September 18th, 2008

Perils of Tripartite Regulation

A co-conspirator points out just how brilliantly the tripartite authorities (HM Treasury, Bank of England and the Financial Services Authority) are doing joint up regulation.
Commenting on the soundness of HBOS the FSA yesterday morning said it was:

“a well-capitalised bank that continues to fund its business in a satisfactory way”

Alistair Darling this morning:

Alistair Darling added that without the deal the outlook was “very bleak indeed…We were onto their (HBOS’s) problem for several weeks. It didn’t just suddenly happen…”

So who was lying?

The architecture of City regulation is a mess. The FSA is despised and nobody in the City respects it. The Bank of England has been undermined deliberately by Gordon because it was a threat to his authority. The FSA should change remit and look after exclusively retail customer’s interests and the Bank should keep an eye on the City and re-take control of the Debt Management Office. The Treasury and the Bank should swap staff regularly and be on friendly terms, with the Treasury executing political influence through the Bank. The Bank is closer to the markets than the Treasury and so it should be to inspire confidence in the City…


Seen Elsewhere

Polling Averages Trend | PoliticalBetting.com
Speaker Faces Questions Over Pass for Donor | Sun
Tory MPs’ Visit to Israel Condemned | Guardian
Labour Was Too Slow for the Squeezed Middle | FT
Papers Pan Cam’s Immigration Pledge | ConHome
Deane of St Edmundsbury? | Times
Pay Volunteers and They Become Cheap Labour | Jill Kirby
UKIP Fundraiser Was Jailed for Running Brothels | Times
Bercow Faces Probe Over Pass Mystery | Mirror
Harman Breaks Rules on Paying Staff | Express
Labour Whinge About Sandi Toksvig Joke | Mail


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John McTernan told Channel 4 News

“You can’t make an omelette without breaking a few eggs, you don’t win in politics without breaking legs.”



Rob Wilson says:

Without Predujice

Darling

What time will dinner be ready this evening?

Yours

Rob Wilson MP

In the interests of me I am placing a copy of this email in the public domain.


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