Remember your colleagues in the UK ran a strategy for a long time called light touch approach to financial regulation that was designed consciously to pull financial activity from New York and Frankfurt and Paris to London. That was a deeply costly strategy for financial regulation.
Geithner Blames Brown For Worldwide Financial Crisis
-
superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
It's about time someone did!... http://www.telegraph.co.uk/finance/fina ... risis.html
-
lilgreenback
- Posts: 211
- Joined: Thu Apr 16, 2009 11:28 am
Is'nt this a little like the "pot and the kettle" just as the US Govt were blaming, totally BP for the Deep Water Horizon, Gulf oil spill. Little mention of Haliburton or Transocean and their responsibility in the disaster.
It's interesting that during 2009 BP were the Pentagon's largest contractor at $2.2 billion dollars. The US Govt were quite happy to grant licences and encourage deep water drilling in an environment just as hostile and difficult to work in as space.
Yes the UK Govt and it's "spanner" Brown Team were responsible for inadequate regulation and oversight of the Govt, Public and Private spending in the boom years however I'm quite sure that across the Pond Leehman Bros, Morgan Stanley, Goldman Sachs were just as culpable of dodgy dealing and share just as much of the blame.
The UK Govt may have had a "light touch" on the tiller but with Good Old Uncle Sam it was "full steam ahead" as they were probably just as eager to hold on to business.
It does seem to be a lot of mud slinging and people with white washing out should not chuck s**t
It's interesting that during 2009 BP were the Pentagon's largest contractor at $2.2 billion dollars. The US Govt were quite happy to grant licences and encourage deep water drilling in an environment just as hostile and difficult to work in as space.
Yes the UK Govt and it's "spanner" Brown Team were responsible for inadequate regulation and oversight of the Govt, Public and Private spending in the boom years however I'm quite sure that across the Pond Leehman Bros, Morgan Stanley, Goldman Sachs were just as culpable of dodgy dealing and share just as much of the blame.
The UK Govt may have had a "light touch" on the tiller but with Good Old Uncle Sam it was "full steam ahead" as they were probably just as eager to hold on to business.
It does seem to be a lot of mud slinging and people with white washing out should not chuck s**t
-
superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
I agree. Geithner is a bankster and the US were very guilty too.lilgreenback wrote:Is'nt this a little like the "pot and the kettle" just as the US Govt were blaming, totally BP for the Deep Water Horizon, Gulf oil spill. Little mention of Haliburton or Transocean and their responsibility in the disaster.
It's interesting that during 2009 BP were the Pentagon's largest contractor at $2.2 billion dollars. The US Govt were quite happy to grant licences and encourage deep water drilling in an environment just as hostile and difficult to work in as space.
Yes the UK Govt and it's "spanner" Brown Team were responsible for inadequate regulation and oversight of the Govt, Public and Private spending in the boom years however I'm quite sure that across the Pond Leehman Bros, Morgan Stanley, Goldman Sachs were just as culpable of dodgy dealing and share just as much of the blame.
The UK Govt may have had a "light touch" on the tiller but with Good Old Uncle Sam it was "full steam ahead" as they were probably just as eager to hold on to business.
It does seem to be a lot of mud slinging and people with white washing out should not chuck s**t
But the point is that the UK were/are up to their necks in dodgy financial stuff encouraged by Brown who rode the credit bubble for all it was worth. He managed to get off very lightly in the media with his argument that the crisis was a 'global' event that 'started in America' - the US had the madness of subprime that was the catalyst, but the UK bubble was the biggest and our banks the worst.