Related: British Government Serves Banks
So much for change, 'eh, Brits?
"Britain’s top bank gains additional powers in overhaul; Treasury aims to avoid a repeat of credit crisis" by Raphael G. Satter, Associated Press | June 17, 2010
LONDON — Britain’s Treasury chief announced an overhaul of his country’s financial regulatory system yesterday, one which dissolves the country’s finance watchdog and hands broad new powers to its central bank.
Maybe it's all for the good, but I doubt it.
Anytime I see CENTRAL BANK I'm suspicious.
George Osborne said the Bank of England would soon be responsible for keeping an eye on lenders, insurers, and investment banks in addition to supervising the health of the economy overall, something he said would help avoid a repeat of the credit crisis that nearly brought the British economy to its knees.
“Because central banks are the lenders of last resort, the experience of the crisis has also shown that they need to be familiar with every aspect of the institutions that they may have to support,’’ Osborne told a gathering of financiers at Mansion House in central London.
What do they wear when they crawl up your ass?
Osborne said his reforms would dismantle the three-point regulation system — comprising the central bank, the Financial Services Authority, and the Treasury — set up by former British Prime Minister Gordon Brown while the latter was Treasury chief in 1997.
A good idea in its own right if that gas bag designed it.
The authority has long been criticized by Osborne and others for failing to foresee the near collapse of Britain’s banking system in the wake of the credit crunch....
It's the same bunch of bulls*** excuses in every country, isn't it?
Then why are we looking to the same f***-ups to fix it?
For his part, Osborne said that British banks would have to conform to tougher international standards being worked out by the Group of 20 economies....
And the globalist project goes forward even as the EU unravels because of back-stabbing bankers.
Osborne also promised a banking levy and more restrictions on bankers’ bonuses, but did not go into details.
You like your government-supplied plate o' s*** supper, Brits?
Osborne said that a former Bank of England chief economist, John Vickers, will lead a new commission on the future of the banking industry. Vickers will consider proposals for the breakup of Britain’s largest banks, which could see deposit-taking institutions separated from investment banks.
Oh, like it used to be before the same geniuses did away with those laws in the name of progress?
“Should we restrict or split the activities of banks?’’ Osborne said. “Has our banking industry become too concentrated and uncompetitive? I know there are some who are frustrated that these questions are even asked. But how can they not be when so many millions of people are paying the price for what went wrong?’’
Yup, even thought THEY had NOTHING TO DO WITH IT -- and all so BANKERS can STILL LIVE PHAT!!!!
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