April 28th, 2014

SKETCH: The Financial (Mis)Conduct Authority

Goldman Sachs despise JP Morgan who despise Morgan Stanley, they collectively despise every other professional in their essential, unlovely industry.

But all of them, high low, bust or booming, reserve their special contumely for their overseers, their authorities.

What unique quality of loser would leave a working bank and become a regulator?

The Financial Conduct Authority turned up at Margaret Hodge’s committee to show us. Even in regulatory circles these are thought to set entirely new standards of uselessness.

They make Donovan look like Herman Goering.

Mrs Hodge opened up by asking about the “unbelievable jump” in the share value of Royal Mail immediately after launch. CEO Martin Wheatley (salary package £650,000) told us blandly that IPOs are typically priced to go and that we usually see some increase in the price, but yes, the the Royal Mail hike was certainly at the top end of that sort of increase.

Mrs Hodge read out figures from the NAO report. IPO premiums were generally of the order of 16 or 17 per cent – half, or as it might be said, “HALF!” the Royal Mail increase.

This wasn’t “at the top end” of a scale it was a different scale altogether.

However, Wheatley averred, it wasn’t evidence of the sort of financial conduct the Financial Conduct Authority would investigate.

So, what would arouse his investigatory instincts? “Unexplained share movements,” he said. But clearly not a share movement twice the IPO average. So, what level of share movement would it require? He wouldn’t put a figure on it. The context was important. And in explaining the context he said that it wasn’t about share price movement.

“You said it was,” Mrs Hodge said.

“No, I didn’t,” he replied.

That was below his standard. When Richard Bacon said, “You have an obligation to monitor,” he shot it back down the tramlines, “We have an obligation to review.” That’s the £650,000 mind at work.

In any event, whether monitoring or reviewing, did the Financial Conduct Authority look at whether the advisers on the price of the offering gave a large number of shares to their colleagues in the same company?

“We do supervise flows of information between the arms of the bank,” he said.

What balderdash. He can’t believe it.

Why hadn’t he investigated? There was no evidence of a regulatory breach.

“But to make that judgement, you’d have to know who made the killing on Day 1,” Mrs Hodge said. She might have nailed him at any point in her interrogation. I’m starting to have doubts about Mrs Hodge. She may lack sadism.

On we went. There was the fact that the advisers knew the sale was massively oversubscribed (£33bn of orders for £2bn of shares) and yet they told the Department a week before the offering they should by no means raise the price. It would spoil the momentum, they said. It would create uncertainty.

And so, massive allocations went to the advisers’ firms who had given “firm but non-binding undertakings” to hold onto the shares for the medium term. Half the asset managers sold everything in weeks as the price soared.

It wasn’t financial conduct worthy of investigation.

And because there was no investigation, there was no evidence, he said again.

Anne Macguire put it neatly: “You don’t know what you don’t know because you don’t want to know it.”

It must be said though, the committee didn’t really nail the charges into the hide of these fellows. They need much more money, to hire researchers and analysts, and a QC to conduct certain questioning.

If these quango costs are ever to come down, the cost of politics is going to have to go up.


  1. 1
    Incapable Vince, deputy Chief Cockroach says:

    I have never heard of Royal Mail.

  2. 2
    WTF?! says:

    IOW, they are corrupt scum who have just hugely defrauded taxpayers.

  3. 3
    Anonymous says:

    They’ve got as much penetration as Max Clifford on a bad day. Sack the useless fuckers.

  4. 4
    preese do. says:

    i am vernn hill.
    be nice to me.
    i keep on expanding.
    what wehn where and why

  5. 5
    JadedJean16 says:

    In the aftermath of the last depression, the casino investment banks were separated from the the plain vanilla retail banks in the US by an act of law known as the Glass-Steagall Act. This meant that the shysters and snakes in suits in investment banking had to gamble with their own money and not be able to hold the state to ransom.

    We had 70 years of relative stability thereafter.

    But what went wrong after that?

  6. 6
    T.B£iar - the People's Messiah says:

    Bill Clinton changed the rules of the game.

  7. 7
    where is Glass Steagall? says:

    Bill Clinton & Democrats.

