Regulators are doing more than looking the other way, they’re assisting banking groups by protecting the City of London. The article reveals the FSA and a lobby of 13 banking groups colluded in opposing regulatory reforms and tax.
Apparently the FSA justifies its stance in a statement saying: “We clearly state in our business plan [that] the FSA attempts to influence the international and European policy agenda for the benefit of the UK economy, and we do this by playing a prominent role in a number of EU wide bodies, and supporting the government in its EU negotiations.”
Here’s an article from the 1st July (9 days ago) saying they wanted tougher powers to distance themselves from ‘failed directors’ (with the scary threat of ‘criminal sanctions’ to be applied) This PR move could be seen as a reaction to Vince Cable’s attack on bankers and employed as some sort of limp slap-on-the-wrist to give them some credibility, when really the only time they will be credible is when the good times roll.
When it’s bad you get to see the financial regulators as they really are – in the pockets of all the big players they’re supposed to be policing.
Corruptisima Republica Plurimae Leges