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TheCountOfNowhere

Bye Bye Osborne.

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BY all accounts, Osborne is off to pastures new....Minister in charge of having a lot of jolly holidays ( or foreign secretary to you and me ).

£1.7T in debt.

Deficit as bad as ever.

Deficit target now binned.

FLS/HTB/Mass Immigration/Foreign buyers contributing to insane house prices and an unstable bubble economy and the destruction of pensions, savings and workers incomes.

He defended the bankers in EU courts then told us we'd have a punishment budget if we voted to Leave.

Mr Osborne should be arrested IMHO.

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Foreign Office.

FO Osborne. :lol::lol::lol:

CnJjuLBWcAAy1ID.jpg

This sums everything up. The doubling of national debt, ("paying building down up the debt"), aggregate GDP growth via mass immigration, while doing a u-turn on cutting tax credits - disgusting policies that future generations will pay for. He's all but guaranteed the UK will be mired in decades of economic malaise. It would take a brave government to clean the decks, force a crash, and rebuild (years of enormous pain), but that's what it will take. Either that, or a very slow managed decline (which is where we're at).

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Osborne and the FSA intervened repeatedly to save HSBC from a DoJ prosecution for money laundering in 2012!

https://www.theguardian.com/business/2016/jul/11/hsbc-us-money-laundering-george-osborne-report

The US government decided not to pursue criminal charges against HSBC for allowing terrorists and drug dealers to launder millions of dollars after George Osborne and the UK banking regulator intervened to warn that prosecuting Britain’s biggest bank could lead to a “global financial disaster”.

On Monday, a congressional report published letters and emails from Osborne and Financial Services Authority (FSA) officials to their US counterparts warning that launching criminal action against HSBC in 2012 could have sparked a “financial calamity”.

The House financial services committee report said the UK interventions “played a significant role in ultimately persuading the DoJ [Department of Justice] not to prosecute HSBC”. Instead of pursuing a prosecution, the bank agreed to pay a record $1.92bn (£1.4bn) fine.

The report revealed that Osborne wrote to Ben Bernanke, who was then the Federal Reserve chairman, and Timothy Geithner, the then treasury secretary, to warn that prosecuting a “systemically important financial institution” like HSBC “could lead to [financial] contagion” and pose “very serious implications for financial and economic stability, particularly in Europe and Asia”.

The report said the FSA was “problematic”, “weighed in very strongly” and caused a “firestorm”, which led the then attorney general, Eric Holder, to overrule the advice of his own prosecutors and not pursue criminal action.

“FSA has been on the phone for the criminal discussions,” officials wrote in emails released in the House report. “That’s what has caused the latest firestorm. The contents of that discussion are included in the Chancellor’s letter.”

If HSBC had been found guilty of the potential charges, the US government would have been required to review and possibly revoke its charter to do business in the US. The FSA repeatedly warned that even the threat of possible charter withdrawal could have caused a fresh global financial crisis.

The House report said Holder “misled” Congress about the justice department’s reasoning for declining to prosecute. It said the department had enough evidence to pursue criminal charges against HSBC and pointed out that the bank had already admitted to the US government that it broke money laundering rules.

The report said: “Rather than lacking adequate evidence to prove HSBC’s criminal conduct, internal treasury documents show that DoJ leadership declined to pursue [its legal team’s] recommendation to prosecute HSBC because senior DoJ leaders were concerned that prosecuting the bank ‘could result in a global financial disaster’– as the FSA repeatedly warned.”

The 2012 settlement detailed how Mexico’s Sinaloa drug cartel and Colombia’s Norte del Valle cartel laundered $881m through HSBC and a Mexican unit. In some cases, Mexican branches had widened tellers’ windows to allow big boxes of cash to be pushed across the counters.

HSBC also violated US sanctions by working with customers in Iran, Libya, Sudan, Burma and Cuba.

Edited by zugzwang

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On some levels GOs has been impressive - reducing a budget deficit of 12% to 5% takes some doing.

Thats the biggest reduction any incoming team has ever had to manage - thank you gorddy, you one eyed cnt.

On another he's just not be quick enough in dismantling the one cnts 'vote for me'

Tax cvredits has been screaming out for being scrapped. A simple bump up of 10% required hours and 10% reduction in money would have seen TCs de-fanged by now.

Eqully the clever idea of screwing over IDS by letting him rework the benefit system was bound to fail (IDS is a fkcing moron) and exploed in their faces.

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He is a liability - his inclusion in any Cabinet is behind gargling a pint of cold sick.

Cameron's just as bad if you ask me. Wasnt he the one that said he'd wished he brought in HTB earlier ?

These people are about 1 thing...high house prices...it makes them richer. it's like putting the bloke who starts a pyramid scheme in charge of the country.

May and her new Cronies will continue with the banker supporting schemes of that I have no doubt. She is not going to go home one night and tell her husband she is withdrawing support from his industry now, is she ?

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On some levels GOs has been impressive - reducing a budget deficit of 12% to 5% takes some doing.

I know you hate Brown (we all do), but I think Osborne's been a complete disaster, even by his OWN targets. He said we'd be in surplus by 2015. Then 2020. Now he says we won't be in surplus by 2020. He's brought the national debt to £1.7Tn, and borrowed more than Labour did in each of his years as chancellor bar one Labour year (2009/2010).

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Which department at Goldman Sachs is he moving to?

Hes history following weds.

Perhaps Goldmans cleaning services can offer him a job, counting and procuring toilets rolls for his banker friends?

Better still a picture of him on the paper would make every visit a pleasure.

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Surely this man cant be hated more than Blair?

Hes close...

Blair/Brown/Cameron/Osborne/Thatcher....the line of banker serving puppets seems endless (IMHO).

Now, put yourselves in their shoes...offered supported and limitless wealth/power by the establishment...would you take it ?

The problem isnt the fact this is a new phenomena, the problem is that due to easy communication everyone can see it for what it is now.

We've been robbed for years.

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Hes history following weds.

Perhaps Goldmans cleaning services can offer him a job, counting and procuring toilets rolls for his banker friends?

Better still a picture of him on the paper would make every visit a pleasure.

Maybe he can look after the coke machine in the office ?

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Better question...What did HSBC pay their fine with ?

Big bags of cash from their Mexico City branch ?

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I know you lot wont like this but I thought he was positive overall.

Wins - Deficit reduction, pension freedoms

Losses - Tax credit U-turn

You're on the wrong site....

Losses....INSANE HOUSE PRICES !!!!!!!!!!!!!!!!!!!!!!

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^ mail link

According to Osborne


‘In Britain, here in New York, and around the world, the British economy needs certainty.

Britain has had more than enough of Osborne's "certainty" and look where the British economy is right now.. Rather than his so called certainty some competence would be very much appreciated.

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