  8. 8
    i am donkey. i am a zebra. says:

    why did the plastic “ring” around my car key drop off by itself.
    no matter what anyone does, we are sitting in the global energy traffic waiting .
    whilst listen to inner sound of “be nice to me” and then follow the urge, within legal limits.
    you have grand parents, i have grand parents.
    you are a grand child. i am grandchild.
    we are all grand, so what is the skirmish about?
    no wrries, short sultanas, have many. the sultana tree is in my back garden. hence money does grow on trees. tressme/trust me, not. due diligence please.

  9. 9
    betfayre says:

    I’m going 9/2 on the donkey.

  10. 10
    Silly Sally B13COW says:

    President Clinton’s tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.


  11. 11
    Bloomers in rain-soaked Bongo Bongo Land says:


  12. 12
    Genghiz the kahn says:

    I wonder if Hodge was interested in the tax scams of Bernie Ecclestone which date back to before 2010, and have recently come to light.

    Good job it wasn’t a Coaltion Government trying to make deals with the guy.

  13. 13
    A Taxpayer says:

    They are probably on the make themselves.

    Did the committee bother to ask this Hunt where he invests his 650 grand salary when he isn’t walking around with his eyes shut?

  14. 14
    Karma says:

    Sky News had Mellor on earlier. He said “I don’t usually bear grudges but this is one exception. I hope he rots in hell”.

  15. 15
    Cosa Nostra says:

    Why isn’t this gangsters’ moll under arrest for conspiracy?

  16. 16
  17. 17
    Tony Bent says:

    Did I mention I shredded my records? Many people are bothered by the lack of evidence regarding my outgoings, but that is hardly likely to have been as interesting as the extraordinary levels of my income that has made me a wealthy fellow beyond the dreams of a mere humble, honest, Prime Minister.

  18. 18
    Anonymous says:

    They and the FSA before them had no reason to believe:

    1 splitting regulation between various parties might lead to fault

    2 Brown’s splurge of spending, as asset bubble, easy (self-certification) and low interest loans might cause any problems

    3 PPI with the huge margins and near-mandatory sales practices might result in the sale of unnecessary products until it was several tens of billions of pounds too late

    Meanwhile, if you dare to open a bank or professional services account with someone you have actually known (say, your brother!) without going through the complete nine yards of utility bills, copy passport etc, then you will be fined. The time it takes to open or change bank accounts is a national scandal.

    All this down to the FSA/FCA and their ilk.

  19. 19
    David Cameron says:

    I make a cast iron guarantee to keep my banker friends happy.

  20. 20
    Banker says:

    If you’re only willing to pay million pound bonuses you’re only going to get monkeys.

  21. 21
    Dumper Truck Watch says:

    Ah, Barbara Roche, kicked out of a safe parliamentary seat of Hornsey for being bloody useless in 2005 and rejected by her comrades in numerous Labour constituencies ever since. If I remember she was a fucking useless immigration minister who presided over a total shambles in the Home Office. She’s another unrepentant supporter of the Gulf War. What is it with these useless liars and murderers? Why do they keep drawing such attention to themselves?

  22. 22
    Poetic Justice says:


  23. 23
    Ken Lorp says:

    As always, the smart people are on the other side of the table …

  24. 24
    The Archbishop of Tottenham Hale says:

    The Dorchester is being proclaimed a homosexual free zone. I didn’t know that was allowed in Dave’s Britain.


  25. 25
    C O (Ξ7q1) says:

    Glass Steagall was passed in 1933. The depression ended afterwards, arguably as a result of the Act being passed – the Act was not passed in the aftermath of the depression.

    Following the passing of G-S the depression ended. Four years of growth ensured, until the recession of 1937 which took unemployment back to 1934 levels.

    It has been argued that by Higgs that growth did not properly return until 1946, based on an analysis of the supply of consumer goods.

  26. 26

    The last thing the Committee would want to do is upset the FCA. they’ve all got bodies well buried and the last thing Ms Hodges would want is an FCA inquiry into her own unique financial arrangements. Hence the fire and bluster.

  27. 27
    YepBlowing Whistles says:

    Slowly, slowly catchee monkey.

  28. 28
    Regulation: The career where repeated failures result in, er...career progression says:

    The more useless they are, the more they can justify increases in their budget.

    What a wizard wheeze!

  29. 29
    Joss Taskin says:

    Isn’t that discriminatory ?

  30. 30
    YepBlowing Whistles says:

    Did i say that obama’s ass is owned by the gay mafia and ask the question of who owns and controls the gay mafia?

  31. 31
    Remedial Teecha says:

    Have you still not got the joke about the fridge?

