Labour was quite happy to milk the boom as a sign of their economic "genius" (even though it was clear that Brown, in his hubris and megalomania was being carried on a wave of forces he didn't properly understand), so they deserve to suffer the corollary of the bust, i.e. the complete loss of public trust in their economic competence and judgement.
Gordon Brown apologised for the financial crisis 5 years ago Jol
Why are you still in denial after all this time?
"Gordon Brown has admitted he made a "big mistake" over the handling of financial regulation in the run-up to the banking crisis of 2008.
The former prime minister told a US conference he had not realised the "entanglements" of global institutions.
He said: "We set up the FSA [the City regulator] believing the problem would come from the failure of an individual institution. That was the big mistake.
"We didn't understand just how entangled things were."
Mr Brown said he had to "accept my responsibility"
Yet the banks and bankers never apologised ever and now doing nothing apart from moan about the regulations in place to try to stop this mess again, the banks and bankers just want a free hand to do what ever they like.
Yet the banks and bankers never apologised ever and now doing nothing apart from moan about the regulations in place to try to stop this mess again, the banks and bankers just want a free hand to do what ever they like.
And some times sorry is not enough, there should be alot more cases like this and also prison if found to have done wrong.
Does not look like it will save him, Former Royal Bank of Scotland boss Fred Goodwin faces spending Christmas trawling through emails and texts he sent during the financial crisis, on the orders of the judge in a £4billion lawsuit.
About 100 institutions and 15,000 private investors are suing the bank and former executives for £4billion, after buying into a £12billion share sale as the bank tried to raise cash to survive in 2008.
Goodwin, former RBS chairman Tom McKillop, investment bank chief Johnny Cameron and finance director Guy Whittaker, have been ordered to disclose the sources of information they will submit during the case.
A date for the trial was also set, with the disgraced ex-bankers due to take the stand in December 2016, some eight years after the bank’s near collapse and £46billion state bailout.
Lawyers from Fladgate, acting on behalf of the claimants, will say that RBS did not disclose the rotten state of its finances to potential investors, who later saw the value of their investment wither.
The December 2016 date will be the first time that British bankers have seen the inside of a courtroom to defend allegations of cavalier behaviour that helped bring the British economy to its knees.
RBS is understood to have asked for the trial battle to be delayed until 2017 but was turned down(. And i do believe this will open a big can of worms that only the courts will get to the bottom of it as i dont trust politicians with things like this )
The Tories just got extremely lucky that Labour happened to be holding the parcel (full of crashed banks) when the music stopped.
Because the view that the Tories would have done anything differently leading to the crash is laughable. The small deficit being run was around the norm for any govt and tories had promised to continue this spending (as youtube link posted in someones earlier post). And the "the market is king" and how no regulation is required is the exact (neo-liberal) economy the economist Friedman preached that Thatcher and Reagan put fully into practice. This then being what all future right wing govts pursued with, including torylite Blair. Perhaps that's why Brown apologised, i'd be apologising if i'd joined the Labour Party in the 1970s, an MP since 1983 but then from 1997 was fully into tory deregulated banking systems.
I don't remember anyone in Opposition speaking out against the lack of banking regulations. Or speaking out that the banking system might not be in a good place. What with so many Tories doing advising or sitting on the boards of hedge funds and other financial institutions at the time. There was Sajid Javid, prior to being MP in 2010, working as head of Deutsche Bank's credit trading, commodities and private equity businesses in Asia. And not a conclusive list i'm sure, but someone blogged on 14-Apr-2007 pre-crash) of all the links between City and MPs being unhealthy. Any of these give Brown a nod & a wink as to how investment banking was being run:
Even if the crisis was inevitable irrespective of who was in power at that time, the underlying issue is government using the situation as a justification to force ideological austerity on the population (poor and vulnerable demographic especially) all the while as they continue to enjoy pampered lifestyles within their bubbles while widdling down the years until getting gold plated (ringfenced too I might add) pensions
Do as we say not as we do springs to mind... every other month we are seeing the subject of mp wage increases for example, most people are lucky to see their wages stagnate as opposed to actually decreasing annually, nevermind a raise.... god help you if you get sick/have a lifechanging event that removes you from work for a while
For differing reasons have no love lost for neither the tories or labour but I can't believe people would actually buy into the concept of the latter directly causing the whole economy crash... surely the gears were set into motion decades ago via deregulation
Canada was almost completely unaffected due to tight banking regulation.#
Which part of this statement do you disagree with?
Brown was completely culpable for the financial crisis in the UK, it has nothing to do with government borrowing,it is nothing to do with any global issues. It was a failure to do what every Tory government in the past has managed to do and that was raise interest rates when the economy was overheating.
UK banks that went bust were raising money on the bond market, which is international.
