On 08/04/2013 20:43, Hog wrote:
> Then there was poor regulation of the City
>
OFFS! The City was very effectively regulated - although we didn't much
like it (!) - until Gordy Broon handed oversight of the banks to the
Keystone Gestapo, the FSA, in 2001, under the chairmanship of that
ineffable arse-kissing idiot, Howard Davies. While the Bank of England
had control, it all worked well.
When the FSA took over, however, management was handed to ambitious and
incompetent, box-ticking spivs like James Crosby and Andy Hornby (HBOS),
Adam Applegarth (Northern Rock) and Fred Goodwin (RBS) - none of whom
knew the basics of banking, and who thought they were simply businesses
to be sweated.
Had the Bank of England retained regulation of the banks, the credit
crunch and the collapse of would simply not have happened. Sure, the 2
Jock banks would not have grown so impossibly large so absurdly fast -
but they would not have fallen, either, and Lloyds would not have
collapsed after being forced to taken HBOS over. One day a dispassionate
history will be written, and most of the blame will be dumped on Gordy
Broon.
Blame Thatcher for many things, but not that.