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Fsa Says No Lessons To Be Learned From Investigating Collapse Of Bradford & Bingley

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8653459/FSA-says-no-lessons-to-be-learned-from-investigating-collapse-of-Bradford-and-Bingley.html

The Financial Services Authority (FSA) has risked a new political storm after saying it will not investigate the collapse of any of Britain's smaller lenders during the financial crisis, including Bradford & Bingley, arguing there are no lessons to be learned from their failures.

Lord Turner, the chairman of the FSA, promised a full report into the collapse of HBOS and Royal Bank of Scotland, but said that investigating the circumstances surrounding the failure of smaller banks was pointless.

"None of the other institutions that failed in 2008 was of the scale of RBS and HBOS. None is therefore likely to reveal lessons essential to our understanding of the causes of the crisis nor of the steps needed to ensure better regulation and supervision in the future," wrote Lord Turner in a letter to the Treasury Select Committee.

Why waste time on a pointless exercise...

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You would have thought someone at the FSA would have heard that those who cannot learn from the mistakes of the past are doomed to repeat them?

No?

Oh well. See you at the next economy-busting systemic banking collapse and bail out then.

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Promoting liar loas, packaging shit and flogging it on in the billions is thus of no concern to the finacial scam agency.

It is there to provide a veneer of decency to largely manipulating and increasingly corrupt financial system,

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You would have thought someone at the FSA would have heard that those who cannot learn from the mistakes of the past are doomed to repeat them?

What mistakes?

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What mistakes?

Well, for one thing, the two annoying geezers in bowler hats who used to do their TV ads should have been replaced far earlier by the perky, fit young lady .

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Who watches the Watchmen?

A short Essay on the incompetence of the UK's Financial Services Authority:

Sir James Crosby, king of the liar loans, who led HBOS from 2001 to 2006, resigned as deputy Chairman of the FSA, after being knighted by Gordon Brown, for services to banking, to protect the FSA from controversy. [With A pension pot worth over Ten Million pounds.]

Senior Sources inside HBOS claim over a certain time period, under Crosby, up to 80% of all mortgage loans were so called liar loans.

As the City of London's Primary Watchdog, what was the Main role of the FSA?

The primary purpose of the FSA is to challenge 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.

They did none of this at all.

The FSA themselves are guilty of gross incompetence, and a dereliction of duty.

How can anyone argue otherwise?

The FSA Estimates over 45% of all UK mortgage loans were so called 'liar loans' Endemic systemic corruption, and Fraud, taking place under the noses of the FSA. One therefore MUST conclude, it was done with their approval.

Under the Tripartite System, nobody knew who was in charge.

* Lord Vallance, chairman of the House of Lords economics affairs committee. [Tasked to look into the causes of the Crisis]

*

"It is clear that in the UK the tripartite authorities of the Bank of England, FSA, and the Treasury failed to maintain financial stability, in part because it was not clear who was in charge in a crisis and because not enough attention was paid to macro-prudential supervision - oversight of the aggregate effect of the actions of individual banks - in the period when 'boom and bust" occured"
* "We need to acknowledge that the regulations and their application contributed to the crisis, and made it worse when it came, because among other things, they had a pro-cyclical bias, did not pay enough attention to liquidity, and were wide open to regulatory arbitrage,"

The decision to make the Bank of England independent handed most regulatory supervision to the FSA, but the committee found there was an inadequate definition of roles and responsibilities at all three constituent parts of the system

"It is to be hoped that the Labour government will accept that the tripartite arrangement was a mistake, and that responsibility for the stability of the financial system must be entrusted to an agency with no other role, an agency within the Bank of England which can use its powers to discharge the duty effectively and efficiently. Only then can we be confident that the financial system will be better able to withstand the next financial crisis."

Sir Martin Jacomb. Economics Affairs Commitee.

What conclusions must one draw from this?

THE THIEVING LUNATICS REALLY ARE IN CHARGE OF THE ASYLUM.

Edited by Milton

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Well, for one thing, the two annoying geezers in bowler hats who used to do their TV ads should have been replaced far earlier by the perky, fit young lady .

True.

Thomson_Thompson.jpg

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The Bradford and Bingley were bailed out by the taxpayer to the extent of a staggering fifty billion pounds.

Their clients included people like the BTL king Fergus Wilson, who was able to borrow enough to purchase 900 houses. A half a billion pound property empire.

[On a teachers salary]

Their main product was the BTL mortgage.

They even printed on their literature, 'House Prices will never drop'

They then sold off the good parts, [the branches] to Santander, and Abbey. Most of the staff kept their jobs.

The toxic crap, has been passed onto the taxpayer. It will take years and years to pay off. [if ever]

By you and me, Joe Taxpayer.

