You will no doubt have heard the controversy over Paul Moore's allegations which caused Sir James Crosby to resign as vice chairman of the FSA. This stems from Paul Moore being sacked for the heinous crime of pointing out, in his capacity as a risk manager that the bank was being driven to the wall.
Well, in today's Independent on Sunday he fires off both barrels at Gordon Brown, blaming him for our banking collapse. He will, according to the article, send a dossier of further documents to the Treasury select committee which he says shows the regulatory failure.
The interesting thing in all this is that it was Gordon Brown who changed a regulatory regime that had worked for a very long time for one that has failed at its first test. What is more, he was told at the time that the system he was implementing would lead to failure.
Before anyone carps on about more or less regulation, let me say that the USA has a very large regulatory regime. It did not work either. The fact that lots of boxes have been ticked does not mean everything is tickety boo.
I wonder what the select committee will make of the evidence they will see next week. John McFall, Gordon Brown's lapdog on the committee and also its chairman is unlikely to be a happy bunny.
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