April 11th, 2011

Bank Break Up Sends Beeboids Bonkers

The speculation that the Vickers Commission was going to force the banks abroad by breaking them up clearly got the better of some hacks sympathetic to the idea. At his press conference earlier John Vickers fielded questions from the all the financial press scribes. Not one mentioned a perceived failure to split up the banks adequately until the not-for-profit BBC waded in. Both Peston and Paul Mason opened fire. Mason had a rant about “casino banking” and Peston accused them of “bottling it”. Guido’s eyes and ears in the room described the contrast with everyone else’s questions as “striking”…


  1. 1
    Billy Bowden is the greatest umpire ever ! says:

    If we hadnt bailed them out then this wouldnt be a problem.


  2. 2
    Billy Bowden is the greatest umpire ever ! says:

    Oh and is Peston pissed because he doesn’t have a direct line to No 11 anymore , or does he? I genuinely don’t know.


    • 8
      its the gordons fault says:

      i told peston that i couldn’t trusted but he kept quoting me……ed b


      • 10
        what gives them the right to tell us what to do says:

        peston and mason are just left wing apologists who don’t really understand what they are talking about – maybe they should actually report the news instead of trying to write the agenda


        • 23
          AC1 says:

          AlJaBeebyas response to News that doesn’t fit their narrative is to either ignore it or lie.


        • 30
          john in cheshire says:

          At press conferences, the presenters should just refuse to take questions from anyone from the bbc. And also refuse to participate in any bbc programmes, particularly the ‘today’ programme.


        • 95
          Isaac Hunt says:

          And in Pesto’s case none of us no what he is talking about!


          • Anonymous says:

            How come Paul Mason is suddenly an economics expert?He started life as a music teacher before becoming a lowly hack on some crap Reed trade mags, including the recently defunct Computer Weekly.
            Is his alleged expertise and standing at the BBC at all related to his previous membership of a Trotskyite group or being an NuJ FoC?

            I wouldn’t trust him or Peston with my kids pocket money.


          • Sir Robin says:

            I usually get bored and turn over before he reaches the end of his first sentence.


  3. 3
    Righty Right Wing (Mrs) says:

    Has anyone in the political elite actually read anything by Schumpeter?


    • 60
      man getting ready to perch on a barstool says:

      stop blowin’ your own schtrumpet!


    • 101
      Lord Blagger says:

      Was it the casino banks that failed? Nope

      That’s what politicians want you to think. That it was these banks somehow gambling that causes the problem.

      NR, Halifax, B&B are mortgage banks. They aren’t the ‘risky’ banks that were merchant banks.

      That’s the problem. The government thinks hiving off the merchant banks makes the other part safe, but it was the risky mortgage banks that failed.

      Mind you, it does protect the merchant bankers from the idiotic side of retail banking, so there may be something in it.


    • 113
      Postlethwaite says:

      Something of a crank by all accounts.
      And an economist and a teacher.
      Not good credentials for the real world.


  4. 4
    AC1 says:

    What the BBC knows about economics could be written stored a million times in the memory of a Commodore vic 20.

    Note to BBC:
    1/ Regulator controls the volume of system credit.
    2/ Owner of regulator wanted as much VAT as possible, so created as much credit as possible via Basel II “zero reserve” banking.
    3/ Marx, Malthus and Keynes were wrong; Bastiat, Adam Smith and David Ricardo were right.


    • 17
      herewegoagain says:

      Er..Note to craven journalists who are scared to lose their ‘sources’…

      a) Regulator does not control the volume of credit, courtesy of cowardice by Brown and policy of Osbourne. If it really did then the Banks could not have been so reckless.

      b) Bank behaviour is classic monopolist situation, its a business like any other, far too big for their boots, and they need to be broken up – as well as the other institutions – until they are small enough to serve the punters whose mortgages, loans and insurance policies keep the show on the road, and not themselves.


      • 24
        AC1 says:

        The first move of Basel III (post regulatory induced “boom”/bust) was to undo the regulation of Basel II regarding reserves.


        • 110
          tory boys never grow up says:

          I agree with you re ACI – but your analysis of the causes of the crisis needs to go deeper than the bankers, the regulators and the rating agencies. They all wanted to believe that they had discovered alchemy and somehow managed to turn bad credit risk into good – and in the meantime they could all do very nicely out of it – the lawyers, the accountants, the fund mangers and institutions (who were all investing our pensions in this garbage) and let it be said the politicians all gained from the process. The herd said it worked – and for a long time the markets priced all the garbage as though it was working.

          And does anyone out there really believe that the financial community has been changed by the Vickers report, Basel III and changing a few chairs at the regulator. I’m afraid the next bout of herd instinct will lead to similar results. If one think could help it would be to try and put a million miles between fund managers and financial institutions so investment decisions can be made with some neutrality rather than by those who share the same interests.


