Last week, Financial Services Authority (FSA) chiefs reluctantly admitted that they had not challenged Northern Rock sufficently on its "business model". The FSA also conceded they had overlooked critical risks in the money market that had eventually forced the run on the bank. Even Northern Rock chief executive stated that "there are lessons to be learned here for our supervision process".
Is this the same FSA that was described by the National Audit Office (NAO) in April this year as "a well established regulator with an impressive set of processes and structures to help tackle high-risk organisations and markets"? An opinion echoed by the NAO boss Sir John Bourn who added his personal testimony: the FSA "has created strong and effective structures".
Yes! It is the same FSA. This verdict of the NAO delighted the Treasury with the City minister at the time, Ed Balls, pouncing on the independent auditor's ringing endorsement, boasting to anybody who would listen of the success of the FSA created by he and Gordon is a moron Brown.
How could the public spending watchdog (NAO) paint such a glowing picture of an unmitigated failure of a financial regulator (FSA)? Perhaps some negotiation took place over one of the hundreds of meals-for-two at London's finest restaurants hosted by Sir John for his anonymous "UK contacts" with tax-payers' money?
Bastards ... slimy bastards all over the world!
Is this the same FSA that was described by the National Audit Office (NAO) in April this year as "a well established regulator with an impressive set of processes and structures to help tackle high-risk organisations and markets"? An opinion echoed by the NAO boss Sir John Bourn who added his personal testimony: the FSA "has created strong and effective structures".
Yes! It is the same FSA. This verdict of the NAO delighted the Treasury with the City minister at the time, Ed Balls, pouncing on the independent auditor's ringing endorsement, boasting to anybody who would listen of the success of the FSA created by he and Gordon is a moron Brown.
How could the public spending watchdog (NAO) paint such a glowing picture of an unmitigated failure of a financial regulator (FSA)? Perhaps some negotiation took place over one of the hundreds of meals-for-two at London's finest restaurants hosted by Sir John for his anonymous "UK contacts" with tax-payers' money?
Bastards ... slimy bastards all over the world!
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