Friday, July 16, 2010
McWhirter telling it like it is
Youâ€™ve heard of locking the stable door when the horse has bolted. Well, the Financial Services Authority has gone one better and promised to do its job properly only after it has been closed down. Yesterday, the boss of Britainâ€™s financial watchdog, Lord Turner, grandly announced the FSA was going to put an end to â€œliar loansâ€, 125% â€œsuicideâ€ mortgages and other scams from the great housing bubble. Bit late, your lordship. Last month, Chancellor George Osborne announced that the FSA is to be scrapped and financial regulation returned to the Bank of England.