http://www.telegraph.co.uk/finance/...me-the-politicians-who-cosied-up-to-them.html
Excellent article in the Telegraph as more candid truths emerge about the sorry state of political involvement in the banking sector. How Gordon Brown presided over a sector that brought in huge amounts of revenue and allowed the Labour Government to spend recklessly and the banks to lend recklessly. How he and the banks pulled the teeth of their own regulator.
Great to see that this attack isn't purely on Labour, but is also on the current Government who are treading the same dangerous path that even the bankers have decided is foolhardy.
One thing I believe to be incorrect is that the BoE is some innocent, benevolent pawn and they were just as keen to create an external regulator in order to shield them from any blame if things went wrong. They could have stepped in at any time, but the FSA gave them a get out of jail free card and the crisis has once again returned to the 'innocent' the reins of financial power.
Excellent article in the Telegraph as more candid truths emerge about the sorry state of political involvement in the banking sector. How Gordon Brown presided over a sector that brought in huge amounts of revenue and allowed the Labour Government to spend recklessly and the banks to lend recklessly. How he and the banks pulled the teeth of their own regulator.
Great to see that this attack isn't purely on Labour, but is also on the current Government who are treading the same dangerous path that even the bankers have decided is foolhardy.
One thing I believe to be incorrect is that the BoE is some innocent, benevolent pawn and they were just as keen to create an external regulator in order to shield them from any blame if things went wrong. They could have stepped in at any time, but the FSA gave them a get out of jail free card and the crisis has once again returned to the 'innocent' the reins of financial power.
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