  32. 32
    lolathebeautiful says:

    i have met quite a few of their apparatchiks. Most are utter c***s, but far less useful.

  33. 33
    Remedial Teecha says:

    Funny how the same protestors are happy to flood Britain with islamites. Can’t they extrapolate?

  34. 34
    NUT Teacher says:

    i am still in holiday

  35. 35
    Necessarily anomymous says:

    They won’t succeed. It’s full of Saudi princes, and for them anything goes.

    The reason why the homosexual prince who killed his servant was in the Landmark, not the Dorchester, was that he was low-ranking. The top princes stay in houses in The Bishop’s Avenue and Kensington Palace Gardens, the next tier in Rutland Gate, and the ones below that at the Dorchester and Claridge’s. Only pleb princes go to the Landmark (though this is a fine hotel).

    While on the subject, I should add that usually when a prince kills a servant, which happens quite often, the prince is smuggled out in a big aluminium trunk (with air holes) through the VIP ssuite at Heathrow, whose staff are on a retainer to keep them shtumm. The body goes out in another trunk (without air holes). The prince at the Landmark was not given this service because he was out, flamboyant and notorious, and they were sick of him. So they left him to be prosecuted as a dreadful example to the other princes.

  36. 36
    A bankster says:

    Give us the filthy lucre…or the economy gets it !

  37. 37
    Joe Soap says:

    I have now changed my stance on the UK becoming an Islamic Republic.

    Where can I join?

  38. 38
    Cameron is a twat says:

    No doubt there were mutterings amongst lefties but the person who really brought the UKIP racist smear into the public domain was David Cameron.
    Cameron’s description of their supporters as swivel eyed loons and closet racists started this racist witch hunt ball rolling.
    When the first UKIP candidate or worker gets his head kicked in by a toad from the UAF Cameron should be nicked for incitement to violence.
    Be honest any Conservative who still votes Tory need their head examining.

  39. 39
    YepBlowing Whistles says:

    And they still all claim to be a ‘free press’ – yet they do the at arms smearing for the establishment …

    i thinks their days of claiming to be there to protect the public interest are numbered

    The key is – the net unlike the media twats is not suborned to “media laws” (made by the shysters protection society) – which many journos / hacks daren’t ever mention … for fear of career suicide. A neat trick that – them media laws – but so ‘old world crap’.

  40. 40
    What justice? says:

    I can tell you right now what will happen in this shocking murder of the schoolteacher. You just have to look at the past examples of the Jamie Bulger and Philip Lawrence murders. In the former, the killers got a short sentence, holidays, days out to theme parks and early release, followed by a free house and new identities. And what happened? One of them’s been repeatedly arrested on child porn charges. In the latter, the killer pupil was from abroad, but after his release, we couldn’t deport him back to his country because the EU said he now had roots in Britain and it would be against his human rights to deport him.

    So this 15 year old who’s stabbed his teacher to death, he’ll have an army of leftie social workers at his side throughout the process to ensure his human rights come first. He’ll probably get 15 years but serve only 8. During his sentence, he’ll get holidays, days out, a TV, internet, video games, a radio, DVDs etc. On release he’ll get a free house and new identity and within a few months he’ll commit a r*pe or another murder.

  41. 41
    JadedJean16 says:

    Two thousand years of endogamous marriage has the effect of creating gene barriers. Some suggest they are feminine brained i.e. higher than average verbal intelligence above spatial intelligence for males (think salesmen – Madison Ave and Wall St).
    It probably also accounts for relatively small male stature (think of the likes of John Bercow and Woody Allen).

    Refutations welcome.

  42. 42
    Bill Quango MP says:

    The undistributed profits tax was enacted in 1936 The UP tax was a revenue program for FDR’s New Deal. The act was controversial even within FDR’s United States Treasury Department, as some reasoned that the UP tax would hit small business especially hard, as smaller businesses have fewer options in raising capital than large ones, usually by keeping a percentage of their profits for re-investment back into the business. The UP Tax was part of FDR’s “Second New Deal”.

    The bill established the principle that retained corporate earnings could be taxed. The idea was to force businesses to distribute profits in dividend and wages, instead of saving or reinvesting them.

    A main cause of the 1937 recession. Miliband would have loved it.

  43. 43
    Blowing Wellies says:

    Its all down to the build-a-bear Juice

  44. 44
    The BBC says:

    The Tories were in Government between 1997 and 2010, so they are to blame for this and everything else that happened in those years

  45. 45
    Vladimir Putin says:

    I sincerely hope so.

