Overlooked by most of the media, I was surprised to find this in the Grauniad not just because of the sheer dynamite it shoves up The Great Leader's fat arse, but because of that newspaper's political leanings.
Lord Burns, the single most authoritative possible person to be able to testify on the subject*, has quietly but devastatingly ripped a hole, a fucking huge hole, in Gordon Brown's assertions that the banking crisis is the fault of the Americans and their dodgy mortgages. It was Lord Burns, then Sir Terry Burns, who was Permanent Secretary at the Treasury when Gordon forced the introduction of the tripartite system of financial regulation and created the not-fit-for-purpose Financial Services Authority. Sir Terry had to shuttle between a very unhappy Eddie George at the Bank of England and the One Eyed Chancellor, and now looks back to the previous tried and tested system as being superior in every respect.
"Burns said the tripartite structure covering the Bank of England, the Treasury and the Financial Services Authority, had not properly overlapped - with the result that failed business models in British banking were not spotted. He also said the system was insufficiently transparent and in the initial stages of the crisis led to uncertainty of responsibility.
He said the tighter system of bank regulation in Spain had been far more effective in controlling dangerous expansion and regulating off balance sheet securities, the source of the much of the British banking crisis. His remarks to a Lords economic affairs committee will add to the pressure on the prime minister as he dodges to avoid being made culpable for the banking crisis."
Considering that there are 2,800 useless cunts "working" at the FSA and that they are in line for bonuses amounting to a staggering £33 MILLION of taxpayers money, just how much fucking money has Gordon's useless regulatory system cost over the years in wages, let alone the massive damage done to the economy by the banking crash which they failed to prevent?
Gordon Brown can't blame anyone else for this. He has boasted for years about his wonderful tripartite light touch regulatory system, and no matter what he and his badger say about "Global Crunch Made In America", his useless and compliant watchdogs were asleep on the job, did nothing to regulate the banks despite warnings, and then dithered and dallied while the house burnt down.
Dont bother apologising, Gordon, just shoot yourself.
The Penguin
*Although I'd like to hear what Eddie George has to say about it! Can't some parliamentary committe ask him in for a chat?
4 comments:
yep -- this gives it straight from the horses mouth.
But its been speculated elsewhere as well.
I suspect though its only in the last few days that its percolated through to the mass of the populace who frankly pay little attention to these things that Brown is maybe not quite as competent as they previously thought.
Well said RP you are a shining beacon of light in the gloom of duplicity and dung that percolates round this bloody government.
Bonuses for the FSA are just a total insult to us all.
Brown is finished.
If the Moncular Monstrosity was a suppository he wouldn't be able to ease constipation!
You're doing a bloody good job RP. More power to your pen! Bit by bit the blogosphere is stripping the emperor of his clothes. Soon he will be naked but what then? Who can put the country back together again?
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