good point ...he just missed the biggest bubble the world has ever seen ...on his watch.....his survival like Fred the Shred's is an insult to mankind....at least Gordo the Bubble king is out of the way ....for now..... :rolleyes:

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FT LINK

A key parliamentary committee has demanded that the Bank of England add independent voices to a new body responsible for identifying and deflating economic bubbles

Yup, that is just what we need, a new body ...dare I suggest that what we actually need is a good number of the same, mostly banksters

Edited by Flatdog

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Economists and MPs have expressed concern that Mr King will be burdened with so many new responsibilities.

:lol::lol:

Concern about Mr King's burden of so many responsibilities :lol::lol::lol: .

Oh come on! Economists and MPs, for goodness sake be serious just for once. He sheds responsibilities like nobody's business aptly demonstrated by the way he's shed responsibility for meeting the inflation remit over the years - shed almost from the very first year he was supposed to have that "responsibility".

At any rate the MPs will soon be taking their several months summer holidays soon and likely similar for a fair number of those economists.

Edited by billybong

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identifying and deflating economic bubbles

There is still denial about the current one! We are still in it :lol:

(It'll blow over in a year or two and everything will go back to 'normal')

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"Jobs for the Boys?"

"Horse, Gate, Bolted?"

Why do MP's even bother pretending that they are doing this, to create a balanced impartial committee?

If MP's are fast for something to do, and serious about accountability, why dont they call in the Serious Fraud office, and investigate the banks for perpetuating the biggest mortgage fraud in history?

And themselves, the Ministers, who were voting on policies to inflate, and keep inflated, the biggest housing bubble in history, whilst all the time, making hundreds of thousands in personal profits, under a secret expenses system, with second homes, funded by the taxpayer?

Or the ratings agencies for rating those properties, which were wrapped in CDO's as AAA?

Or the FSA for not challenging 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?

Or the liar loan landlords, who earned £10k per year, yet were allowed to borrow enough to buy hundreds of properties?

Or Gordon Brown, for organising the shotgun wedding between HBOS, and Lloyds? [where according to whistleblowers like Paul Moore, up to 80% of mortagage loans, made at HBOS, were so called liar loans. Yet the banks refuse to release the LTV of those properties.] Or the former boss of HBOS Sir James Crosby, knighted by Brown, and made chairman of the FSA?

Or the monopolies commisions for bowing to the crooked Prime Minister.

Or the RICS valuers, who did 'drive by' valuations of properties.

Or the mortage brokers who encouraged people to state a higher level of income that they actually earned, and faked documents.

Or any of the other multi millionaire's who were mis-selling risk, who are implicated in this? And walked away with pensions in the tens of millions?

[Or the advertising standards authority, who allowed ramping of property for years, in the media, whose largest revenue stream was coming from property adverts. Or the taxpayer funded BBC, who have thousands of executives earning six figure salaries, who pushed property porn programmes, whilst buying BTL.]

QUIS CUSTODIET IPSOS CUSTODES?

Welcome to Corrupt Fascist Plutocratic Corporatist Britain.

Where No-one's held accountable and the innocent are punished................................

Edited by Dan1

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These are the written responses Alistair Clark & Michael Cohrs submitted to the Treasury Select Committee

Clark

Q1 Do you have any business or financial connections or other commitments which might give rise to

a conflict of interest in carrying out your duties as a member of the FPC?

I have two regular commitments besides the FPC:

(1) I am an independent non-executive director of LIFFE Administration and Management, the

company responsible for running the LIFFE derivatives exchange within the NYSE Euronext

group.

(2) I am on contract to HM Treasury as a part-time (up to two days a week) adviser on financial

issues, in practice principally issues relating to the structure of regulatory arrangements;

I have discussed both of these commitments with the Governor, with the conclusion that neither involves a

material conflict of interest with the responsibilities of a member of the FPC. If any issue should arise

where there would appear to be such a conflict, I would recuse myself from the discussion as required

under the FPC contract.

In addition, I have in the past provided (and may in future provide) advice to overseas central banks and

finance ministries on the structure of their financial stability arrangements. I have also discussed this with

the Governor and do not believe it involves any material conflict of interest.

Q2 Do you intend to serve out the full term for which you have been appointed?

Yes

Q3 Please explain how your experience to date has equipped you to fulfil your responsibilities as a

member of the FPC. In particular, what areas of the FPC’s work do you believe you will make a particular

contribution to, and which will you have to undertake additional research into upon your arrival?

For most of the twenty years from 1987 to 2007 my responsibilities at the Bank related to the functioning

and stability of the financial system. From 1997 this was as Executive Director for financial stability

when the Bank was seeking to define its financial stability role after the creation of the FSA – and then as

Adviser to Mervyn King. During that time I had a broad engagement with issues relating to the financial

system, frequent contact with private sector practitioners and experience of participating in a number of

international groups concerned with financial policy.

I left the Bank in early 2007 but was asked to return in the autumn of that year. In autumn 2009 I was

asked to join HM Treasury as a part-time adviser on financial stability issues.

http://www.bankofengland.co.uk/publications/other/treasurycommittee/appoint/clark_june11.pdf

Cohrs

1. Do you have any business or financial connections or other commitments which might give

rise to a conflict of interest in carrying out your duties as a member of the FPC?

My external business connections currently are

Member of the European Advisory Board of Deutsche Bank (two meetings per year); and

• Non-Executive Director of Surfcast (a small software company in the USA).

These were agreed with the Governor on my appointment and it is also agreed that I would consult him

before taking on any other commitments.

My investments include a shareholding in Deutsche Bank arising from deferred bonuses. Under Bank

rules I, along with other FPC members, must seek approval before trading in any financial instruments; we

must also disclose our stock of investments to the Bank.

2. Do you intend to serve out the full term for which you have been appointed?

Yes.

3. Please explain how your experience to date has equipped you to fulfil your responsibilities as

a member of the FPC? In particular, what areas of the FPC’s work do you believe you will

make a particular contribution to, and which will you have to undertake additional research into

upon your arrival?

As a member of the Group Executive Committee and Board of Deutsche Bank I became familiar with the

assets and liabilities of one of the world’s largest banks and had a hands on role in risk management.

As Head of Global Banking I ran a division which did investment and commercial banking including:

Lending to large corporates and SME’s

Commercial Real Estate Lending

Leverage Lending

Corporate Finance including Advisory, Debt & Equity Capital Markets, Project Finance and Work

Outs

Transaction Banking including Cash Management and Trade Finance

Loan Exposure Management; dealing with the hedging of all of Deutsche Bank’s lending

I think I can bring practical expertise to the somewhat more theoretical regulatory world. I have worked in

most of the major capital markets around the world and have experience and knowledge of market

movements and mechanisms.

I need to better understand the culture of the Bank of England and the FSA, the relationship between the

Bank of England and Parliament, the interaction between the Bank of England and other central

banks/regulators and need to do a deep dive on the UK financial firms.

http://www.bankofengland.co.uk/publications/other/treasurycommittee/appoint/cohrs_june11.pdf

So Clark was executive director of financial stability for years up to 2007! Do we really want more of the same?

Cohrs is a banker with a lot of leverage experience but seems to know little about the B of E/FSA/Central Banks and UK financial firms

What could go wrong?

Edited by Redhat Sly

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  • 277 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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