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Thursday, December 02, 2010

A "Series of Bad Decisions"

The FSA has announced that it will not take any enforcement action against the ex CEO of RBS, Fred "The Shred" Goodwin; the FSA has now closed its 18-month probe into the conduct of RBS executives, the acquisition of ABN Amro in 2007 and a 2008 rights offering.

The Telegraph quotes the FSA:

"The review confirmed that RBS made a series of bad decisions in the years immediately before the financial crisis, most significantly the acquisition of ABN AMRO.

The review concluded that these bad decisions were not the result of a lack of integrity by any individual and we did not identify any instances of fraud or dishonest activity.

The competence of RBS individuals can, and will, be taken into account in any future applications made by them to work at FSA regulated firms.

The last sentence is the FSA's attempt to add "stones" to their statement of the "bleedin' obvious", namely that "a series of bad decisions" had been made.

The FSA won't disclose details of its investigation, they expect people to blithely accept their opinion and move on.

Not really very much to show for 18 months of "investigation"!

Did not our government, during the run up to the election, say that they were going to shut down the FSA?

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