Telegraph
Lord Turner should have split investment – or 'casino' banking – from deposit-taking....leads us to infer that, in recent times, some of the world's most powerful financial institutions have been managed by executives who combine the intellect of a glowworm with the integrity of Captain Jack Sparrow. ....
Between them, the Royal Bank of Scotland and Lloyds Banking Group have dumped £585 billion of "assets" (dodgy loans and devalued collateral) in a box marked "Toxic Waste" – and we, the taxpayers, are insuring them. ....When the debt bomb finally exploded, both the FSA and the Bank suffered massive reputational damage. ....Lord Turner, in particular, delivered a damning verdict on the tripartite system of banking regulation, established by the Prime Minister, that fell apart spectacularly in the credit crunch's first tremor.
As No 10 tries to rewrite history, let's not forget that at the 2007 Mansion House dinner, Gordon Brown boasted that London's success was based on "light-touch regulation, a competitive tax environment and flexibility".
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