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Banks Still Expect Taxpayer To Pay For Their Failure

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A key Bank of England policymaker has contradicted the public statements of senior bankers by revealing that some privately expect the taxpayer to pick up the tab in the event of another financial crisis. In a paper published yesterday, Paul Fisher, the Bank's executive director for markets, disclosed that "some banks have told us that they think they should not be required to hold capital and liquidity to deal with such extreme tail events leaving the public sector to be the capital provider of last resort". His comments clash with the public statements of bankers who claim lenders should not be a burden on the taxpayer.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8736081/Banks-still-expect-taxpayer-to-pay-for-their-failure.html

In a paper published yesterday, Paul Fisher, the Bank's executive director for markets, disclosed that "some banks have told us that they think they should not be required to hold capital and liquidity to deal with such extreme tail events – leaving the public sector to be the capital provider of last resort".

His comments clash with the public statements of bankers who claim lenders should not be a burden on the taxpayer.

Earlier this year, Bob Diamond, Barclays' chief executive, told the Treasury Select Committee: "It is not acceptable for taxpayers to bail out banks," adding that "badly managed" lenders should be allowed to fail. There is no suggestion that Mr Diamond is among those to whom Mr Fisher was referring.

Mr Fisher was speaking as banks have stepped up their campaign against structural reforms proposed by the Independent Commission on Banking to prevent a repeat of the crisis.

He claimed the crisis was partially caused because bank bosses "seemed to have had no grasp of how risky their exposures really were". The reason was the weakness of stress tests, which looked at each bank in isolation and failed to "make consistent assumptions about ... general market conditions".

Nice.

http://www.bankofengland.co.uk/publications/news/2011/079.htm

Tail risks and contract design from a financial stability perspective.pdf

Not had chance to look at the paper yet.

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i think the news is the treasury dont have the money to bail them out, even if they wanted to. there just isnt enough income and they are already holding on with their fingernails from the current bust up.

theres no way out of this except for an utter crash. more than half off current prices, and even that would be wobbly.

how long have we been in total housing denail for now - 6-7yrs ?

i dont want one anymore and everyone else i know cant afford the deposits.

i think buying a uk house is a complete rat trap.

your better renting cheap and enjoying life than working your ass off for something you will only ever own when your too old to enjoy life.

enjoy life now. its their housing / banking crisis, not mine.

seems to me all capitalism is, is land control.

.

Edited by right_freds_dead

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Actually, this is perfectly fine....

IF the banks act in a manner which promotes the stable capital development of the country, pay their taxes and lend in a realistic manner to consumers.

However, if the banks act as if their job is to extract every last penny from consumer, small business and government until the entire system collapses, then as a taxpayer I 'Still Expect Fred Goodwin's Head On A Stick'.

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Damning on the government (and other parties) now this has been released if they do not put in controls and another bailout is requested / given.

The Govt, the Court of Clowns at the Bankrupt of England and the Fraud Services Authority had the excuse they they didn;t see anything bad coming from reckless gambling banksters hunting for commissions - they have not got that excuse this time around.

Edited by OnlyMe

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Damning on the government (and other parties) now this has been released if they do not put in controls and another bailout is requested / given.

The Govt, the Court of Clowns at the Bankrupt of England and the Fraud Services Authority had the excuse they they didn;t see anything bad coming from reckless gambling banksters hunting for commissions - they have not got that excuse this time around.

no. they do NOT have an excuse to see it coming as i wrote to gordon brown in 2003 saying exactly what is going to happen, and what has happened has been just that. right down to the breakdown and unrest. its on file. all letter sent are on file. they cannot use that as an excuse.

if a northern scrote bag like me saw this coming 8 years ago, they have no excuse and this was all perhaps contrived.

in which case that all leads back to 911 and the dot com bubble collapse.

i had jeremy vine read it out on radio 2 in the last few days of gordon browns term in office, when he last claimed no one could have seen it coming.

they are liars. if this was planned the whole system is pre-planned. if people woke up, we would have a middle eastern style uprising on our hands. the newspapers are of no help as they are merely the pre-paid mouth pieces of government. oh how they wish they could control the internet, but like arms sales, they cant because its global.

they better not play the 'didnt see it coming card'

or not until at least, ive been paid off this sept. then ill be gone.

Edited by right_freds_dead

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no. they do NOT have an excuse to see it coming as i wrote to gordon brown in 2003 saying exactly what is going to happen, and what has happened has been just that. right down to the breakdown and unrest. its on file. all letter sent are on file. they cannot use that as an excuse.

if a northern scrote bag like me saw this coming 8 years ago, they have no excuse and this was all perhaps contrived.

in which case that all leads back to 911 and the dot com bubble collapse.

i had jeremy vine read it out on radio 2 in the last few days of gordon browns term in office, when he last claimed no one could have seen it coming.

they are liars. if this was planned the whole system is pre-planned. if people woke up, we would have a middle eastern style uprising on our hands. the newspapers are of no help as they are merely the pre-paid mouth pieces of government. oh how they wish they could control the internet, but like arms sales, they cant because its global.

they better not play the 'didnt see it coming card'

or not until at least, ive been paid off this sept. then ill be gone.

RFD of course absolutely right - they knew what they were playing with but didn't mind becuse it met their own objectives. This time round is different though - they won't be able to play the ignorance card again.

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RFD of course absolutely right - they knew what they were playing with but didn't mind becuse it met their own objectives. This time round is different though - they won't be able to play the ignorance card again.

i know they knew what they were doing because i had the stats and they completely blanked me.

its all on file. the scary part is that it leads to 911 and slightly before that, which is too big for me.

im hopeful to get a very much hard earned payout in sept. if thats the case im handing up my chips and having nothing more to do with how they herd the people. its not my business how they want to farm the animals after that. ill be in my own little bubble.

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i know they knew what they were doing because i had the stats and they completely blanked me.

its all on file. the scary part is that it leads to 911 and slightly before that, which is too big for me.

im hopeful to get a very much hard earned payout in sept. if thats the case im handing up my chips and having nothing more to do with how they herd the people. its not my business how they want to farm the animals after that. ill be in my own little bubble.

RFD, enjoy your freedom if it comes about. Why do you say it is too big for you?

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Actually, this is perfectly fine....

IF the banks act in a manner which promotes the stable capital development of the country, pay their taxes and lend in a realistic manner to consumers.

However, if the banks act as if their job is to extract every last penny from consumer, small business and government until the entire system collapses, then as a taxpayer I 'Still Expect Fred Goodwin's Head On A Stick'.

If it's true that we need the banks I can't for a second believe that it's also true that we need the people who ruined them. Why must both be kept?

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  • 334 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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