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

100 Tories to Rebel on Plain Packs | Telegraph
May 2015 and the Art of Political Betting | MAY2015
Fate of Eurozone Rests in Hands of Videogame Expert | TechnoGuido
UKIP After Farage | Asa Bennett
Eichmann Called on Arabs to Continue War on Jews | Speccie
Mirror Hacking: 50 Legal Action Claims | Press Gazette
Mandy’s £400,000 Tax-Free Loan From Own Company | Guardian
Why We Must Remember the Holocaust | Hugo Rifkind
“Adjustments” Not Cuts | Gary Gibbon
The New Puritans | Alex Wickham
British Minister in Watch Gaffe | Straits Times


Rising Stars
Find out more about PLMR AD-MS


George Galloway says of his former Respect candidate the UKIP MEP turned Tory, Amjad Bashir…

“Clearly Bashir does not have any real political principles or commitment, only naked opportunism and self-interest. He represents the revolving door principle in politics. The Tories are welcome to him because he will cause them embarrassment. Fortunately Respect was able to act before he did it to us.”


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