BBC:
Britain’s financial services watchdog has apologised for the failure to spot banking problems which led to the massive government bail-out.
Sorry? Oh, That’s alright then.
Hector Sants, chief executive of the Financial Services Authority, said it had not done its job adequately.
You don’t say?
He said it had not ensured banks were properly protected against risk but he claimed lessons were being learned.
Not quick a-fucking-nuff.
Mr Sants told BBC Scotland: “We have said sorry and I am saying sorry for our supervisory failings. But this now is a global crisis and you have to ask if a national regulator alone could have taken sufficient action to ensure all UK firms survive this crisis untouched – and I doubt it.”
Translation: It was going tits up anyway.
“People expect the regulator to challenge and engage with directors to make sure they were properly managing those risks, and when we look back on our track record, prior to that summer, we were not doing that to a level I find acceptable.
What the fuck were you upto then? Sat in your office, feet on the desk, flicking spitballs at each other with your rulers, or schmoozing with the bosses you’re supposed to be making sure know what they’re up to?
“The question is – did anybody understand the consequences of all the inter-linkages between these products?
No, they fucking didn’t!
“It needs to be recognised that management, the buyers and sellers of these products, need to take a lot of responsibility for what has happened. Many people forgot the golden rule: do not sell or buy things you do not understand.”
It’s a golden rule for a reason, fuckwits.
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