        • 111
          tory boys never grow up says:

          NO it wasn’t – it just increased the level of reserves required. Go and read what it says.


  5. 5
    • 19
      misterned says:

      This clearly has NOTHING at all to do with mitigating “climate change” as all these tarrifs will have absolutely zero effect on global temperatures. ZERO!

      In fact, anything the UK does to mitigate “climate change” will absolutely and totally fail to have any effect whatsoever on global temperatures, because the same left wing environmentalist zealots who pushed the climate deals at Copenhagen and Cancún also insisted that China be allowed to increase their production of CO2 by an amount way beyond the UK’s total output. WTF???

      Clearly there are economic reasons for doing this, but no environmental reason (IF the climate alarmists science is correct). Likewise, if the alarmist climate scientists are correct, then NONE of these alarmists would ever set foot on a plane ever again, let alone fly round the world to lavish conferences. They would lead by example. Stop buying luxury sea-front Properties, (IF the seas are set to rise by 20 metres Al Gore). Stop flying, Stop being driven round in luxury, gas guzzling Limos…

      The fact that these climate alarmists do not practice what they preach tells me clearly that they do not really believe what they say.

      On the one hand, they claim that CO2 will continue to keep rising for a 1000 years even IF we reduced ALL GLOBAL human emissions of CO2 to absolute zero. On the other, they fly jets all over the frikken world to lecture US to not even drive!!!

      When Al Gore permanently lives a genuine stone age type existence, THEN I might begin to listen to him.

      Fuck them and fuck their bullshit scares!


  6. 6
    Anonymous says:

    BBC – fifth columnists, the lot of them. (Brillo excepted.)


  7. 7
    Down with Brown! says:

    The only corporation that needs breaking up is the BBC.


  8. 9
    Tapestry says:

    Those watching the other channel can tell you that the banks are so very bust that the Bushes are threatening Japan with earthquakes and the like if they don’t hand over their multi-trillion retirement savings immediately.

    Japan Pays Out 60 Trillion Yen To Stop HAARP Mt Fuji Eruption.


    • 114
      It was HAARP wot did it says:

      I couldn’t find my car keys this morning. Must have been HAARP.

      Fuck off you lunatic.


  9. 11
    Tony Blair says:

    I like money.


  10. 12
    Engineer says:

    The Vickers Commission (as I understand it) has issued an interim report for consultation. Given that the financial services and banking world is a complex and interlinked meld of organisations, this would seem a sensible move, allowing possible courses of action to be discussed by those with knowledge and those with responsiblities in the sector. Why it should be attacked with phrases like ‘bottling it’ is beyond me, unless the journalists concerned are pushing a particular agenda – and no journalist trying to be balanced and impartial would do that, would they?


  11. 13
    albacore says:

    Now, now. You have to accept that a creaky old bucket like the BBC is a bit slow on the uptake.
    I wonder when they’ll get around to reporting this?



    • 25
      Billy Bowden is the greatest umpire ever ! says:

      Has it been dropped? Wow common sense at last.


      • 47
        Anonymous says:

        How can someone be charged with burning their own book in their own back garden? Is Britain a free country or not? Do we not have the right to insult people’s beliefs? Surely so long as you don’t threaten/endanger or steal from someone you should be able to do what you want. Does this me if we call the guy who burnt the book an arsehole we could be charged for insulting him? What a fuckin’ country.


        • 48
          Billy Bowden is the greatest umpire ever ! says:

          I agree as i do with the muslims that burnt there own poppies , I dont agree with what they done but i will defend to the death thier right to do it.


        • 96
          Rat's arse says:

          What a lousy waste of money this prosecution is. If that lot can burn poppies, then their book of fairy tales can suffer the same fate. Simples!


          • Anonymous says:

            That argument doesn’t stack up because they didn’t get away with burning poppies, although they probably should’ve. I’m not completely sure about the poppy incident but I don’t think they were doing it in their back garden, I thought they were doing it in a public place which may be slightly different, although I would be coming from the angle of setting fires in public rather than what they set fire to.


        • 98
          Cynical Old Man says:

          I think I’d be complaining to the Independent Police Complaints Authority about the Taffy coppers – abuse of authority, unlawful arrest, abuse of process. This could be a nice little earner for the B & P bloke.


      • 52
        albacore says:

        Predictably, not commonsense but another plod cock-up, Billy.
        But they’ve promised a return match.
        You’d have thought the penny might have dropped after the last time they had to make an out-of-court settlement to the same accused.


  12. 16
    Billy Bowden is the greatest umpire ever ! says:

    Fuck it , Hang the beeboid twats.


  13. 18
    David Cameron says:

    On holiday in Spain recently, and Samantha and I saw a sign that said, “English speaking Doctor.”

