Adair Turner: Bankers 'no Longer In Denial'

[doahh]

From an interview with the departing head of the FSA since the financial crisis started:

It was a remarkable time – and it leads to a remarkable admission from someone once closely involved in the running of banks. Lord Turner was formerly vice-chairman of Merrill Lynch Europe and a non-executive director of Standard Chartered.

“I think that’s because we were slow to realise that once an economy has become overleveraged, once either corporates or households are over-leveraged, they will devote whatever disposable income they have to trying to get their balance sheets down, and therefore the demand for credit is depressed.”

The vice-chairman of several high profile banks didn't understand the very fundamentals of the business he was running. Did he get his position through his lordly contacts and not merit by any chance?

It wasn’t until the FSA’s own, reluctantly authored, RBS report of 2011 on the collapse of Fred Goodwin’s bank that Lord Turner fully realised how dysfunctional the system had become.

It took him 3 years to realise how badly run the FSA and the banks were?

“I was very surprised that, despite the fact that we had 3,000 people, the allocation on the direct supervision of RBS was five people,” he says.

I had never gone back to basics and said, 'why do we allow banks to run with 30, 40, 50 times leverage?’. And neither had anybody else, funnily.”

Why not? critics may scream – or, more precisely, there were some people warning of calamity, why weren’t they listened to?

“Well, it’s partly the frog in the boiling water, isn’t it?” Lord Turner says.

It sounds like he has an IQ of significantly under 100.

“I think we’ve got to move on at some stage in terms of trust in the banking system,” says Lord Turner.

??? pardon ???

He reveals that he will be writing a book on the financial crisis, not a “kiss-and-tell”, he insists, but a study of the economic and financial fallout from the momentous events of five years ago.

I'll pass on your wonderful insights and talk to a 5 year old about the crisis instead.

This is the guy who has been the head of the FSA since the financial crisis started. TPTB are becoming more transparent about their activities, with Cyprus and this a5sehole giving an interview they must be wanting to be discovered for the thieves they are. He is nothing but a shill for the bankers.

Edited March 17, 2013 by doahh

[easy2012]

From an interview with the departing head of the FSA since the financial crisis started:

Some bankers may no longer in denial (at least in private), but vince cable, George (who want to 'help' home buyer on Wed budget), FSA, Mervy are certainly still in denial mode.

[Bloo Loo]

The cat is out of the bag.

Denial is no longer a priority.

This guy is lying even 5 years after the event....I bet he was king of the check box "inspection".

[doomed]

We are at the stage now where it does not matter what they say and do the system is broken beyond repair. It has been 6 years and noone has yet come up with a solution because there isn't one.

[okaycuckoo]

We are at the stage now where it does not matter what they say and do the system is broken beyond repair. It has been 6 years and noone has yet come up with a solution because there isn't one.

The only solution was applied in 2009. Sadly it only helps their buddies.

[Tired of Waiting]

From an interview with the departing head of the FSA since the financial crisis started:

The vice-chairman of several high profile banks didn't understand the very fundamentals of the business he was running. Did he get his position through his lordly contacts and not merit by any chance?

It took him 3 years to realise how badly run the FSA and the banks were?

It sounds like he has an IQ of significantly under 100.

??? pardon ???

I'll pass on your wonderful insights and talk to a 5 year old about the crisis instead.

This is the guy who has been the head of the FSA since the financial crisis started. TPTB are becoming more transparent about their activities, with Cyprus and this a5sehole giving an interview they must be wanting to be discovered for the thieves they are. He is nothing but a shill for the bankers.

+ 1

Turner was utterly unqualified for his position. And a complete moron as well.

Even worse than King, who IMPO at least had an inkling on what was happening, but lacked balls to do anything about.

I remember Googling about Turner's university qualifications, years ago. I don't remember the results though.

[Blue Peter]

+ 1

Turner was utterly unqualified for his position. And a complete moron as well.

Even worse than King, who IMPO at least had an inkling on what was happening, but lacked balls to do anything about.

I remember Googling about Turner's university qualifications, years ago. I don't remember the results though.

According to wikipedia:

He attended Glenalmond College and Gonville and Caius College, Cambridge, where he took a double first in History and Economics and became President of the Cambridge Union.

Peter.

[Tired of Waiting]

According to wikipedia:

Peter.

Thanks. Hard to believe though.

Edit: Now from an official source:

Lord Turner studied History and Economics at Gonville and Caius College, Cambridge from 1974-78.

http://www.fsa.gov.uk/about/who/board/turner.shtml

Still hard to believe though.

.

Edited March 17, 2013 by Tired of Waiting

[Bloo Loo]

Thanks. Hard to believe though.

not really, History for Revisionism and some form of Left wing economics course, leader of the Union, learned to Lie. Probably never had to ever earn a penny in his life.

