Thursday, February 05, 2009

In the UK the Buck stops with Brown

Watch the frustration of US Representative Ackerman, railing at the regulators who having been tipped off over many years ago of the Madoff Ponzi scheme nevertheless allowed it to continue. The House Committee had heard evidence of the scam being known about years earlier in testimony which may be seen in various other clips on YouTube. In Britain the FSA, set up by Gordon Brown and throughout its existence under his ultimate control as head of the Treasury and latterly Prime Minister, allowed a similar lapse in approving the takeover of Singer & Friedlander by Kaupthing in 2005, read here. Huge losses have been incurred by many British investors as a result! Why has Brown not been hauled before the Financial Service Committee in the House of Commons AND why have none of Britain's elected representative not expressed similar outrage to that of Representative Ackerman?????????

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