  46. 46
    Fishy says:

    Steven Fry-up? Hasn’t his twitter finger worn out yet?

  47. 47
    JadedJean16 says:

    The feminine brained always think they can always “change their man”.

  48. 48
    Harsh but fair says:

    On the bright side the victim was a teacher.

  49. 49
    Mr Anonymous says:

    Yeah, financial market stability apart from the 1,043 financial institutions that went bust during the 1980’s and early 1990’s during the Savings & loans crisis.

    Oh, and the LTCM crisis

    And the dot com boom/crash

    And the Russian debt crisis

    And the Asian contagion

  50. 50
    Hernnstein and Murray says:

    “In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods.”

    But which ethnic group mainly comprised the “low-income neighborhoods”?

    Are we all born “equal” in cognitive ability?

    Was this group taken advantage of by predatory Wall St types under the guise of libertarian equality.

  51. 51
    Max Clifford says:

    Labour lead by five points, according to YouGov poll in tomorrow’s Sun: Lab 37, Con 32, UKIP 15, LD 10.

  52. 52
    Wilderbeest says:

    Select Committees, even the good ones, have all the investigatory sharpness of a used Soviet-era razor blade. Until they get proper powers and an attack dog lawyer, they are just window dressing and not even very good window dressing at that. They are there to convince the plebs that Parliament has teeth and some of the dumber MPs that there is some point to being in Siberia on the backbenches.

    Margaret Hodge is available for weddings and barmitzvahs.

    Vince Cable will shortly be announcing another policy.

  53. 53

    I don’t mind voting Tory. It’s voting Cameron that turns my stomach.

  54. 54
    What justice? says:

    Piss off, you sick fuck.

  55. 55
    El Sid says:

    Glass-Steagall was already dead by the time it was repealed in 1999 – the existence of Glass-Steagall hadn’t stopped Citi/SSB in 1998. Bush I had tried to repeal it back in 1991, but it ended up being repealed by stealth through the late 80s and early 90s by means of various exemptions. Arguably the key moment was Security Pacific Bank’s first securitisation in 1987.

    CFMA was much more important than Glass-Steagall. As was Gordon Brown’s efforts like FSMA – a critical part of the crash was the FSA being too clueless to realise that AIG was selling huge amounts of derivatives that weren’t regulated as such because the FSA was gullible enough to believe they were “insurance” which is far less tightly regulated. One big clue was that they violated the basic principle that you can only insure stuff you own – so you can’t take out insurance on your neighbour’s house burning down, because that gives you an incentive to burn down his house.

  56. 56
    Pookie snackumberger says:

    WTF is “Euracism”?

    Is there no end tho their out-and-out Huntishness.

  57. 57
    Ah! bugger says:

    I have been advised by my lawyers not to say anything. Therefore I am not saying that I have been advised by my ….oops

  58. 58
    Stephen Fry says:

    The Dorchester’s record of not allowing rentboys onto the premises is appalling when compared to the amount of female sex workers they let in.
    Not that I’ve ever been sat disappointed in my hotel room because the male escort failed to turn up or anything.

  59. 59
    El Sid says:

    The CRA is an easy target but actually if you look at the numbers, the organisations that specialised in CRA-type loans suffered fewer defaults than the average bank. The banks were too busy making stupid loans for CRA to make much difference.

  60. 60
    The boy plunger says:

    What Cameron said seems to me a lot worse and insulting than what that other guy said in his election address .

  61. 61
    Labour tool says:

    I hear the Tories took a million pounds off of him not to ban smokeing ads on racing cars, bloody capitalists.

  62. 62
    Mrs. Ball-Scooper, TRIPLE FLIPPER says:
  63. 63
    The boy plunger says:

    I think it should be renamed the CFA the Chocolate Fireguard Authority.

    You could reduce salaries by 80% with no noticeable reduction in performance.

  64. 64
    David Camoron says:

    So am I !

  65. 65
    The Growler says:

    Now would they like it if there was a retrospective tax applied to the to these fund managers, pay up or you will lose your licence to trade in London, but I doubt if Gideon and Dave have the strength or will to go after them, only the lesser fry for them.

  66. 66
    Antonio Blair says:

    I’m a straight kinda guy.

