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Tuesday, June 02, 2009

Gamekeeper Turned Poacher

Which toothless and useless "regulatory" organisation that on a daily basis lets down the victims of financial institutions greed, failed to see that Northern Rock was a disaster waiting to happen, sat back during the banking crisis and oversaw the demise of the City of London has happily awarded bonuses of £19.7m – a 40% increase on the previous year - to its staff last month?

Answer: The Financial services Authority (FSA).

The fact that it has so obviously failed in its role matters not a jot to those "in charge" of the FSA. They claim that, in order to attract high performers, "realistic" rewards need to be offered.

Isn't that the same corporate bullshit spouted by the banks that have destroyed value and the economy?

It seems that the FSA has become part of the problem, rather than the solution.

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