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Andrew Bailey is new BoE Governor.

GN100
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Andrew Bailey is new BoE Governor.

#272506

Postby GN100 » December 20th, 2019, 9:43 am

For those of us that were involved in the Court case concerning Lloyds and our ECNs this announcement to me was a bit of a shock. IMO he was little help in his position then as head of the FCA. I imagine he had an eye to his future prospects when drafting his replies to our concerns.

Interesting to hear comment from Mark Taber who dealt with him frequently at that time.

GN

monabri
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Re: Andrew Bailey is new BoE Governor.

#272532

Postby monabri » December 20th, 2019, 11:26 am

RBS & Woodford were on his watch too!

Closer to home for me, SVS Securities.

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Re: Andrew Bailey is new BoE Governor.

#272541

Postby GoSeigen » December 20th, 2019, 11:54 am

GN100 wrote:For those of us that were involved in the Court case concerning Lloyds and our ECNs this announcement to me was a bit of a shock. IMO he was little help in his position then as head of the FCA. I imagine he had an eye to his future prospects when drafting his replies to our concerns.

Interesting to hear comment from Mark Taber who dealt with him frequently at that time.

GN


Must be a mate of BJ's.


GS

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Re: Andrew Bailey is new BoE Governor.

#272546

Postby dspp » December 20th, 2019, 12:08 pm

And LCF.

Under his watch the FCA has remained as useless as the proverbial chocolate fireguard.

When appointing a historian as the Governor of the BoE it is very clear that experts are not welcome in the UK

regards, dspp

Moderator Message:
RS: Text edited to remove political reference

88V8
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Re: Andrew Bailey is new BoE Governor.

#272653

Postby 88V8 » December 20th, 2019, 8:03 pm

Unfortunately this appointment must be seen as a stamp of approval for his do-nothing approach at the FCA, and will presumably set the tone for the next incumbent, at least as regards retail investors.

Do recall however that Mark Taber had some kind words for him at one time.

V8

GN100
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Re: Andrew Bailey is new BoE Governor.

#272698

Postby GN100 » December 21st, 2019, 1:24 am

Bloomberg seems to like him, you may be able to read this free:-

https://www.bloomberg.com/opinion/artic ... ign=brexit

Snip:-
With Brexit at the forefront of the government’s agenda, it makes eminent sense to have your most experienced rule-setter in charge to steer the City through a painful divorce. Maybe he’ll help make it a place that can survive and thrive outside the EU.

We shall see,

GN

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Re: Andrew Bailey is new BoE Governor.

#272986

Postby UncleEbenezer » December 23rd, 2019, 12:54 am

GN100 wrote:We shall see,
GN

You'll need to do better than that if you want his job someday. Cultivate that blind eye, and turn it on whomsoever matters.

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Re: Andrew Bailey is new BoE Governor.

#273207

Postby Swanmore22 » December 24th, 2019, 11:43 am

Andrew Bailey ?? ..as head of FCA he was useless...waste of appointment.

Hoping he may continue in such glorious vein and do absolutely nothing in his new post.

Swan

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Re: Andrew Bailey is new BoE Governor.

#273311

Postby BobGe » December 24th, 2019, 11:47 pm

Swanmore22 wrote:Hoping he may continue in such glorious vein and do absolutely nothing in his new post.

Perhaps he may feel obliged to provide felicitous comment when called upon.

It was reported that, by pre-arrangement, he only agreed to the FCA post if he were to be considered for the position of Governor.

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Re: Andrew Bailey is new BoE Governor.

#284465

Postby bobsmydog » February 15th, 2020, 11:05 am

Will he be worse than the outgoing one who has turned on a sixpence? Has the change of heart anything to do with his latest appointment?

https://www.cityam.com/mark-carney-sees ... o-economy/

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Re: Andrew Bailey is new BoE Governor.

#286647

Postby dspp » February 25th, 2020, 4:28 pm

dspp wrote:And LCF.

Under his watch the FCA has remained as useless as the proverbial chocolate fireguard.

When appointing a historian as the Governor of the BoE it is very clear that experts are not welcome in the UK

regards, dspp

Moderator Message:
RS: Text edited to remove political reference


It seems Gina Miller et al are of a like mind to me ......

"Campaigners led by Gina Miller are demanding the chancellor launch an independent review into Andrew Bailey’s appointment as Bank of England governor, saying his tenure at the Financial Conduct Authority was characterised by a “toxic cocktail of negligence, incompetence and indifference” that allowed a string of financial scandals to go unchecked.

