Siol nan Gaidheal forum

Watchdog launches inquiry into bail-out of Scots banks
Published Date: 13 April 2009
By FIONA MACLEOD
A FORMAL investigation is to be conducted into last year's government rescues of Scotland's top banks.
The Financial Standards Agency (FSA) has asked four major audit firms to make bids to help compile a report on bail-outs of the Royal Bank of Scotland (RBS) and Halifax Bank of Scotland (HBOS) last year.
http://thescotsman.scotsman.com/scotland/Watchdog-launches-inquiry-into-bailout.5164777.jp

Traquair's Response:

I wonder who setup the FSA to regulate the financial sector ?
"the FSA was created in 1997 by Prime Minister Gordon Brown as one of his first acts as then-Chancellor of the Exchequer."
Hmm, would suggest there is name there to which responsibility can be attached.
http://tinyurl.com/dag2l8

And what is the role of the FSA
"promoting efficient orderly and fair markets"
That did not seem to go to well.
http://%20tinyurl.com/ccodvd

And how did Brown conceive it should work
"Chancellor to reveal details of 'light touch' regulation"
"Not just a light touch but a limited touch."
Apparently, more reason to hold Brown responsible.
http://tinyurl.com/cnxdvn

What does the FSA think of Mr Brown ?
"FSA chief Hector Sants says that Gordon Brown contributed to economic crisis"
Ah, hard evidence already by the FSA themselves the Brown is culpable, I wonder if he will be held to account ?
http://tinyurl.com/bcj6bn

How successful was the FSA in looking after one of Scotland's biggest company's HBOS
"'I was NOT warned about banks crisis': Brown denies he knew FSA had raised alarm about risk to HBOS"
http://tinyurl.com/chcpng

Hmm, sounds like either direct lies or massive incompetence - either way another reason to hold Brown accountable.
Were there any warnings on HBOS ?
"Second HBOS whistleblower: Bank 'had a disregard for risk'" - 2003 to 2005
http://tinyurl.com/djn2np

Hmm, more evidence for the FSA to have acted upon, I wonder why they did not ?
Did the FSA collect many documents on HBOS ?
From FOI - " 22,000 electronic documents in relation to HBOS." and "12,000 Pages of paper only documents"
Hmm, lots of evidence, but no action ?
How well was the Edinburgh FSA Office involved since
they were only a matter of miles away from the HQ ?

From FOI - "Supervision of RBS and HBOS is managed by teams in London so the Edinburgh teams would not have completed any 'investigations' on RBS and HBOS."

Well that does not sound too efficient having another massively centralized London quango managed a major financial centre hundreds of miles away whilst there is a local office. The question is it incompetence or a deliberate set up by the Brown one ?

How will Brown make the massively London centralized quango that is FSA more efficient ?

Give them more money apparently - "The FSA with a budget of £323 million is asking for an increase of £117 million."
Hmm, does not sound like the right approach. Of course now Brown's scorched earth policy to destroy the financial sector in Scotland is in full swing perhaps they can just close down the FSA Edinburgh office as it will not longer be needed, and it clearly was just some puppet for show in any case.
http://tinyurl.com/2zffm3

And who will run the FSA ?
The unelected tax-free expenses for life muliple jobs Lord Adair Turner will spend a 3 day a week as head of FSA for £400,000 a year.
http://tinyurl.com/b5tcnq

Given yet another unelected tax-free expenses for life Lord heads up the FSA what is the chance of any report being fair and transparent - the answer would be nil in this British Style Democracy.