The British Tradition Of Principles Based Regulation (Like The Principle Of "You'll Keep Your Mouth Shut If You Know What's Good For You")

Posted by guest, Apr 29, 2008 5:49PM

They have that type of culture. They are a little ashamed of themselves.

Posted by guest, Apr 29, 2008 6:09PM

This is a fine arrangement. Not.

Posted by guest, Apr 29, 2008 6:09PM

The UK is going to have serious issues if Banks are given free rein to hide the capital injections. Who knows what else they will hide without the BOE knowing...

Posted by guest, Apr 29, 2008 6:38PM

Ah, all that's going to happen is that the center of [financial] universe will permanently and fully move to New York!!!
Who wants to do business with British banks anyway?

Posted by guest, Apr 29, 2008 6:41PM

I believe that quality British cuisine and British "open-ness" in financial matters are what make the UK great. Won't change my mind. No sir.

Posted by big r, Apr 29, 2008 7:00PM

enough w the "presented without comment". Carney at least doesnt insult our intelligence.

Posted by guest, Apr 29, 2008 7:24PM

Since you're not getting a liquidity injection, you won't have this problem. The BoE facility is an asset swap, so by the time banks report, all you'll see is a reduction in certain mbs and other illliquid assets replaced by new assets that the bank has put on by using the cash from repoing the treasuries it gets from the BoE. So as long as no one leaks the info, the only people who know are the bank going to the facility and the BoE.

Posted by guest, Apr 30, 2008 7:46AM

Thanks, 7:24. Most intelligent comment on the thread. Not that that's difficult given this is an American website.

Posted by guest, Apr 30, 2008 8:12AM

I have a liquidity injection for hot looking banker chicks

Posted by guest, Apr 30, 2008 8:18AM

6:38, what planet are you on? Planet USA? New York is on its way out, and has been for years. Emerging markets are the future, and London is poised to make the most of it. International trade and FX is centered on London, where foreign companies and SWF are welcomed, not suspected. Just take a look at the growing number of London equity listings by Russian, Chinese and other companies to see which way the wind is blowing...

Posted by guest, Apr 30, 2008 8:33AM

hahaha..Russian, Chinese equities....hahahaha......if most dont understand US acct'g practices how in hell will you get ex-commie financials??

"Our profit this quarter is 800 zillion rubles comrade, because WE say so. If you question, you get 30 years hard labor. Any questions?"

Posted by guest, Apr 30, 2008 10:00AM

Yeah, that makes a whole lotta sense......

Posted by guest, Apr 30, 2008 10:35AM

8.33 - you're just proving 8.18's point.

Posted by guest, Apr 30, 2008 10:38AM

@10.35 - wait until the russkies and chinamen start delivering phony numbers, London as the leader in their equity will be rocked as no other capital has been - and not in a good way.

Posted by guest, Apr 30, 2008 10:44AM

@ 10.38, its those pathetic assumptions/attitudes which have helped assist the fallback of NY as finance capital. "russkies and chinamen"....jesus fucking christ. Basic.

Posted by guest, Apr 30, 2008 2:27PM

@10.44 - do you know what happens to the russkie economy if you pull out energy? its the size of Finland. when commodities collapse, which they will, what happens to all those russkie shares you own?

chinamen base their economy on the US, having endless credit and buying their plastic crap. I'll let your genius brain figure out how good a strategy that is for a factory to finance their biggest customers purchases and then act all uppity......

Posted by guest, Apr 30, 2008 7:49PM

2:27 - Is it as smart as giving the poors 'free money' to buy stuff they can't afford [&c.]?

Face it boys, you're an Empire in decline. Us Brits are past that now. Always one step ahead.

Posted by guest, May 01, 2008 12:43AM

@8:33am, 10:33am, 2:27pm. I think everyone is wondering where you picked up that hip lingo. Have you been paging through your Collected Works of Mickey Spillane again?

Posted by guest, May 01, 2008 1:00AM

Brits @7:49pm. I just read through a guide to your amazing employment law protecting a worker from being deemed redundant (or in American terms, being considered in excess of current need or filling an obsolete job).

Q. Do you have a national Department of Redundancy that oversees compliance with the law, point by point by endless point?

It's straightforward, low-cost, flexible business-friendly laws like that one that are going to help London overtake NYC!

Posted by guest, May 02, 2008 10:11AM

@1.00

Last time I checked, no. You can only be considered redundant, if that is in fact the case i.e., we can't afford to employ you anymore.

But that has never stopped people here from doing it anyway.

I'm guessing you've never looked at employment law in Germany and France? That would give you nightmares.

But hey, what do we know! We're in awe of you guys in America, with your tiny holiday allowances, no paternity leave, no health care and total domination of employees by denying union membership or healthy conditions.

And of course, the threat of flimsy court cases resulting in massive payouts, as well as excessively expensive regulatory burdens, just scream out "Come to NY!"

Posted by guest, May 02, 2008 10:51AM

Some nice points. But what do you consider "excessively expensive regulatory burdens?" Compliance with SEC regulations? Or is it OSHA and the EPA? Not a lot of enthusiasm over here about the trend in the U.K. towards the secrecy in BoE emergency loans to banks, the BoE decision to "mark to model." Makes for easier going in the short-term ... but long-term cuts into credibility. Plus, what are you trying to hide from your own people?

We do have paternity leave, by the way. No Government health care except Medicare for 65+, Medicaid for the poor, and some special programs for kids. Not a matter of pride. Union membership is not denied, in fact we have laws protecting union organization. We do have some laws in various states the discourage union membership. Public employees are not allowed to strike.

Can't comment about "flimsy court cases." You got to have a cause of action recognized by law, prove your case by a preponderance of the evidence. Some damages are capped by law. There are some cases with massive pay-outs, mostly over defective products that cause injury or death.

OSHA and EPA probably aren't going away. And looking at some egregious repeat offenders like BP, I'd say that's a good thing.

Have only a slight knowledge of employment law in Germany and France. I know about some outrageous incidents in France, e.g. the Kerviel case. Knowing more would probably give me nightmares.

Enough traded insults! Have a good weekend.