    We thought, “What a fucking good idea, why don’t we have them in our country?”


  14. 20
    BBC says:

    Lord Ashcroft.

    And that was the news for today.


  15. 22
    Gordon Brown says:

    I’m a man of the people. That’s why I got my assistant Kirsty Macneill to bully a pregnant woman into giving up her seat for me.


    • 67
      Ed Balls says:

      I long for the days gone by when you used to ask me to bully for you

      High power, lte nights, sore ass….great


  16. 28
    Magnificent news says:

    For once, Britain should follow France on something. Will it happen here? Course it won’t. This country has been killed by political correctness.

    At least two women have been detained in France while wearing Islamic veils across their faces, after a law banning the garment in public came into force. Police said they were held not because of their veils but for joining an unauthorised protest against the ban. France is the first country in Europe to publicly ban a form of dress some Muslims regard as a religious duty. Anyone caught breaking the law will be liable to a fine of 150 euros (£133; $217) and a citizenship course. People forcing women to wear the veil face a much larger fine and a prison sentence of up to two years.


    • 29
      Billy Bowden is the greatest umpire ever ! says:

      The state should no dictate what you should wear (indecent exposure excluded)


    • 38
      Nicolas Shortarzy says:

      You know what. Its PC that made this easier. French socialist intellectuals believe that they have the right to un-oppress women who want to go about their daily business with a stupid hat on. And so do I.

      Just remember. The state knows better than you. And you shouldn’t even worry yourself why.


      • 44
        Magnificent news says:

        You think it’s socialists who want to ban the burka? Dear oh dear.


        • 49
          Nicolas Shortarzy says:

          I know that to be the case. But to aid you:

          a) everyone in France is a socialist.
          b) Massive opposition to anything ever proposed by the élysee and massive demos suggest (nay confirms) that all those whinging lefties are quite happy with all this.
          c) I asked some.


          • Magnificent news says:

            I’m not a lefty and I don’t think the burka belongs in a civilised society. It’s a disgusting form of oppression and control by fat halitosis ridden muslim rapists. I don’t want to go around seeing muslim women made to look like Batman.


          • Billy Bowden is the greatest umpire ever ! says:

            So you think it is down to goverment to decide what you and cannot wear?


          • Magnificent news says:

            No but we as a civilised society accept that some things are out of bounds, otherwise public nudity would be allowed, and in a world that has the likes of John Prescott, Eric Pickles and Margaret Moran, we should be glad it isn’t. If muslims want to be allowed to wear the burka, then I should be allowed to wear a t-shirt that says “Muhammad fucked a 9 year old”.


          • Billy Bowden is the greatest umpire ever ! says:

            I agree about the t-shirt, but once you allow the goverment to start deciding what you can wear in public then you lose freedom and once you give the goverment power its very unlikely you will ever get it back and yes you may think the burka is unacceptable but there are others that disagree , the choice should be the persons not the state.


          • Asif says:

            You don’t have the fucking balls to wear such a ‘mohammed is a rapist’ t-shirt anyway. You would have your ass ripped asunder by a mob of muslim brothers. Die you infidel scum


          • Archer Karcher says:

            Within certain sectors of our society, women have no choice in what they are forced to wear. Believe it or not, women are the property of men and must do as they are ordered, or else. Work out the rest.


          • Billy Bowden is the greatest umpire ever ! says:

            You mean wear mini skirts and low tops? It happens in all parts of socitey , White, black,asian, chiniese , english, chav etc….


  17. 34
    • 90
      Cynical-old-bag says:

      Shadow Chancellor Ed Balls has joined Labour’s campaign for the Scottish election, telling voters it is a chance to tell the Westminster Government it is “getting it wrong”.

      Bit late now, isn’t it Ed?


  18. 41
    Paul Mason says:

    Thanks for the mention Guido, I am very glad the BBC is perceived as delivering distinctive journalism with public service values and welcome all the kind words from your friends in the comments section.


    • 46
      Billy Bowden is the greatest umpire ever ! says:

      Fuck off and die you leftie C-unt!


    • 50
      AC1 says:

      I’m pretty sure no-one here would describe Paul Masons output as journalism.


    • 65
      Where's Penis, I mean Denis? says:

      Paul, do you have Denis Macshane’s mobile number? I’m bored and want to leave that troughing c unt a voicemail. You’re mates aren’t you? Well, mates with all of Labour I suppose.


    • 70
      Engineer says:

      Is it your responsibility to report facts, or to broadcast your personal interpretation of those facts?


      • 82
        Chukka de Moanintwat says:

        If he didn’t go for the jugular, his Highgate pals would accuse him of wobbling.

        He went with the lefty herd.


        • 107
          hacks r us says:

          How did Mason’s previous employment as a music teacher and reporter on shite trade mags turn him into an economic expert?


