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Tuesday, March 02, 2010

The Seduction of The FSA

Lord Turner, the chairman of the Financial Services Authority (FSA), has told the Treasury Select Committee that the FSA was "seduced" into thinking that the economic boom was unstoppable.

In other words the FSA was asleep at the wheel.

He also noted, quite correctly, that another global financial meltdown could occur.

In the event that the Tory Party wins power at the next election, the FSA will become a footnote in the history books as the failed tripartite system (set up by Brown) is dismantled.

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