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GEaston · 19-05-2013, 11:02

Stan - the Tories isn't create the financial regulatory system that failed so spectacularly. That was the first act of new labour, to take regulation away from the Bank of England. FSA was failed Labour ideology.

Bank of England had previously done a good job. They rescued the banking system in the 1970s and dodgy players like BCCI were shut down. BCCI wasn't London HQ so it was a balsy move to act against it. It was a fraud, (subsequently proved to be o) BoE knew it and shut it down.

BoE back in charge of Banking Supervision which is a good thing.

19-05-2013, 11:02	#3117
GEaston Full Member Join Date: Mar 2013 Posts: 198 Liked: 46 times Rep Power: 64	The Tories Stan - the Tories isn't create the financial regulatory system that failed so spectacularly. That was the first act of new labour, to take regulation away from the Bank of England. FSA was failed Labour ideology. Bank of England had previously done a good job. They rescued the banking system in the 1970s and dodgy players like BCCI were shut down. BCCI wasn't London HQ so it was a balsy move to act against it. It was a fraud, (subsequently proved to be o) BoE knew it and shut it down. BoE back in charge of Banking Supervision which is a good thing.