Have we not learnt our lesson? No banking reform

[Spiritual_Beggar]

http://news.bbc.co.uk/1/hi/business/8104340.stm

So;

Darling says Bank regulation wasn't the reason for the collapse.........the bank bosses were!!!


Erm, WTF? Does that not mean that there IS a problem with banking regulations..........if the bosses can do what they did so easily?

Unbelievable!!

[Bing o]

Darling is clueless to a point.

To be fair, a lot of the losses were run up by the UK arms of firms such as Lehmans and AIG - due precisely to the lax regulatory conditions "enjoyed" by the City over the past few years.

I do see some moves towards securing up the banking sector, but they seem to be being led by the Fed in the US, not the Badger or the one eyed fkwit.

[elster]

Why should there be a reform?

Instead when a business goes belly up, it goes. Not give them billions that can be lost in seconds on the market. Billions given out of the public purse.

[anonymous-user]

Even the governor of the Bank Of England is calling for greater powers, unlike slug eyebrows and winky
http://news.bbc.co.uk/1/hi/business/8106209.stm

[Targarama]

I think the gov't needs to tread carefully here as London is a major financial services centre. What they believe and what they say to ensure the dollars keep flowing are probably two different things. Not that I like winky or slug eyebrows.

[Spiritual_Beggar]

Targarama said:

I think the gov't needs to tread carefully here as London is a major financial services centre. What they believe and what they say to ensure the dollars keep flowing are probably two different things. Not that I like winky or slug eyebrows.

This needs to change though. We're effectively being held to ransom by the bankers that caused all this chaos in the first place! This needs to change. Britain has become too reliant on the money from Financial Services of the City, at the expense of a vastly decreasing manufacturing industry!

It amazes me that after everything that has gone on, Darling is still prepared to bow to the whim of the city. No is the time to come down hard on these institutions. Reforms are needed in order to prevent the same mistakes happening again!


Just look at the ACTION Obama is taking in the US. For right, or wrong (only time will tell) at least they are getting on with something, as opposed to saying what's needed, but not actually doing it. This government seems very 'reactive' and not 'proactive' enough to inspire confidence in anyone that they are able to get this country back on track.

[XitUp]

I agree with him. As long as the bankers say they are very, very sorry and promise not to do it again I don't think we need tighter regulations.

[Mclovin]

this would suggest otherwise...

http://www.guardian.co.uk/business/2009/jun/15/pri...

at least darling understands that the books must be balanced or we are heading for hell on earth....the only problem is the man above him is a complete loon...

the banks have taken billions from the taxpayer, the government in the coming years should be clawing that money back from them not have the taxpayer pay higher taxes....

[Mclovin]

bankbuster keeping half his tax payer funded pension.....

[Spiritual_Beggar]

Mclovin said:

bankbuster keeping half his tax payer funded pension.....

Can a criminal case not be brought against these guys?

Surely, being responsible for Public money, and knowing what they were doing would cause a catastrophic collapse eventually, and doing nothing to prevent said collapse, surely there moust be some legal potential here somewhere?

They effectively 'gambled' with other people's money!!!

[Fittster]

"A senior French official has confirmed Gordon Brown is almost powerless to stop the creation of a European regulatory machinery at today's EU summit, opening the way for a transfer of control over the City from London to Brussels.

There will be a pincer movement on Britain," said a key aide to President Nicolas Sarkozy, speaking at a pre-summit briefing.
Paris believes the push for tighter regulation by the Obama administration leaves Britain in a weak position as it tries to fight off the assault on the City.

"If the Americans make strong commitments towards regulation and on derivatives and other sophisticated products, I believe they are going further than the Europeans. That will provide a boost to the most determined among the Europeans," said the official.

"It will be a reminder to the British that they cannot be quite isolated within Europe and at the same time refuse to accept for the City the kind of rules being imposed on Wall Street. "

Europe's key proposal is for three new bodies to oversee banking, insurance and securities. Each would rank as EU "authorities" and have binding powers to dictate decisions over sweeping areas of regulation.

Britain cannot veto the proposals because EU single market laws are passed by qualified majority voting (QMV). While a few countries have reservations – Germany views the plan as "too ambitious" – London will struggle to put together a blocking minority.

It would be a serious political matter if the EU proceeded against vehement objections from the British Government. Any outcome depends on whether Mr Brown is willing to risk a showdown with Europe.
Chancellor Alistair Darling said Britain will not agree to any measures that erode "fiscal sovereignty", an area that is still covered by the national veto.

http://www.telegraph.co.uk/finance/5563513/UK-powe...
Personally I'm happy with light regulation as look as the market/capitalism corrects bankers mistakes.