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Darkman

Fsa Asleep On The Job

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"Northern Rock watchdog was asleep on the job"

The Governments city watchdog owned up today to glaring errors in it's handling of the NR crisis.

Evening Standard

Yep. The FSA finally owns up. But it's hardly just NR that it's failed on is it?

If the FSA had being doing it's job all along, these liar loans wouldn't have been allowed to exist in the first place.

Dismantle the FSA and rebuild a watchdog fit for purpose!

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What is their job?

Are they there to enforce the law? To create law? To suggest law?

Are they there to critise adverts? fight for the consumer or the business?

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you could argue that, had the FSA been doing the work governments paid them for, this lending boom would have never got out of control.

they were employed by the government as financial regulators, who failed to blow off steam as mortgage fraud and multiple madness went far past 3.5x salary.

they should have blown the whistle at the btl boom, and the 6x multiples and the self certs and the no deposits and the 125% LTVs.

but they didnt, and a good government should attempt lay the blame squarely, and fairly on this toothless expensive, redundant paper tiger.

they paid for a regulator and they didnt regulate.

its not the governments fault, it could be claimed.

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you could argue that, had the FSA been doing the work governments paid them for, this lending boom would have never got out of control.

they were employed by the government as financial regulators, who failed to blow off steam as mortgage fraud and multiple madness went far past 3.5x salary.

they should have blown the whistle at the btl boom, and the 6x multiples and the self certs and the no deposits and the 125% LTVs.

but they didnt, and a good government should attempt lay the blame squarely, and fairly on this toothless expensive, redundant paper tiger.

they paid for a regulator and they didnt regulate.

its not the governments fault, it could be claimed.

No - the buck stopped with Brown in those TEN YEARS he was Chancellor........... HE WAS IN CHARGE -- and he FAILED COMPLETELY. End of.

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No - the buck stopped with Brown in those TEN YEARS he was Chancellor........... HE WAS IN CHARGE -- and he FAILED COMPLETELY. End of.

it doesnt. he 'trusted' the FSA regulator to monitor the situation.

as chancellor he was there to manage the uk budget - not independent financial transactions.

just as, the minister for transport isnt responsible for speeding accidents or the minister for ports and airports being responsible for a faulty aircraft.

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The problem is that anyone with the ability, knowledge and experience to regulate the banks also has the ability, knowledge and experience to get a senior job at a bank.

(guess which pays more)

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FSA ; it is business as usual for another bunch of tax abusers.

By the way, I also think that £21m enjoyed by the Baclays boss is obscene.

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it doesnt. he 'trusted' the FSA regulator to monitor the situation.

as chancellor he was there to manage the uk budget - not independent financial transactions.

just as, the minister for transport isnt responsible for speeding accidents or the minister for ports and airports being responsible for a faulty aircraft.

He took the job of bank regulation away from the BoE who actually knew what they were doing, and gave it to a new body which he created, the FSA. So he very definitely is to blame for the mess that developed in the financial sector while he was chancellor. The fact that it suited his political purposes was what motivated him ie easy credit = HPI = feel good factor = nulabor re-elected.

He deserves to swing from a rope for the mess he has made of things.

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it doesnt. he 'trusted' the FSA regulator to monitor the situation.

as chancellor he was there to manage the uk budget - not independent financial transactions.

just as, the minister for transport isnt responsible for speeding accidents or the minister for ports and airports being responsible for a faulty aircraft.

Not sure I agree rfd: Accidents are just that - accidents. It was general knowledge - especially after the 2003 BBC Money programme [see below] that very large numbers of people were having to lie about their incomes in order to obtain sufficient monies via mortgages in order to "afford" house prices. THAT IS WHEN THE ALARM BELLS SHOULD HAVE BEEN SOUNDED. But Brown and all his merry men decided to turn a blind eye. Indeed - his fellow MPs decided to climb onto the Pyramid Scam - and "buy" more houses using our money - called "expenses"..... It is flagrant profiteering. THEY TURNED A BLIND EYE - No doubt about it.

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  • 293 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% +
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      • Even
      • up 2.5%
      • up 5%



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