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

Labour’s Plan to Attack Part-Time Boris | Standard
Ex-Sun Hack Cleared After 582 Days on Bail | MediaGuido
11 Times Boris Denied He Would Stand for Parliament | Buzzfeed
Attacking UKIP’s Posters is Counter-Productive | Guardian
Sarkozy Tried it on With Hollande’s Ex | Times
Another Spare Room Subsidy Cut Success | Harry Phibbs
Rich Now Have Less Leisure Than Poor | Economist
UKIP’s Immigration Policy Promotes Migrant Entrepreneurs | Breitbart
Another Feminist Lecture | Laura Perrins
UKIP Posters Bad Economics But Good Politics | James Delingpole
Tories Losing to UKIP in Scotland | ConHome


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A confused Nick Griffin says Nigel Farage is a shill for the City, forgetting that City banks want to stay in the EU:

“Farage is a snake oil salesman, but a very good one. His supposed anti-immigration stance is all smoke and mirrors, as is his carefully cultivated image as a ‘man of the people’. The truth is that UKIP is a pro-immigration party that exists to lobby for the interests of the City of London.”



Alexrod says:

It’s money innit.


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