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Respectable Companies
inhibiting perfectly respectable companies that have never defrauded anyone.
Quote by: Tony Blair
Quote made on: 2005
Quote Submitted by: Financial Foot in Mouth
Source: Financial Times
Editor's Notes
Not to be outdone, Tony Blair made a speech in 2005 in which he attacked the Financial Services Authority for “inhibiting perfectly respectable companies that have never defrauded anyone.”
Six years on, it is questionable whether the British public quite shares this sympathetic view of financial services organisations. As an example of such ill-advised practice, the report into the the collapse of The Royal Bank of Scotland subsequently showed, `the Financial Services Authority allowed (RBS) to run high risks with low stocks of capital and liquid assets and left it vulnerable to a loss of investor confidence…. and underscore how the regulator`s light touch approach, which emphasised cooperation rather than confrontation, helped speed RBS down the road to catastrophe’ (Financial Times).
(1 votes, average: 1.00 out of 10)
Loading ...Published on: July 7, 2012
Angela`s Hashes
“We have a Treaty under which there is no possibility of paying to bail out states in difficulty.”
Quote by: Angela Merkel
Quote made on: 01/03/2010
Quote Submitted by: James Inglis
Source: Deutsche Welle
Editor's Notes
…well, at least, not directly anyway. The ECB`s injection of 1 trillion euros of three year loans into European banks came in handy, though.
ADDITIONAL COMMENT – it might just be time for an update of this post, bearing in mind the report in last weekend`s “Financial Times” that “…taxpayers for all 17 eurozone countries, Germany foremost among them, will shoulder the burden of 100bn. euros in cash injections” and that “…the bail-out of Spain`s domestic banking sector, stuffed with bad real estate investments, will no longer be Madrid`s responsibility.”
I must be missing something here.
(2 votes, average: 5.00 out of 10)
Loading ...Published on: July 3, 2012
