A reminder of Gordon Brown's views before the banking crisis

Every time Gordon Brown spouts on about banking responsibility and how he always wanted more regulation of banking do realise that he is talking crap. Back in October I blogged about Gordon Brown's Mansion House speech in June 2007. Do read the whole of my piece but here are some extracts from Gordon Brown's speech that highlight this:

"Over the ten years that I have had the privilege of addressing you as Chancellor, I have been able year by year to record how the City of London has risen by your efforts, ingenuity and creativity to become a new world leader.

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So I congratulate you Lord Mayor and the City of London on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London.

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I believe it will be said of this age, the first decades of the 21st century, that out of the greatest restructuring of the global economy, perhaps even greater than the industrial revolution, a new world order was created.

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So let me say as I begin my new job, I want to continue to work with you in helping you do yours, listening to what you say, always recognising your international success is critical to that of Britain's overall and considering together the things that we must do - and, just as important, things we should not do - to maintain our competitiveness:

* enhancing a risk based regulatory approach, as we did in resisting pressure for a British Sarbannes-Oxley after Enron and Worldcom..."