          • piggy bank says:

            Ha! Newsnight snubbed by banks, building societies and the Government this evening.
            Following a predictably piss-poor piece by Paul Mason, Paxman admitted that all the big names had refused to come on the programme.
            So it’s not just the viewers who are deserting in droves- even the establishment can’t be arsed.


    • 78
      Axe the telly tax says:

      Hi Paul. Can you tell us what’s gonng happen in Eastenders next week?


    • 89
      genghiz the kahn says:

      Can anyone take a Trot seriously?

      When did the fearless Paul Mason report on the Castro brothers giving up on socialism in Cuba last September?


    • 109
      Woodward and Bernstein says:

      Selling Brown and Balls economic vision to BBC viewers hardly constitutes delivering distinctive journalism with public service values!

      Brown has finally admitted he made mistakes, but will Labour messengers Mason, Peston and Robinson come clean and admit that they systematically failed to alert the country about the economic damage being done.


  19. 54
    Gooey Blob says:

    The BBC dances to a left-of-centre agenda. Sometimes I wonder if anybody at the corporation actually cares about neutrality. One gets the distinct impression that Labour’s media people have a few sympathetic ears in parts of the BBC, and that a ‘phone call or two is perhaps sometimes enough to bend the corporation’s take on an issue a little more towards the Labour line.

    It is about time that senior management at the BBC grasped the nettle and put a stop to this.


    • 77
      AC1 says:

      I’m sure the BBC was just as littered with Champagne bottles when Brown lost as when John Major lost…



    • 84
      I don't need no doctor says:

      It’s so blatant it has become the norm. Re the Ed Balls Show on BBC News 24.


  20. 59
    tory boys never grow up says:

    Bob Diamond has decided Barclays must increase its risk appetite amid internal expectations at the bank that a key measure of its profitability will fall or stay stagnant this year

    Per the FT 5 April 2011

    Barclays share price rises in reaction to the issue of the Vickers Commission report

    The chief croupier (oops sorry I mean) Chief Executive at Barclays must be happy.

    As for Peston/Mason and all those sadly deluded LibDems who thought that Tories would implement any meaningful Banking reform, when will they realise that turkeys never vote for Christmas.


  21. 66
    Princess Diana (deceased) says:

    I love a royal wedding. Takes my mind off other things!


  22. 74
    TAPS says:

    So what’s in the rumour that Guido has been nuzzling on the public sector teat. Is all this BBC bashing a case of ‘he doth protest too much’.


  23. 83
    I don't need no doctor says:

    Now let’s have a commission into the BBC, purely for transparency.


  24. 85
    Slotgob says:

    Who wants to be a trillionaire? I do! I want more! More money, more designers shoes, more villas, more first class flights! I love money! Gimme gimme gimme!


  25. 94
    13eastie says:

    This time, Brown has abandoned his constituents so his wife can hang out with (un-life-like) lesbian statues.

    The photo has remarkably few comments.


  26. 97
    QWERTY says:

    Did Peston blame his bum chum McMong for the fuck up?

    AS for leftie commie c u n t Mason I’m surprised he wasn’t chanting “Tory scum” every 30 seconds like his bum chums from the SWP

    I told you lot the BBC would cover up for the one eyed jock wanker.


  27. 99
    Lord Carrington's Binoculars says:

    When oh fucking when will the other side the ‘banking collapse’ story be told?

    Like the 8 trillion dollar US property bubble collapse, inflated by the Fed holding down interest rates for years after 9/11..

    …and by Clinton’s mob enshrining the sub-prime mortgage in law, so the poor people could ‘get on the property ladder’?

    The fuckwits who think they are reporting on this never fucking mention the fact that the money the banks ‘lost’ wasn’t actually lost by ‘casino banking’ (if it was, the money would still exist in the accounts of who ever ‘won’ it when the banks ‘lost’ it).

    No the money evaporated because of the property bubble bursting….

    When will Mason the Grammar school Trot and Peston (who gets all his tips via Lord Peston his Labour peer father) report the reality?


    • 102
      Lord Carrington's Binoculars says:

      Er, after decades of abuse from ACORN (a group helped by a young Obama). Just shows you that Conservatives should stick to their sound money guns and stop indulging in outbursts of liberal loonacy to get some agreeable headlines.

      See Cameron and the Oxford outburst today…

      Remember subprime=liberal lobbying for years.


    • 103
      QWERTY says:

      Northern Cock and the Bradford and Bungley went to the wall FIRST and they were NOT investment banks. Yet more lies from Mason and Peston, but because it doesn’t fit with their lefty trot narrative, they ignore it.

      As you rightly say in the USA is was groups like ACORN that protested against banks for NOT giving loans to thick fuckwits who couldn’t afford to pay them back. Funny that Barry Obama worked for ACORN, no wonder the BBC doesn’t mention it.


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