Not only that , having a medical degree didnt make Harold Shipman a great Doctor.

Edited March 17, 2013 by Bloo Loo

[OnlyMe]

The denial is there in Caterpillar bucket loads. Disgraceful ****-covering and nothing more.

If other sectors were run and regulated in the same way we'd have whole fleets of aircraft falling out of the sky.

We are dealing with a breed of parasitic liars, they are all the same.

[R K]

Bankers' shill.

Give him a peerage and stick him in the Lords to keep the money flowing to the elite.

[Executive Sadman]

For gods sake. We know he's scum. We know his friends are scum. Even now they cant give us the decency of being honest, but instead prints this guff..

He's not an idiot. He knows its a ponzi scheme. His and every other banksters motivation is simple.

Firstly, dance while the music plays. Extract as much money as you can for as long as you can.

Secondly, even if you do have doubts, dont rock the boat. You will be banished and blacklisted by your fellow banksters, just as the RBS (or was it HBOS) whistleblower was.

In summation, they are all moral-less cowards, but not idiots. In reality most people with basic greedy human instinct would probably do the same. Its our politicians who have let us down allowing (or in browns case, condoning) it. Its the politicians who need to be strung up.

[@contradevian]

Bankers' shill.

Give him a peerage and stick him in the Lords to keep the money flowing to the elite.

Put into the FSA by the Scottish Clown in chief of course.

[erranta]

For gods sake. We know he's scum. We know his friends are scum. Even now they cant give us the decency of being honest, but instead prints this guff..

He's not an idiot. He knows its a ponzi scheme. His and every other banksters motivation is simple.

Firstly, dance while the music plays. Extract as much money as you can for as long as you can.

Secondly, even if you do have doubts, dont rock the boat. You will be banished and blacklisted by your fellow banksters, just as the RBS (or was it HBOS) whistleblower was.

In summation, they are all moral-less cowards, but not idiots. In reality most people with basic greedy human instinct would probably do the same. Its our politicians who have let us down allowing (or in browns case, condoning) it. Its the politicians who need to be strung up.

The Bankers were SO remorseful that they HAD to fiddle libor (yrs after the crash) to make the targets bullying (double) Diamond had set.

Can't wait till HPC'ers rip his book apart (insulated waffling old goat)

"I had never gone back to basics and said, 'why do we allow banks to run with 30, 40, 50 times leverage?'. And neither had anybody else, funnily."

He participated with veiled others in the Biggest Wealth heist in World History + oversaw Millions of lost UK jobs directly caused by THE CITY.

(3,4,5 elitist code latin suffixes? C.D.E.?)

Public have still not woken up to this

- as they keep feeding them peanuts whilst distracting their attention with Mis-selling frauds!

The Royal

"We allowed the banking system to run with much too high levels of leverage, inadequate levels of capital, and we ignored the development of leverage in the financial system and in the real economy.

"And not only did we ignore it but we had a pretty overt intellectual philosophy that we could ignore it, because we knew the financial system was just a market like any other and whatever it did was bound to be for the good because that's what markets are.

That was a huge mistake."

Edited March 17, 2013 by erranta

[wonderpup]

“I think we’ve got to move on at some stage in terms of trust in the banking system,” says Lord Turner.

We have moved on- we now know they are essentially white collar criminals- an organised crime syndicate that exists entirely to serve itself and to enrich it's members. It's Turner who's clinging to the past- trying to revive an era when bankers were viewed as possessing ethical codes and some kind of social responsibility.

The reason no one trusts bankers any more is not due to a defective apprehension of the their true nature- it's due to the quite accurate understanding that they are corrupt and shameless and will do whatever it takes to gain the wealth they believe is theirs by right.

PPI- Interest Rate Swaps- Libor Rigging- Insider trading- laundering drug money- financing terrorists- selling financial products they knew to be worthless- colluding with hedge funds to create products they knew to be worthless- the list goes on and on.

What do these people have to do before they are treated as the criminals they are?

[erranta]

We have moved on- we now know they are essentially white collar criminals- an organised crime syndicate that exists entirely to serve itself and to enrich it's members. It's Turner who's clinging to the past- trying to revive an era when bankers were viewed as possessing ethical codes and some kind of social responsibility.

The reason no one trusts bankers any more is not due to a defective apprehension of the their true nature- it's due to the quite accurate understanding that they are corrupt and shameless and will do whatever it takes to gain the wealth they believe is theirs by right.

PPI- Interest Rate Swaps- Libor Rigging- Insider trading- laundering drug money- financing terrorists- selling financial products they knew to be worthless- colluding with hedge funds to create products they knew to be worthless- the list goes on and on.

What do these people have to do before they are treated as the criminals they are?