  67. 67
    Mad, Bad & Dangerous Gordon McRuin ( Member in absentia ) says:

    None of this occurred during The Reign of Terror 1997-2010.

  68. 68
    The boy plunger says:

    You could properly get a young whipper snapper of a junior counsel for a grand a day.

    Would save the taxpayer a tidy sum.

  69. 69
    Harsh but fair says:

    Let me qualify my comment.
    A teacher who would more than likely disagree with you and fight for a scumbag to be spared harsh justice.
    What justice?Let’s call it divine shall we.

  70. 70
    Ooooh says:

    Isn’t there legal sanction for not keeping records as required?

  71. 71
    +1 says:

    Well said.

  72. 72
    Absolutely awful says:

  73. 73
    The Growler says:

    Bill, and then that lasted 1and a bit years and then WW2 started in Europe and the Yank economy was suddenly boosted and everyone was back at work supplying all players in that little war across the pond, and all this done on loans, the UK’s loan paid off under Buster Brown.

  74. 74
    Absolutely awful says:

  75. 75
    Absolutely awful says:

  76. 76
    Anonymous says:

    Wonder when then they are going to start doing this?

  77. 77
    F##k the LibLabCon says:

    The first teacher to be murdered in the classroom of a British school but they tell us all that violent crime is coming down.

    Yeah right!

  78. 78
    F##k the LibLabCon says:

    Wow! Whatever next?

  79. 79
    I didn't expect it to be thw Guardian to crack first says:

    I seem to remember someone saying this yesterday…

    “Papers don’t like to back losers, expect the commentariat to fracture soon…”

  80. 80
    YepBlowing Whistles says:

    Listen up troll – i do believe that i absolutely neutered all you fucking pathetic trolls on The Sunday GF Bolgs [esp the last one] – by not making one single comment. Hence all you pathetic trolls were ‘completely fucking silenced’ – RE FUCKING SULT.

    btw see of maggies quote / smearing “if they attack you personally …”


  81. 81
    UAF Tactician says:

    That’s it boys we’ve got the green light to use violence to intimidate Ukippers and their supporters.
    We’ll cause so much trouble at UKIP meetings the Police and local councils will ban them from holding any on public safety grounds.

  82. 82
    Bill Quango MP says:

    Not quite. We paid for loans up until 1940.
    That’s because we never paid back our WW1 loans.

    After march 1941 everything we got from the yanks was free. We didn’t pay a penny for every Browning machine gun, Sherman tank, dodge truck, landing craft, mustang fighter , tommy gun etc. we didn’t pay for the oil or the wheat or lumber, or clothing or anything at all.

    And in 1948 the yanks gave us Marshall aid. The UK got more Aid than either devastated France or ruined Germany. We got almost 3 times the aid money that rebuilt west Germany.
    And it was grant money. Foreign aid! We never paid a penny back and were never expected too.

    It’s not true the yanks took us for suckers. The question should be if Germany and Japan created their modern industrial base with their money, and France created their agriculture and transport network with theirs…well as the UK had about 2/3 the money of those three countries combined, what did we spend ours on?

  83. 83
    Bill Quango MP says:

    It’s all in the rules … That we make up as we go along.

  84. 84
    LOL says:
  85. 85
    Anonymous says:

    With some peoples definition of racist, I actually aspire to be racist.

    Racists is an attack on a person for their race, or a belief that one race is superior to another. It has nothing to do with keeping the use of a country to the resident people.

    There is no superiority in that. If there was then why do people form queues in the UK. If there is no right for the people in a queue to stop others jumping the queue, why have queues at all.

    Exactly the same as: why do we allow outsiders to take from the residents.

    In a few years time immigration will be treated in the same way as slavery. Those that promoted it will be vilified. The removal of the 5% of a country with “get up and go” destabilises countries and forever limits their growth. If those people were forced to make the most out of their own territory then the tyrants and extreme views of certain countries would not exist.

    It is the selective removal of the able people of a country by aid organisations etc. that makes sure the terrible situations continue. It is a biasing of the population.

    Are you a leader that seeks to destroy other countries by removal of their potential political leaders?

    Are you a migration profiteer?

  86. 86
    Dr Frankenfreud says:

    Mayeb he is a psychopath. They do exist.

  87. 87
    Anonymous says:

    Hasn’t Max been considered to be a liar by a jury?
    You Gov- you ‘avin a larf ?

  88. 88
    Helen says:

    Sure thing Roop. Say it often enough and someone might believe you.

