View more on these topics

Gordon Brown outwitted by Fred the Shred

In his recent memoir Beyond the Crash: Overcoming the First Crisis of Globalization Gordon Brown claims he was misled by Sir Fred Goodwin about the extent of reckless lending at the Royal Bank of Scotland.

It was Gordon Brown who changed the regulatory system responsible for regulating the banks and so presumably RBS must have also misled its new regulator, the Financial Services Authority.

Otherwise logic suggests the FSA would have intervened when it became aware of the reckless lending Brown talks about in his book.

Brown is thus effectively admitting that, despite being reckless, Sir Fred was nevertheless bright enough to fool both him and the people he appointed to run the regulator he set up to regulate, among others, Sir Fred.

That doesn’t say much about either the ability and foresight one might reasonably expect a chancellor of the Exchequer to possess, or even his choice of regulator.

Recommended

Ross Bowen takes up new role at Connells

Ross Bowen has been appointed group mortgage services director at Connells. He takes up the role in addition to his current position as managing director for Connells Survey & Valuation.  

The Mortgage Mole

DIGGING THE DIRT IN THE MORTGAGE WORLD…

Dump the FSA for independent advice on non-prime loans

With the MMR, the regulator is preventing squeaky clean, well-informed, self-employed applicants from releasing equity from their homes unless they can prove their income. There are plenty of other examples of borrowers who will be shut out. If we want a society where nobody takes responsibility for their own actions the FSA is doing its […]