"I DON'T BELIEVE IT!" - BALDWIN'S CONFERENCE POSTURING ON BANKING
September 29, 2008 5:16 PM
Originally published by West Midlands Liberal Democrats
Originally published by West Midlands Liberal Democrats
Local Liberal Democrat Parliamentary Candidate, Richard Burt has reacted with derision to a Conservative press statement lauding former City investment manager and Conservative opponent, Harriett Baldwin's involvement as team leader in a 2005 report published by the Centre for Policy Studies on City regulation.
A summary within the report, headed by Ms Baldwin and her City team, said that the FSA should "recognise the skills, sophistication and ability of senior management to manage their own business risk and remove many of the prescriptive compliance burdens under which they labour."
"It is astonishing that the Conservatives should want to focus people's minds on this report at a time when the world's financial markets are crying out for regulation.
"Greedy City bankers and fund managers have taken huge risks with other people's money and the world's financial markets are in a state of meltdown precisely because these people were not controlled.
"House prices, pensions and investments have all taken a tumble and governments around the world are now being obliged to bail out banks using public money to protect ordinary investors.
"The Conservatives have always had far too cosy a relationship with the City. Why on earth would anyone want to listen to them when now?"
ENDS
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