Tuesday, June 7, 2011

Gordon Brown’s part in the whole financial crisis becomes clear….

Geithner warns on light-touch oversight

'Tim Geithner, Treasury secretary, warned overseas regulators against undercutting US financial regulations, citing the “tragic” example that the UK set in light-touch oversight.'

Posted by hpwatcher @ 05:53 AM (1623 views)
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7 thoughts on “Gordon Brown’s part in the whole financial crisis becomes clear….

  • Alluding to the fallout from the financial crisis, the Treasury secretary held up the UK’s past policies as a negative example for other markets: “The United Kingdom’s experiment in a strategy of light-touch regulation to attract business to London away from New York and Frankfurt ended tragically,” he said. “That should be a cautionary note for other countries deciding whether to try to take advantage of the rise in standards in the United States.”

    When is Brown going to be held responsible for his part in the crisis?

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  • I’m charging you with Treason Sir.

    Is that a snug fit?

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  • Pot calling the kettle black…

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  • Deregulation of finance and corporate governance can start anywhere – London, New York, individual American states, the islands that many think is the location of ‘offshore’ and so on. It then spreads like wildfire – the global race to the bottom. As for attracting US banks to London, those banks straddled London and New York for ‘regulatory arbitrage’ purposes and gained enormously thereby.

    London just happens to be the most hypocritical finance centre, allowing dirty work to take place in territories it pretends it doesn’t control and benefitting from the business thereby generated for the City. It’s all in Shaxon’s book.

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  • ontheotherhand says:

    Yes, pot and kettle. For example, our hedge funds have always had to have an independent administrator checking the assets and have always had to be registered with the FSA. We didn’t have a Madoff here. Post the horse bolting they now say hedge funds in the US have to be registered with the SEC and self-administered is no longer tolerated.

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  • Pot calling the kettle black?

    Obama-: ‘There’s a building in the Cayman Islands that houses over 12,000 companies. That’s either the biggest building or the biggest tax scam on record’

    A Travers (Cayman Financial Services Authority Chairman): ‘An office at 1209 North Orange Street, Wilmington (Delaware) houses the grand total of 217,000 companies’.

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