[Ethel_Fred]

Lord Green, the Minister of state for trade and investment was chairman of the British Banker's Association (BBA) when it cleared banks of rigging lending rates despite warnings of possible criminal activity.

Source Sunday Times

Is Dave's political equivalent of "oh look flying monkeys" by his announcement on the EU an attempt to change the subject?

[David Tee]

Originally Posted by Ethel_Fred

Lord Green, the Minister of state for trade and investment was chairman of the British Banker's Association (BBA) when it cleared banks of rigging lending rates despite warnings of possible criminal activity.

Source Sunday Times

Is Dave's political equivalent of "oh look flying monkeys" by his announcement on the EU an attempt to change the subject?

Why on earth would Cameron want to change the subject? If anyone - other than the bankers - are caught up in the LIBOR scandal it's Brown and Balls. It's way past time that those two got their just desserts.

I can't see any reference from the time about Lord Green "clearing banks".

[Ethel_Fred]

Originally Posted by David Tee

Why on earth would Cameron want to change the subject?

Because it's getting close to home, like the similar "oh look flying monkeys" story when people started talking about Tories and tax avoidance

Originally Posted by David Tee

I can't see any reference from the time about Lord Green "clearing banks".

Did you read the story? Page 2 of the main section.

Meanwhile in other news

The low fixings gave an illusion of stability and were therefore a key factor masking the severity of the crisis

I think it is fair to say that the crisis was worsened by the very slow policy response and that the libor misquotes played a role in delaying the necessary actions

[alcockell]

By rights, Thatcher and Major also need to be in the frame for deregulating the banks allowing this mess to even start.

None of us ordinary people asked for any of this...

[Annsyre]

Originally Posted by alcockell

By rights, Thatcher and Major also need to be in the frame for deregulating the banks allowing this mess to even start.

None of us ordinary people asked for any of this...

Precisely when did Major and Thatcher de-regulate the banks?

[Annsyre]

Originally Posted by David Tee

Why on earth would Cameron want to change the subject? If anyone - other than the bankers - are caught up in the LIBOR scandal it's Brown and Balls. It's way past time that those two got their just desserts.

I can't see any reference from the time about Lord Green "clearing banks".

Neither can I. Links are always useful in these instances.

Lord Green became Chairman of the British Bankers’ Association in November 2006.

http://ukinqatar.fco.gov.uk/en/about...-green-profile

So anything he did in that role was during Labour' period in office.

[David Tee]

Originally Posted by Ethel_Fred

Because it's getting close to home, like the similar "oh look flying monkeys" story when people started talking about Tories and tax avoidance

Maybe. But much. much closer to home - and the entire point of this thread despite your predictable attempts to divert it - are Brown, Balls and Labour and the extent of their involvement in the Banks/LIBOR scandal.

Originally Posted by Ethel_Fred

Did you read the story? Page 2 of the main section.

Nope. I don't subscribe to the ST. I did, however, do an extensive search on Google for all documents relating to the BBA clearing LIBOR and can't find a single thing.

Originally Posted by Ethel_Fred

Meanwhile in other news

The low fixings gave an illusion of stability and were therefore a key factor masking the severity of the crisis

I think it is fair to say that the crisis was worsened by the very slow policy response and that the libor misquotes played a role in delaying the necessary actions

Thanks - now we're back to the start of the thread. Maybe the slow response was orchestrated from Downing Street.

[alcockell]

1986. http://en.wikipedia.org/wiki/Big_Ban...ial_markets%29

[alcockell]

Originally Posted by Annsyre

Precisely when did Major and Thatcher de-regulate the banks?

Deregulation happened in 1986. http://en.wikipedia.org/wiki/Big_Ban...ial_markets%29

[allaorta]

Originally Posted by Annsyre

Precisely when did Major and Thatcher de-regulate the banks?

It wasn't just British banks. In 1996 I think it was, the Conservatives made an agreement with other countries to remove a whole swathe of banking regulations to aid the globalisation of money markets. The agreement didn't become effective until after the 1997 election and I don't know whether Brown could have avoided its implementation or whether the BoE control over banking was also something agreed on prior to 1997 or whether it was his decision. Either way, both decisions proved to be a disaster.

[David Tee]

Originally Posted by alcockell

Deregulation happened in 1986. http://en.wikipedia.org/wiki/Big_Ban...ial_markets%29

And - since you named him - John Major's involvement in that was?

Big Bang enabled the UK to become a leading player in the global financial markets - that's all. The deregulation that facilitated the financial crisis in 2008 took place in 1997 and was all Brown's making. Even he later admitted he got it wrong.

[WindWalker]

Originally Posted by Annsyre

Precisely when did Major and Thatcher de-regulate the banks?

There's a thread you have already posted in containing a lot about regulations and posing some questions.

[WindWalker]

Originally Posted by David Tee

And - since you named him - John Major's involvement in that was?

Big Bang enabled the UK to become a leading player in the global financial markets - that's all. The deregulation that facilitated the financial crisis in 2008 took place in 1997 and was all Brown's making. Even he later admitted he got it wrong.

Exactly what aspect or deregulation caused the financial crisis?

[alcockell]

Originally Posted by WindWalker

Exactly what aspect or deregulation caused the financial crisis?

The way I understand it - the deregulation removed a lot of the firebreaks that would have stopped all this lot in its tracks.

[WindWalker]

Originally Posted by alcockell

The way I understand it - the deregulation removed a lot of the firebreaks that would have stopped all this lot in its tracks.

Links? Firebreaks? Who controlled that aspect before they were abolished, SIB or SRO?

[Charlie Drake]

Originally Posted by Annsyre

Precisely when did Major and Thatcher de-regulate the banks?

As part of the unholy alliance between Margaret Thatcher and Ronald Reagan (remember 'Reaganomics'?) and the so-called Big Bang of 1986, which radically changed our banking culture up to the present day. I enjoyed the quote about Frankfurt in this article:

http://warincontext.org/2011/10/09/t...her-unleashed/

http://www.guardian.co.uk/business/2...tion-boom-bust

Up until the radical changes of that era, The City really consisted of what I would call a 'chapish' culture - the (almost entirely) men in their pin-striped suits, bowler hats, furled umbrellas and brief cases containing the latest copy of the Financial Times, spouting such inimitable phrases as 'I say, old chap'. This was rapidly usurped by the 'laddish' (also mostly men) culture of 'Leave it out, John' that we know today.