The group has written to the chancellor, Rishi Sunak, and the head of the Treasury select committee, Conservative MP Mel Stride, saying Bailey must answer questions over scandals that wiped out the savings of small investors during his watch as the chief executive of the City regulator."


https://www.theguardian.com/business/20 ... vernor-fca

dspp

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Re: Andrew Bailey is new BoE Governor.

#367266

Postby dspp » December 18th, 2020, 9:37 am

dspp wrote:
dspp wrote:And LCF.

Under his watch the FCA has remained as useless as the proverbial chocolate fireguard.

When appointing a historian as the Governor of the BoE it is very clear that experts are not welcome in the UK

regards, dspp

Moderator Message:
RS: Text edited to remove political reference


It seems Gina Miller et al are of a like mind to me ......

"Campaigners led by Gina Miller are demanding the chancellor launch an independent review into Andrew Bailey’s appointment as Bank of England governor, saying his tenure at the Financial Conduct Authority was characterised by a “toxic cocktail of negligence, incompetence and indifference” that allowed a string of financial scandals to go unchecked.

The group has written to the chancellor, Rishi Sunak, and the head of the Treasury select committee, Conservative MP Mel Stride, saying Bailey must answer questions over scandals that wiped out the savings of small investors during his watch as the chief executive of the City regulator."


https://www.theguardian.com/business/20 ... vernor-fca

dspp


And indeed LCF was an utter failure by FCA under Andrew Bailey

"Financial Conduct Authority slammed by investigation into its failures to spot London Capital & Finance scandal
Watchdog repeatedly missed red flags due to inadequate training and blinkered view of its role.... Judge Dame Gloster’s report into the regulator, which was then run by now-Bank of England governor Andrew Bailey, found it repeatedly failed those who bought the bonds by repeatedly missing red flags that should have alerted them to major problems with the firm."

https://www.standard.co.uk/business/fin ... 55872.html

"The City regulator failed to "effectively supervise and regulate" London Capital and Finance (LCF) which collapsed with losses for investors. Bank of England governor Andrew Bailey, who was running the Financial Conduct Authority (FCA), has apologised to those who lost life savings. Some 11,625 people invested a total of £237m with LCF before it collapsed into administration in January 2019."
https://www.bbc.co.uk/news/business-55335378

"Bank of England Governor Andrew Bailey came under fire on Thursday after an independent report said Britain’s markets watchdog, which he led at the time, had failed to supervise a fund properly before its collapse last year."
https://uk.reuters.com/article/britain- ... KKBN28R23I

Which will come as no surprise to anyone from TMF or TLF because we have all observed for decades that the purpose of the FCA is to deflect blame, and to unsupervise, not the reverse. This is a feature, not a bug. I hate to be fair to such incompetents as Bailey, but this long predates him, however he took no effective action to improve matters - and was of course promoted for his willing acquiescence.

regards, dspp

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Re: Andrew Bailey is new BoE Governor.

#367271

Postby Arborbridge » December 18th, 2020, 9:45 am

bobsmydog wrote:Will he be worse than the outgoing one who has turned on a sixpence? Has the change of heart anything to do with his latest appointment?

https://www.cityam.com/mark-carney-sees ... o-economy/



Mark Carney was arguably a good BoE Governor (or not depending on one's POV) but at least he did have a succesful background, whereas Bailey comes from recent failures to one of the most significant posts in the UK. A case of being promoted beyond one's level of competence?

Arb.

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Re: Andrew Bailey is new BoE Governor.

#367285

Postby dspp » December 18th, 2020, 10:02 am

Arborbridge wrote:
bobsmydog wrote:Will he be worse than the outgoing one who has turned on a sixpence? Has the change of heart anything to do with his latest appointment?

https://www.cityam.com/mark-carney-sees ... o-economy/



Mark Carney was arguably a good BoE Governor (or not depending on one's POV) but at least he did have a succesful background, whereas Bailey comes from recent failures to one of the most significant posts in the UK. A case of being promoted beyond one's level of competence?

Arb.


Precisely, and with Andrew Bailey just as with Dido Failing that is exactly the reason for their continued promotion. As one wag once put it, "they rise without trace".

regards, dspp

[edit: PS, I think Carney did as good a job as could be done at the time at the BoE]

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Re: Andrew Bailey is new BoE Governor.

#367334

Postby scrumpyjack » December 18th, 2020, 11:40 am

The 'honourable' thing for Mr Bailey to do is resign. But he'll probably get a knighthood instead. Lord SleepAtTheWheel might be appropriate?

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Re: Andrew Bailey is new BoE Governor.

#372535

Postby BobGe » January 3rd, 2021, 4:11 am

Rumour has it that Mr. Bailey only agreed to the FCA post on the promise that he would return to the BOE as Governor. One might consider that he was just biding his time.


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