  89. 89
    YepBlowing Whistles says:

    The commentariat are already fucked – they’re now in damage limitation mode – hope all the old and young journo’s ‘n hacks know what ‘Public opinion’ and ‘the will of the public’ is all about now.

    They’ve had it far too easy for far too long – lazy fucking bone idle bastards. And that included Co. Hen and his mob of divisive Rsoles.

  90. 90
    Thomas Derrick says:

    They are bringing back branding?


  91. 91
    YepBlowing Whistles says:

    Have all the lib Dem, Labour & Tory ‘actors’ paid their subscriptions to equity for their right to act?

  92. 92
    JadedJean16 says:


  93. 93
    Compare-the-Smear-cats.com says:

    Fancy smearing UKIP?

    Why do it for free?


  94. 94
    Anonymous says:

  95. 95
    YepBlowing Whistles says:

    Have the spineless, invertebrate proved their utter uselessness and subordi’nation’ to the EU derail diktat yet?

  96. 96
    Hans Blix says:

    The last time the Lib Lab Con Parties formed a grand cross-party coalition like this was for the 2nd Gulf War.

    That went well.

  97. 97
    Euracism Watch says:

    We are keeeping a close eye on people here.

  98. 98
    Anonymous says:

  99. 99
    YepBlowing Whistles says:

    All the press whores know who the ‘minister’ in question is – Simon knows and all the elite, the pigs, the cps, the tyrannical judiciary know – it’s their little secret innit?

  100. 100
    Hans Blix says:

    That was quick. I wonder where they knew to look?

  101. 101
    The Public says:

    About time you started paying attention to the public.

  102. 102
    YepBlowing Whistles says:

    Bircham Dyson Bell.

  103. 103
    Fishy says:

    I’ve just wasted 30 minutes of my life watching BBC Paranormal’s expose of Formula 1, Bernie E’s tax affairs.

    They gave Champaign Socialist Emily Thornberry a platform to say nothing and avoid eye contact…and call for an investigation into something that seems wrong. Why her? It was so odd, anyone could have sat in front of a camera and said what she said

    The BBC expose was appallingly thin (unlike Emily), perhaps Thornberry should have called for an investigation back in 2008….when Labour was in Government and HMRC reached their tax settlement with Bernie.

    Funny that Paranormal never asked her that.

  104. 104
    YepBlowing Whistles says:

    Dorchester – Greg Dyke has some masonic connections there.

  105. 105
    A Useful Idiot says:

    What on earth is euracism? Is it catching? Can you catch it retrospectively? Which law book is it in? I feel so ignorant. I feel like I am in need of re-education. Will there be a camp I can go to to learn more? Will there be gays?

  106. 106
    YepBlowing Whistles says:

    Ed Davey – slowly, slowly catchee EUmonkey.

  107. 107

    Is this the corrupt socialist bitch who unexpectedly found £160,000 in her joint bank account with her equally corrupt mafia connected husband , or am I mistaking her for some other corrupt socialist bitch?

  108. 108
    JadedJean16 says:

    Tolerance and fairness is a way of using many minority groups (ethnic, gender, sex etc) to undermine the majority who do not fall into any of those minority groupings. It’s classic class warfare, an anarchistic political technique of waging demographic warfare to bring about a change in the status quo. It should be obvious which the target group is by exclusion.

    What we have seen over recent decades is all sorts of minority groups encouraged to pursue their own personal collective interests where in fact they have been serving those of another elite. Follow the money and statistics (just us CHI SQUARE) by group to see the emerging inequality.

    As I say, it is classic. It counts on the used groups seeing no further than their own short term self-interests at the expense of the larger collective.

  109. 109
    Idealist Watch says:

    Bircham Dyson Bell’s 2012/13 LLP accounts… confirm a rise in turnover and profit together with a sizeable reduction in net debt for the last financial year. Revenues rose 1.3 per cent, from £30.9m to £31.2m, while net profit was up 9 per cent, from £8.4m to £9.1m.

    The firm cut its bank loan by almost a quarter, from £364,000 to £280,000, with its overdraft falling by more than a third, from £2.7m to £1.7m. The reduction led to a 35 per cent fall in net debt, from just over £3m in 2011/12 to £1.9m last year.