FSA response: Sweep it all under the Carpet.

Edited by Milton

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'No one ever learns anything'.

The only answer is revolution. Year after Year of Blood on the streets.

[Of course, I'm going way too far to suggest this, and should be neutered, according to the MSM.]

Grand Larceny has been rewarded at the expense of millions of average citizens.

Why isnt the government committed to tax changes that spread the pain of deficit reduction fairly?

Between those who own property and those who do not?

When we've already been forced to waste tens upon tens of thousands in rent. And have no chance of acquiring any capital in the near future, as the theft continues.

They have turned us into slaves, via their criminal activities.

Edited by Milton

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...it should not be up to the FSA...they are VIs in the collapse....another cover up scandal...it will come to light with a bit of pressure... :rolleyes:

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They leant on the FSA to be 'lenient' and to get off the banks' backs.

Gordon Brown

Speech to the CBI, 5 June 2006:

"Last year we set out radical proposals for changing the way we regulate: minimising the administrative burdens of regulation; and ensuring that the realities of regulation, as you experience them on the ground, are transformed — by moving away from the 'old' blanket approach, of 100 per cent form-filling and 100 per cent inspection that is inefficient and wasteful of your time, to a new approach based on RISK…

And I believe, too, we should consider how we can continue to extend our RISK-based approach, applying the concept of RISK not just to the enforcement of regulation, but also to the design and indeed to the DECISION ON WHETHER TO REGULATE AT ALL… "

Lets Face it. Its a pantomime.

The argument that the Tories would have done the same as Labour [1997-2009] is disingenuos. And Ridiculous, as it cannot be proven.

However, The Tories and Lib Dems have done nothing to change the Staus Quo. They want the Pantomime to continue.

2015 General election: Protest Vote a nutter party.

Edited by Milton

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Hmmm.

Yes, the big banks were the more important.

But Northern Rock was first, and it was the Northern Rock bailout that first poisoned the whole system with public money, affecting all the remaining banks. There were a couple of private sector bidders for NR, but idiot-government decides it knows better and pours in taxpayers money instead.

RBS was an interesting consequence, 'cos I can't help wondering if it might've survived (albeit with a bit of scrabbling around - c.f. Barclays) if the banking pool hadn't been thus poisoned. And of course Lloyds was one of the bidders for NR: if they'd taken on a smaller wreck they'd surely have suffered an uncomfortable but non-fatal bout of indigestion, which would have dulled the appetite for that HBoS suicide pill.

Whose remit is the holistic overview, and how can it happen if they are explicitly going to ignore elements of the whole?

[edit - tyop]

Edited by porca misèria

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2015 General election: Protest Vote a nutter party.

A mainstream nutter party, or anutter utter nutter party?

One election some years back I wandered down to my then-local town hall on election night. There were of course factions for each of the main parties, so I joined in with a cry of (support for) "Raving Loony". Probably the only cry not to cause offence anywhere, as there was no official Raving Loony candidate but noone disagreed with the view that a raving loony would get elected.

Edited by porca misèria

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A mainstream nutter party, or anutter utter nutter party?

One election some years back I wandered down to my then-local town hall on election night. There were of course factions for each of the main parties, so I joined in with a cry of (support for) "Raving Loony". Probably the only cry not to cause offence anywhere, as there was no official Raving Loony candidate but noone disagreed with the view that a raving loony would get elected.

Bankers with their money and ability to create unlimited amounts of money easily take over democratic systems. That is why wherever you see democracy, the bankers are always in total control. And the people and country are struggling under debts.

Meanwhile most places you see dictatorships, whether in Russia, China, Saudi Arabia, Iran.. the banks are well under control, yet amazingly national industrial and infrastructure development still gets funded. The government of China doesn't have to beg a bunch of private bankers to lend money to fund some industrial plant.

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Who watches the Watchmen?

A short Essay on the incompetence of the UK's Financial Services Authority:

Sir James Crosby, king of the liar loans, who led HBOS from 2001 to 2006, resigned as deputy Chairman of the FSA, after being knighted by Gordon Brown, for services to banking, to protect the FSA from controversy. [With A pension pot worth over Ten Million pounds.]

Senior Sources inside HBOS claim over a certain time period, under Crosby, up to 80% of all mortgage loans were so called liar loans.

...//...

What conclusions must one conclude from this?

THE THIEVING LUNATICS REALLY ARE IN CHARGE OF THE ASYLUM.

PRECISELY. That C NT Crosby should be in jail. It is INCREDIBLE that he hasn't been charged with mass fraud - he oversaw the greatest mortgage fraud scam ever known here in the UK..... Northern Rock & Bradford & Bingley did the same -- and their bosses should be in jail too. :angry: :angry:

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