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Democratic Interference
The FSA are clearly up to their necks in responsibility for the mess we are in. For someone from the FSA to say their critics do not understand is chutzpah gone mad.
Whilst the FSA may not understand what they have been paid to do, I can certainly tell her that it is the job of democratically elected MPs to interfere in the cosy world of bankers and regulators. It is only unfortunate that they didn't interfere before.
There are those whose ideological commitment to free markets (even now) is such that they object to any involvement by democratically elected representatives. These interfering democratically accountable MPs are speaking for us taxpayers who are have assumed responsibility for the banks debts.
FSA (nee SIB)
I think you will find that Oonagh was a director of the incorporated entity the Securities and Investments Board (SIB) which was created in 1985 and renamed by Gordon Brown as the Financial Services Authority (FSA) in 1997.
If she is indeed a former director then the FSA spokesperson is clearly in need of a history lesson, as are many of his/her colleagues when someone asks why the likes of Equitable Life slipped under their radar.
When you think that this regulator has been.. er.. well.. 'regulating' for well over two decades and yet our financial world is falling down all around us you have to wonder why it was created in the first place and whether it should be written off as a bad job before it does any more damage.