Loans and Finance

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Monday, May 18, 2009

Shutting The Stable Door

The hapless and hopeless Financial Services Authority (FSA) has made another futile attempt to shut the stable door, on another of its regulatory failings, long after the horse has bolted.

PricewaterhouseCoopers has been called in by the FSA to investigate the conduct of former board directors of Royal Bank of Scotland (RBS).

The FSA wants to assess whether the RBS board, including former chief executive Sir Fred "The Shred" Goodwin (proud recipient of a £16M pension), behaved competently as the financial crisis destroyed the value of ordinary people's investments etc.

The FSA will examine whether the stock market was kept properly informed about the bank's financial position in the period surrounding its £12BN rights issue in the spring of 2008.

Too litte, too late!

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