February 17, 2009
Financial mess
Story link: Financial mess
The financial crisis is not the Government’s fault, neither is it Gordon Brown’s, although there have been questions raised as to whether they could have stopped the current recession being as bad as it is!
A LENDING bonanza, a credit bubble, a house price boom and now a slump: who was watching the bigger picture that allowed this catastrophe to unfold? We now have an answer: no-one.
That was the admission yesterday from Lord Adair Turner, head of the Financial Services Authority. He said the regulatory agency did not concentrate enough on the excessive risks taken by banks.