Gordon Brown apologised for the financial crisis 5 years ago Jol
Why are you still in denial after all this time?
"Gordon Brown has admitted he made a "big mistake" over the handling of financial regulation in the run-up to the banking crisis of 2008.
The former prime minister told a US conference he had not realised the "entanglements" of global institutions.
He said: "We set up the FSA [the City regulator] believing the problem would come from the failure of an individual institution. That was the big mistake.
"We didn't understand just how entangled things were."
Mr Brown said he had to "accept my responsibility"
Yet the banks and bankers never apologised ever and now doing nothing apart from moan about the regulations in place to try to stop this mess again, the banks and bankers just want a free hand to do what ever they like.
And I've not heard of one banker express gratitude to the rest of us for saving their jobs.
He apologised for RBS going bust, but blamed it on investors in the bond market for not giving them more credit. He said no blame can be attached to him, and that he fully deserves his tax payer funded pay off.
Comments
Yet the banks and bankers never apologised ever and now doing nothing apart from moan about the regulations in place to try to stop this mess again, the banks and bankers just want a free hand to do what ever they like.
Is the ongoing beatification of St. Gordon going well, then?
Wrong.
Fred Godwin apologised in 2011
Does not look like it will save him, Former Royal Bank of Scotland boss Fred Goodwin faces spending Christmas trawling through emails and texts he sent during the financial crisis, on the orders of the judge in a £4billion lawsuit.
About 100 institutions and 15,000 private investors are suing the bank and former executives for £4billion, after buying into a £12billion share sale as the bank tried to raise cash to survive in 2008.
Goodwin, former RBS chairman Tom McKillop, investment bank chief Johnny Cameron and finance director Guy Whittaker, have been ordered to disclose the sources of information they will submit during the case.
A date for the trial was also set, with the disgraced ex-bankers due to take the stand in December 2016, some eight years after the bank’s near collapse and £46billion state bailout.
Lawyers from Fladgate, acting on behalf of the claimants, will say that RBS did not disclose the rotten state of its finances to potential investors, who later saw the value of their investment wither.
The December 2016 date will be the first time that British bankers have seen the inside of a courtroom to defend allegations of cavalier behaviour that helped bring the British economy to its knees.
RBS is understood to have asked for the trial battle to be delayed until 2017 but was turned down(. And i do believe this will open a big can of worms that only the courts will get to the bottom of it as i dont trust politicians with things like this )
Read more: http://www.thisismoney.co.uk/money/markets/article-2882845/Ex-RBS-boss-Fred-Goodwin-ordered-reveal-emails-texts-sent-financial-crisis.html#ixzz3cbfPIKsH
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Because the view that the Tories would have done anything differently leading to the crash is laughable. The small deficit being run was around the norm for any govt and tories had promised to continue this spending (as youtube link posted in someones earlier post). And the "the market is king" and how no regulation is required is the exact (neo-liberal) economy the economist Friedman preached that Thatcher and Reagan put fully into practice. This then being what all future right wing govts pursued with, including torylite Blair. Perhaps that's why Brown apologised, i'd be apologising if i'd joined the Labour Party in the 1970s, an MP since 1983 but then from 1997 was fully into tory deregulated banking systems.
I don't remember anyone in Opposition speaking out against the lack of banking regulations. Or speaking out that the banking system might not be in a good place. What with so many Tories doing advising or sitting on the boards of hedge funds and other financial institutions at the time. There was Sajid Javid, prior to being MP in 2010, working as head of Deutsche Bank's credit trading, commodities and private equity businesses in Asia. And not a conclusive list i'm sure, but someone blogged on 14-Apr-2007 pre-crash) of all the links between City and MPs being unhealthy. Any of these give Brown a nod & a wink as to how investment banking was being run:
http://www.havingtheircake.com/content/2_Our%20financial+industrial%20system/7_Government%20and%20politicians/Politicians%20and%20the%20finance%20industry.php
Do as we say not as we do springs to mind... every other month we are seeing the subject of mp wage increases for example, most people are lucky to see their wages stagnate as opposed to actually decreasing annually, nevermind a raise.... god help you if you get sick/have a lifechanging event that removes you from work for a while
For differing reasons have no love lost for neither the tories or labour but I can't believe people would actually buy into the concept of the latter directly causing the whole economy crash... surely the gears were set into motion decades ago via deregulation
so did the handover of hong kong to china, and the year 2000.
That is very true. Another good reason not to vote for them.
UK banks that went bust were raising money on the bond market, which is international.
He was responsible. So were many others.
And I've not heard of one banker express gratitude to the rest of us for saving their jobs.
He apologised for RBS going bust, but blamed it on investors in the bond market for not giving them more credit. He said no blame can be attached to him, and that he fully deserves his tax payer funded pay off.