    The accounts show that the amount due to the highest-paid LLP member in 2012/13 was £326,000, up 10 per cent from £296,000 the previous year. The firm’s headcount dropped from 221 fee-earners and staff in 2011/12 to 206 last year, while staff costs fell from £13.1m to £12.9m. The amount due to members paid under an employment contract – who are now all equity members following the restructure – fell from £1.3m in 2011/12 to £1.1m last year.

  110. 110
    reader says:

    You really are a fucking bore.

  111. 111
    Joe Poster says:

    We are the commentariat. Guido does about 1,000 words a day, we do about a million. Numpties like Guido, the DT and Comment Mact Frei are our usefull idiots. They have given us a forum to organise their destruction and they think they’re oh so superior to us. There is an English Sprong – at last.

  112. 112

    Every time they try the racist trick they must pile on the UKIP votes let them keep it up!

  113. 113
    Joe Poster says:

    Or even an ‘English Spring’.

  114. 114
    Anonymous says:

    In our indecent country, where ridiculing is and encouraged daily by our TV, Internet etc. we strive to create the “loners”.

    The taught behaviour is to make their lives misery, and separate them from the elite social climbers.

    The loner gets more isolated.

    The stereotype of the “loner” depicted in all popular media and stories is of the violent or evil type.

    So we create terror, just by never talking to that poor “odd” child.

    Actually the loner is the one that has done more for the world than any other type. Just look at the backgrounds of many famous people, especially innovative people.

    It all our fault that we allow our country to be the incubator of these acts of violence, and not the incubator of innovation.

    Do not isolate them. Give the loner some respect.

    However, anyone that uses a weapon in a protected environment, like a school, should be segregated in a forced work prison environment, for their whole life. No time should be allowed for them to think or plan ever again. The punishment should be widely known as a living hell.

  115. 115

    How about a freedom of information request ?

  116. 116
    Anonymous says:

    I always expect politicians to be full of merde. Cameron is but one example. That’s probably why I can’t be fucked to get irate. Farage would be equally useless in a coalition with the Libtards – probably more so if anyone asked the cheeky chappy to explain anything in detail.

  117. 117
    Anonymous says:

    Everything is racism these days – that is apart from actual racism which is just “protectin yer own” according to more unpleasant wing of the loonies.

  118. 118
    JadedJean16 says:

    He is MOST probably a psychopath. They are more frequent than you think!

    Most are not killers by the way.

  119. 119
    The Stupid Woman Defence says:

    She was confused, what with being a little woman and all, so she accidentally remortgaged the house offshore without reading the documents. You know how it is. You see a piece of paper lying on the kitchen tabe, think its a shopping list and practice your signature at the bottom. The next thing you know, someone has given you a multi billion dollar sporting event to run.

  120. 120
    Anonymous says:

    Oooh pyschopath.

  121. 121
    Anonymous says:

    If true, a quite remarkable piece of inside knowledge. Where did you glean all this from?

  122. 122
    Anonymous says:

    I’d be surprised if subsequent investigations don’t reveal that he was either regularly smoking weed or had been prescribed anti-depressants.

    If I was him I’d play the “bummed by the priest” card.

  123. 123
    Anon says:

    A few months ago I idly speculated on here that UKIP could get 40% of the vote. I now consider that wild musing, based on mothing much more than a ‘gut’ feeling, to have been prescient.

    If this crap keeps up and the public is as annoyed by the three main parties as they could be, I can see them getting those sorts of numbers in several parts of the country. This as already on the cards in the so-called eastern region.

  124. 124
    Shakespeare says:

    Sprong is good.

  125. 125
    Matthew Paris says:

    Or gay!

  126. 126
    JadedJean16 says:

    The truth can often be boring.

  127. 127
    Stevie Fry says:

    I put in on twitter that I worn out my shitter.

  128. 128
    PDubya says:

    I had to laugh watching the front page reviews on the BBC last night.
    Someone had forgotten to buy the Mirror which coincidentally had plastered over the front page the suspected perversions of an unnamed Labour minister so naturally the BBC did not mention it. Surprising really when you consider the gusto with which they broadcast a flimsy fairy story in order to do a hatchet job on an innocent Tory.

  129. 129
    Shakespeare says:

    A huge bill for printing ‘anti-euracism statement’ tick boxes on driving licence and parking permit application forms.

  130. 130
    Reader says:

    So can your abuse of the English language night after night despite many people pointing out where you keep going wrong.

  131. 131
    catesby says:

    Why is multimillionaire Milliband type Marxist Margaret Hodge fit to judge anyone anyway?

