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Dash for cash

swynn
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Re: Dash for cash

#116719

Postby swynn » February 8th, 2018, 6:53 pm

The debate in parliament on 18 January was rather dramatic. E.g. at 1.47 pm:

"This scandal has been compared to the PPI scandal, but I think it is in a league way beyond it. Adding extra money to somebody’s payment protection insurance and then skimming some off the top is one thing, but deliberately driving down, crashing and destroying somebody’s business, to which they and often their families have dedicated their lives, is in a league beyond anything we can comprehend. I return to the point I started with: this is criminality and it should be dealt with as such."

swynn
2 Lemon pips
Posts: 154
Joined: November 18th, 2016, 7:27 am
Been thanked: 5 times

Re: Dash for cash

#116720

Postby swynn » February 8th, 2018, 6:53 pm

The debate in parliament on 18 January was rather dramatic. E.g. at 1.47 pm:

"This scandal has been compared to the PPI scandal, but I think it is in a league way beyond it. Adding extra money to somebody’s payment protection insurance and then skimming some off the top is one thing, but deliberately driving down, crashing and destroying somebody’s business, to which they and often their families have dedicated their lives, is in a league beyond anything we can comprehend. I return to the point I started with: this is criminality and it should be dealt with as such."

swynn
2 Lemon pips
Posts: 154
Joined: November 18th, 2016, 7:27 am
Been thanked: 5 times

Re: Dash for cash

#116721

Postby swynn » February 8th, 2018, 6:53 pm

The debate in parliament on 18 January was rather dramatic. E.g. at 1.47 pm:

"This scandal has been compared to the PPI scandal, but I think it is in a league way beyond it. Adding extra money to somebody’s payment protection insurance and then skimming some off the top is one thing, but deliberately driving down, crashing and destroying somebody’s business, to which they and often their families have dedicated their lives, is in a league beyond anything we can comprehend. I return to the point I started with: this is criminality and it should be dealt with as such."

swynn
2 Lemon pips
Posts: 154
Joined: November 18th, 2016, 7:27 am
Been thanked: 5 times

Re: Dash for cash

#116722

Postby swynn » February 8th, 2018, 6:53 pm

Repeated post.
Last edited by swynn on February 8th, 2018, 7:08 pm, edited 2 times in total.

swynn
2 Lemon pips
Posts: 154
Joined: November 18th, 2016, 7:27 am
Been thanked: 5 times

Re: Dash for cash

#116724

Postby swynn » February 8th, 2018, 6:56 pm

Repeated post.

swynn
2 Lemon pips
Posts: 154
Joined: November 18th, 2016, 7:27 am
Been thanked: 5 times

Re: Dash for cash

#117601

Postby swynn » February 12th, 2018, 1:46 pm

John Glen said in the debate "the FCA is an independent body". The Treasury says this over and over again. But its not. I agree with Prem Sikka that its a protection racket for industry senior management. We can see this very clearly from its response to the RBS/GRG scandal which it should not have allowed to happen in the first place. Just saying the FCA in "an independent body" implies it is a loose cannon.

swynn
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Posts: 154
Joined: November 18th, 2016, 7:27 am
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Re: Dash for cash

#117813

Postby swynn » February 13th, 2018, 9:46 am

We seem to be in a fasten seatbelts, hold your hat situation. The TSC has demanded to receive a copy of the s 166 report about RBS/GRG by 16 February, with the intention (hopefully) of publishing it themselves. This seems cleverer than just demanding publication, because it neatly sidesteps legal issues. The FCA are saying they cannot publish because of legal issues. This is a smokescreen. The real problem they are a protection racket as I said in my last post.

The TSC will not be able to receive the report and not publish, because then they will be accused of cover-up.

swynn
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Posts: 154
Joined: November 18th, 2016, 7:27 am
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Re: Dash for cash

#118113

Postby swynn » February 14th, 2018, 12:11 pm

From the debate 1.05 pm:

"one of the most astonishing things I read was the regular comment made by him that such actions were “outside the regulatory perimeter”. What an astonishing thing for somebody in charge of the organisation designed to implement regulation to acknowledge: that for a long period banking practices had actually gone on outside any sort of regulatory perimeter. One would reasonably expect such a body to be pressing the Government to pass the necessary legislation in order to alter that position. In part, these huge personal, economic and business problems have arisen because of the failure of that body to make that case."

swynn
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Posts: 154
Joined: November 18th, 2016, 7:27 am
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Re: Dash for cash

#118331

Postby swynn » February 15th, 2018, 10:19 am

There have been more leaks of the Promontory report about RBS/GRG. The ones I know about are to an MP and to the FT. At this rate it will not need to be published because everyone will have a copy! These leaks are being orchestrated. The FCA is being given enough rope to hang itself. I understand that Andrew Bailey sent an email to Noel Edmonds threatening all sorts of horrors if he published his copy of the report. With so many people having a copy of the report, I find it hard to understand why no one has had the gumption to publish it. Perhaps they are all being threatened by Andrew Bailey. For someone to have a copy and not publish makes them part of a cover-up. This is the mother of all cover-ups.

swynn
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Posts: 154
Joined: November 18th, 2016, 7:27 am
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Re: Dash for cash

#118784

Postby swynn » February 17th, 2018, 12:53 pm

His response to the RBS/GRG scandal has pushed Andrew Bailey off his tightrope:

http://www.globallegalpost.com/corporat ... -58378321/

His approach to all problems is to seek a balance. He wants to balance everything with everything else. For example he said under "developing a mission statement":

"How to balance the duty of care towards consumers, the duty of responsibility of consumers for their decisions, the role of firms and the role of the regulator is an inherenly difficult question to which there will be many potential answers. It lies at the heart of the FCA's mission. So far it has not been adequately answered."

swynn
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Posts: 154
Joined: November 18th, 2016, 7:27 am
Been thanked: 5 times

Re: Dash for cash

#118906

Postby swynn » February 18th, 2018, 11:57 am

I read "FCA hands over report into RBS GRG to MPs", which I understand to mean all MPs have been sent a copy. So anyone who wants one can ask their MP. I will doing so myself if it is not published soon.

swynn
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Posts: 154
Joined: November 18th, 2016, 7:27 am
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Re: Dash for cash

#119007

Postby swynn » February 19th, 2018, 9:36 am

We see Andrew Bailey's crazy balance approach to issues in action with the RBS/GRG report. The FCA is not publishing it, but is sending copies to people such as MPs and the TSC. This is balancing the need for confidentiality with the need to know.


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