Gordon Brown admits 'big mistake' over banks

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PostMon Apr 11, 2011 7:08 am » by domdabears


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LONDON (AFP) – Ex-prime minister Gordon Brown admitted that he made a "big mistake" in not seeking tighter regulations on banks in the lead up to the financial crisis.

The former leader told a conference in the US that he had not fully appreciated how "entangled" the global financial system had become when establishing the Financial Services Authority (FSA), the country's regulatory body.

"We set up the FSA believing the problem would come from the failure of an individual institution," Brown said. "That was the big mistake. We didn't understand just how entangled things were.

"I have to accept my responsibility."

New Chancellor of the Exchequer George Osborne has announced plans to break up the FSA and hand more regulatory power to the Bank of England.

Brown said he believed the will to tighten regulation was weakening in the face of lobbying by the financial sector.

"I do believe we're going back to a race to the bottom," he warned.

"There should be an international agreement, otherwise you'll just have banks threatening to move from one country to another," continued Brown.

"Britain was under relentless pressure from the City (Britain's financial centre) that we were over-regulating. All through the 10 to 15 years, the battle was not that we regulated too little, but that we regulated too much," he added.
http://news.yahoo.com/s/afp/20110411/wl ... nkingbrown
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PostMon Apr 11, 2011 7:11 am » by Kurious


Tell us something we don't already know Gordon you fuckign idiot.
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PostMon Apr 11, 2011 8:04 am » by E6722maj


now he tells us. twat.


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PostMon Apr 11, 2011 9:50 am » by Legalizeheroin


There was no mistake. This is all a lame PR campaign. Brown just wants people back on his side and making a bullshit apology and pretending there was nothing he could do is all he needs to get the sheep back under control.
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PostMon Apr 11, 2011 10:10 am » by Troll2rocks


The FSA regulations are so overly complex that you have to spend weeks of training just to understand the basics.

Basically they cover every aspect of finance, they also punish "individually" anyone who breaks the rules, such as dealing with sanctioned countries etc etc, they make unexpected visits to banks and seek out low key staff and grill them on their individual jobs, if they get it even slightly wrong they are then punished and sent back into training or worse lose their jobs.

Yet the key villains behind it all, the corporate hierarchy in individual sectors, are for the most part immune from scrutiny. As a matter of fact the majority of illegal activity actually comes from the top down, and 9 times out of 10 it is actually sector chiefs who are responsible for the criminal acts. They can get away with these things by actually targeting lower level employees and leaning on them in order to achieve their goals, and most likely those punished are those that are innocent of the crimes, or those that know little about the company guidelines.

A very shady business, the FSA is a total sham and a front for governments to make it look regulated when in fact, banks operate with little to no regulation and do business as they choose.

Yes they are destroying lives in the process, they operate under this moto, maximize profits at all costs, whether it go against political,environmental, or social aspects. This world is being driven into the ground by corporate mentality.

It needs to stop, and they need to be made accountable for there actions, you only need to look at the bonuses the big boys pay each other at the end of the financial years.
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PostMon Apr 11, 2011 10:18 am » by Truthseeker


its a joke do not blame the actor and he is a bad one he as only done what the british empire bank the city of london corporation as told him to do goverments rule over you in the discuise of democracy in the western lands of europe and america its all fixed none of your nice party mps or senators are normal they are paid for and debted to the banks they are the mouth pieces you see and trust but realy they are controlled by there masters of the empire the evil empire does exist its called the fed and the bank of england and wall street and the london stock exchange .
the british empire is still here but its just bank run and you dont need armies when they controll the fake money you think is good for you .
watch alex jones with LYNDON LAROUCHE ITS A EYE OPENER ON YOU TUBE .
its giving you the real story why america is going bust and the british empire running the banks and the destruction of america .

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PostMon Apr 11, 2011 4:05 pm » by domdabears


legalizeheroin wrote:There was no mistake. This is all a lame PR campaign. Brown just wants people back on his side and making a bullshit apology and pretending there was nothing he could do is all he needs to get the sheep back under control.

:flop:
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PostTue Apr 12, 2011 12:22 am » by Kurious


truthseeker wrote:its a joke do not blame the actor and he is a bad one he as only done what the british empire bank the city of london corporation as told him to do goverments rule over you in the discuise of democracy in the western lands of europe and america its all fixed none of your nice party mps or senators are normal they are paid for and debted to the banks they are the mouth pieces you see and trust but realy they are controlled by there masters of the empire the evil empire does exist its called the fed and the bank of england and wall street and the london stock exchange .
the british empire is still here but its just bank run and you dont need armies when they controll the fake money you think is good for you .
watch alex jones with LYNDON LAROUCHE ITS A EYE OPENER ON YOU TUBE .
its giving you the real story why america is going bust and the british empire running the banks and the destruction of america .


Sorry but the day I listen to anything Alex Jones has to say is the day they are locking me up in a Fema Camp.
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PostTue Apr 12, 2011 12:46 am » by Mushroom


I want the cunt to say sorry for wasting £7 billion selling our gold reserves (against advice from fucking george osborne and the bank of england)
He should also apologise for the fucking £400 billion plus bank bailout package.

Sometimes sorry just isn't enough... and that fucking george osborne is just as bad... they're all a bunch of twats.

End of rant ... the greedy bastrds. :cheers:

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PostTue Apr 12, 2011 12:51 am » by Rydher


Interesting timing to come out with the bullshit, hmmm? Considering he just left the Bretton Woods 3 conference with Soros this past weekend.

http://www.disclose.tv/forum/george-soros-conference-to-rearrange-the-financial-order-t48784.html


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