Ineptitude in The Line of Duty

by glynncoeu

The recent coverage of regulatory matters clearly exercises me to a degree; the issue of the week is surely the new powers the BofE will be given or otherwise accord to itself having been (one of) the major culprit(s) of the financial crisis.

It now seems that if it  fails to regulate a bank (not an uncommon failing) it will now be able to descend on that institution (SAS-like, in secret, over the weekend) to assume control, sacking the board with 48 hours notice.

Now hold on: having failed to identify, or otherwise ignored what can only be major shortcomings those having so failed will then be charged with resolving the issues they failed to spot in the first place!!

 The thought of the BofE appointees being empowered to run  a real bank  is tantamount to letting the kindergarten loose in the chemistry labs.

In a previous blog I quoted the words of my former Group Chairman (these remain indelibly etched) “une  bande de cons”; he was excessively generous for what we have is  “une véritable bande de cons”…