by Financial Services Authority that either 1. knew what was going on but did nothing or 2. didn’t know what was going and is therefore unfit for purpose.
Rant over.
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Bank of Scotland censured for serious misconduct...
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Given that BoS losses in Ireland and Australia have totalled some where in the £20 billion ballpark over the last 4 years. I am slightly surprised that it has taken the FSA so long to work out the BoS weren't very clever at lending money. They have been publishing the loses as part of the Wealth and International division's results in all the standard feeds to the London Stock Exchange.
If you exclude that particular area of cock-up then Lloyds Banking Group would be massively better off and probably paying its way out of public ownership by now.
Posted 8 years ago # -
Pundits in the Economist and the Grauniad (my sole sources of economic understanding) have been questioning the FSA’s lack of stones for some time now; this only seems to reinforce their argument. The poor old public seems to be left utterly defenceless in the face of venality and greed on a monumental scale. Who, if not a body appointed by Parliament, can protect us from the corporate hyenas? Utterly depressing.
Posted 8 years ago #
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