In his first clear admission of some responsibility for the financial crisis, the former prime minister claimed he had not understood how “entangled” the world’s financial institutions had become.
They come as the Treasury prepares to receive a review into how Britain’s banks should operate in the future. The Independent Commission on Banking (ICB), led by Sir John Vickers, is expected to recommend significant reforms to make it less likely that banks take unnecessary risks and to encourage greater competition
The sad Twat said: “We set up the FSA believing the problem would come from the failure of an individual institution. That was the big mistake. We didn’t understand just how entangled things were.”
He added “I have to accept my responsibility.”
At last! Ed Miliband must be delighted now that he can move on. The trouble is that Labour should not be back in power until he is a very old man. I actually think the coalition, (short of my ideal of Scottish independence), is doing not too badly from the point of view that the LibDums are taking the edge off the Tories most radical plans and what is left is certainly less big business and more people orientated. Which of course, is what it should be, unless they are, as we all suspect, being played by big business and the banks, the banks being, you know who, those people I get into a row for mentioning too often, not that, that, will stop me.