  132. 132
    Anonymous says:

    Nigel’s online barmy army of nutters spraying their formulaic crap at each other. zzzz

  133. 133

    Yet the spineless tories said nothing , they just rolled over and swallowed it In the same way that they are conniving with the other gang of despicable traitors in the vain bid to brand UKIP as racist in their anxiety to please their Brussels masters .

  134. 134

    Silly of me there’s always a logical explanation.

  135. 135
    Truth says:

    Oh sod off. Ukip is full of bigots. Anything else is deception.

  136. 136
    Lady Virginia Droit de Seigneur says:

    Mexican debt crisis in 1994 as well.

  137. 137

    Ecclestone bribed Blair over the tobacco sponsorship of formula one racing ,fat Thornberry never mentioned that!

  138. 138
    Colin the Meek says:

    Hello, Gordon. Going to work today?

  139. 139
    M­a­qboul says:

    It was spent on nationalisation: buying the railways etc. Criminal waste.

  140. 140
    the mystic mould with the appearance of the face of Jesus says:

    I don’t mind society owning stuff nor Capital trying to make a go of something but you can’t have it both ways.

  141. 141
    Idon'tneednodoctor says:

    It was a biased BBC / Labour broadcast.

  142. 142
    Colin the Meek says:

    The lovely people on that CiF thread are performing to type- every single post contains “racist”, “bigot” “B&P”, “fascist”.

    Now “euracism”. I wonder if that trumps homophopia?

  143. 143
    Anonymous says:

    “The Financial (Mis)Conduct Authority”
    denies a rumor, that government ministers would give their right arms for pairs of blacked-out opera glasses. To hold up to their ‘blind’ eyes, in regard to an alleged RBS scandal that’s about to break. In which repayments to disadvantaged business customers, will dwarf the payout for personal protection insurance reimbursements.

  144. 144
    Dust in the curtains says:

    The Dorchester is owned by the Sultan of Brunei – who keeps a very close watch on his money! But yes, I know from personal experience they these towel head types do like a bit of the how’syerfather when they back from the casinos.

  145. 145
    Amo amas a matress says:

    Perhaps he should be made to learn Spanish fluently!

  146. 146
    Helpful says:

    Cable let Sovereign Wealth Funds profit at the expense of UK resident tax payers because he wanted “Mrs Miggins” to have her slice of the action: SWFs are Mrs Miggins in Cable’s world. His action in effect transferred wealth out of this country. It was clear that there was excess demand and that the price would rise substantially. The people who profited were the SWFs: most of whom sold sharpish. It also happens that SWFs are large buyers of Gilts: anyone see a connection? Perhaps someone should investigate who benefited and why?

  147. 147
    My job is pushing large aluminium trunks at Heathrow says:

    Just picked it up at work

  148. 148
    Webwrights says:

    Those who can, do.
    Those who cannot, teach.
    Those who cannot even teach, regulate.

    I used to own a firm that had, on its regulatory team, a bloke who had failed to make it as a gilts salesman, which requires extreme levels of incompetence and stupidity. He then borrowed £30,000 from his father to set up as a ‘local’ on LIFFE … and burned the lot within a month or so. Armed with this inglorious experience, he became a regulator.

    On the same team, there was a twerp whose (total) previous financial experience had been as the Assistant Manager of a small branch of the Woolwich Building Society. They were both idiots. Their ‘boss’ was the clot who had failed to regulate Nick Leeson, and had overseen the demise of Barings; he had become completely gun-shy.

    I used to call regulators the Keystone Gestapo; indeed, I still do.

  149. 149
    Lizzie says:

    I’ve worked with Wheatley in the past, he’s a complete waste of space IMO, but do you think he’d be in the job he is if he wasn’t?

  150. 150
    broderick crawford says:

    Simon what in Hells name does contumely mean .

    Never heard of the word and too lazy to access a reputable online dictionary .

    Oh and BTW — Which Donovan are you referring to — the Mellow Yellow folk singer of the Sixties ?

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Boris on British Jihadis. Apparently based on MI5 intel:

“If you look at all the psychological profiling about bombers, they typically will look at porn. They are literally w***ers. Severe onanists. They are tortured. They will be very badly adjusted in their relations with women, and that is a symptom of their feeling of being failures and that the world is against them. They are not making it with girls, and so they turn to other forms of spiritual comfort — which of course is no comfort.”

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