Tuesday, April 13, 2010

Bye Bye Banks

Gordon Brown admits banks needed more regulation

Gordon Brown tonight admitted he should have regulated the British banks more than he did, and said he did not do so due to lobbying by the City.

Posted by devo @ 11:16 PM (1248 views)
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6 thoughts on “Bye Bye Banks

  • …….and the very same money driven lobbying is happening now, so that any regulation will be muzzled or toothless, but probably both, so the innovations in financial instruments of the past decade can continue unabated, and the masters of the universe can continue to laud over us all.

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  • Quite. While he tells us he has learnt a lesson the bankers continue to make hay because the sun still shines.

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  • “Look Gordon, we’re the ones running the show. Now tell the FSA to back off, as we’re going to create the biggest property bubble scam the world’s ever seen. We’ll trade lots of nonsense instruments off the back, and convince the dumb public that
    investing in property is a one way bet. You’ll get loads of double tax stamp duty and CGT in the process, so everyone’s a winner, apart
    from the public off course [smerk and laugh]. If that doesn’t persuade you, here’s a video of the JFK shooting from an angle nobody’s seen before.”

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  • The money will find the holes. Regulation talk is voter fodder.

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  • It seems to my simple self that we have had 10 years of cash availability due to post 9/11 low IR borrowings against assets and high tax revenues. Early on in this period remuneration aspirations were raised by lottery winners becoming millionaires overnight and footballers earning ludicrous amounts of money. Subsequently those in control of the money started to help themselves with increasing enthusiasm. Bankers took huge salaries and bonuses followed by industry chiefs. Then came the civil servants, politicians and their expenses. The whole bonus culture, for me, has been capped by surgeons receiving them for avoiding a death on the operating table.

    Now can look forward to a prolonged period with a distinct lack of cash availability – unfortunately the chickens are out of the hen house and it will take a long time to get them back in.

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  • [email protected] 4 said….

    The money will find the holes. Regulation talk is voter fodder.

    If it is allowed to be so – defeatist talk.

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