It is only 8 hours ago I reported that the Mail Online were
breaking the story, and now, moments ago, Sir James Crosby has
resigned from his position as deputy chairman of the UK
Financial Services Authority.

You can read the full text version of the "HBOS" (Halifax Bank
of Scotland) whistleblower statement" at:-

http://news.bbc.co.uk/2/hi/uk_news/politics/7882581.stm

but these two paragraphs I quote below seem to sum up why he had
to go now, and why with this kind of record at Halifax he should
not have been appointed to the FSA in the first place:-

Continue reading "Sir James Crosby resigns - who next?" »

Posted at 11:35 AM | Permalink | Comments (0)

Two days ago I posted an update to my earlier mentions of
Political pressure on the FSA regulators

More political interference with the UK FSA is now emerging.
The Mail Online has a story which is going to be on the front page
of many of today's papers hitting the streets about now.

Sir James Crosby is the current deputy chairman of the Financial
Services Authority and one of the Prime Minister's favourite
private sector advisers, he was Chief Executive of the Halifax
from 2001 to 2006 and not only encouraged risk taking but is
accused in the above article of gagging people whose job it was
to raise legitimate concerns.

Continue reading "A scandal long overdue to happen" »

Posted at 3:16 AM | Permalink | Comments (0)

Alastair Darling said yesterday, 8th February 2009 that nobody
associated with these large losses should be allowed to walk
away with large bonuses.

Also yesterday I posted that the governments were warned
by regulators, Howard Davies, as far back as 2002 and provided a
couple of links to support that contention.

I said there is no way they can credibly say that nobody saw it
coming. And that must include Gordon and Tony.

Should Alastair's remark today also apply to Tony Blair?

Continue reading "Political pressure on the FSA regulators" »

Posted at 3:11 AM | Permalink | Comments (0)

Walmington on Sea wants you to borrow money now. It's your
patriotic duty.

As far back as 7 years ago, on Tuesday, 26 February, 2002, 08:49
GMT the BBC published this article entitled "A scandal waiting
to happen?" in which Sir Howard Davies, then chairman of UK
regulator the Financial Services Authority, was quoted warning
about the perils of dealing with toxic financial instruments.
During a speech on insurance regulation, Sir Howard remarked:

"One investment banker recently described synthetic CDOs to me
as 'the most toxic element of the financial markets today'. When
an investment banker talks of toxicity, a regulator is bound to
take a heightened interest."

Continue reading "Walmington on Sea needs you to do your duty" »

Posted at 3:05 AM | Permalink | Comments (0)