Biggest one

- is they allow themselves to set up client investors (city slang "RATS") & steer them into situations that they themselves have previously (hedged) bet against.

(etymology of 'hedge' is something shameful-dirty (tricks))

This betting should be immediately banned by ALL states around the World

[Ah-so]

For gods sake. We know he's scum. We know his friends are scum. Even now they cant give us the decency of being honest, but instead prints this guff..

He's not an idiot. He knows its a ponzi scheme. His and every other banksters motivation is simple.

Firstly, dance while the music plays. Extract as much money as you can for as long as you can.

Secondly, even if you do have doubts, dont rock the boat. You will be banished and blacklisted by your fellow banksters, just as the RBS (or was it HBOS) whistleblower was.

In summation, they are all moral-less cowards, but not idiots. In reality most people with basic greedy human instinct would probably do the same. Its our politicians who have let us down allowing (or in browns case, condoning) it. Its the politicians who need to be strung up.

Adair is a nice chap, very clever and far from a bankers shill. He was suitably left wing enough for Brown to appoint him to the largely honoury role as chairman of the FSA just before the crisis broke . He has since done great work on the risks of the shadow banking system and some other projects.

I find many of the responses on this site to be knee jerk and written out of ignorance.

[Bloo Loo]

Adair is a nice chap, very clever and far from a bankers shill. He was suitably left wing enough for Brown to appoint him to the largely honoury role as chairman of the FSA just before the crisis broke . He has since done great work on the risks of the shadow banking system and some other projects.

I find many of the responses on this site to be knee jerk and written out of ignorance.

and he's done what ...exactly? banking laws changed? no

bankers tracked down for crimes, arrested, charged and jailed?...no

Chattering class chattering no doubt.

[Ah-so]

and he's done what ...exactly? banking laws changed? no

bankers tracked down for crimes, arrested, charged and jailed?...no

Chattering class chattering no doubt.

He is the chairman - a part time role - he does not do a great deal. Hector Sants was running the FSA so your complaints should be with him.

Within its powers, a number of laws have changed, quite dramatically. Basel 3 for starters, the UK's liquidity regime for another.

The FSA followed up Libor and set the fine on Barclays etc. It does not run jails, but I am sure it would welcome the CPS doing something with the Libor case file. Obviously it would not be doing the prosecution itself as it would not have the legal power, as I am sure you know.

[wonderpup]

Adair is a nice chap, very clever and far from a bankers shill. He was suitably left wing enough for Brown to appoint him to the largely honoury role as chairman of the FSA just before the crisis broke . He has since done great work on the risks of the shadow banking system and some other projects.

I find many of the responses on this site to be knee jerk and written out of ignorance.

The problem is that they are all 'nice chaps'- but none seem capable of uttering a simple five letter word- Fraud.

I have paid close attention to the public utterances of people like Turner and observed just how very carefully they avoid this word in even the most general and blatant of contexts. For example we have the Libor situation described as a 'misdemeanor' when-in reality- it's the single biggest fraud in history.

So spare me the 'nice chaps' and give me someone who will do their f*cking job and start to treat criminal fraud as fraud- and not try to excuse it or minimise it.

Turner is critical of the bankers the way a sad parent might be critical of a wayward child- but his ultimate desire is to restore them to what he considers their rightful place as the financial aristocracy of the nation. For this reason he is-at heart- a banker shill.

[The Spaniard]

"I had never gone back to basics and said, 'why do we allow banks to run with 30, 40, 50 times leverage?'. And neither had anybody else, funnily."

He's plain wrong on that one.

For centuries, some people have been asking 'why do we allow banks to run with any leverage?'

It's a very good question.

If anyone here on HPC has not yet seen it, start with Bill Still's film The Secret of Oz.

And check out what these people have to offer for the UK:

http://www.positivemoney.org/

[fluffy666]

Thanks. Hard to believe though.

Edit: Now from an official source:

Still hard to believe though.

Not really. He's done a degree which may require plenty of study but does not include any serious analytical skills.

[Bloo Loo]

He is the chairman - a part time role - he does not do a great deal. Hector Sants was running the FSA so your complaints should be with him.

Within its powers, a number of laws have changed, quite dramatically. Basel 3 for starters, the UK's liquidity regime for another.

The FSA followed up Libor and set the fine on Barclays etc. It does not run jails, but I am sure it would welcome the CPS doing something with the Libor case file. Obviously it would not be doing the prosecution itself as it would not have the legal power, as I am sure you know.

It could certainly begin a private prosecution, which would force the hand of the Serious Fraud Office to take over..the evidence gathered much more potent than a second round of under caution inerviews by plod.

[Tired of Waiting]

Not really. He's done a degree which may require plenty of study but does not include any serious analytical skills.

But bubbles are Eco101!