Wednesday, 25 February 2009

Shh don't mention "his" name

The BBC report Lord Turner's appearance before the Treasury Committee and his remarks. The BBC quote him saying that a "light touch" approach at the City watchdog had been seen as politically preferred and that he said that the regulatory approach that encouraged a light touch at institutions such as Northern Rock, HBOS, and RBS had been affected by "a political assumptions". "There was a philosophy routed in political assumptions which suggested the key priority was to keep it light rather than to ask more questions"

Buried further down the report is a reference to the man with the "Clunking Fist" who liked a "light touch" when it came to regulation, Mr Gordon Brown, but that is quickly followed up with a spreading of the blame to all parties:
"The comments may be seen as laying blame on Gordon Brown, who was responsible for setting up the regulatory system while chancellor.

But he adding that the preference for light touch regulation "existed in speeches on both sides of the House". "

Lord Turner wants to keep his job and the BBC a=want to keep Gordon Brown in power so Gordon Brown is allowed to play McCavity the Mystery Cat again.

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