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Gillian Tett Keynote Remarks at CED Economic Summit (Part 1)

Are Americas Economic Policies Sustainable? CED Economic Summit in New York City. The regulators weren't on the pews, they were handing out the hymn books. Still are...

Good analysis. She appeared last night on Newsnight (with Hugh Hendry) to point out that the cockpit is still thick with the sound of the same hymns as the plane heads towards the cliff face again.

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Comment by Michael Grove on January 19, 2011 at 12:41

: How the Bold Dream of a Small Tribe at J.P. Morgan

Was Corrupted by Wall Street Greed and Unleashed a Catastrophe

Gillian Tett

Comment by Michael Grove on January 19, 2011 at 16:03

CREDIT - credere - to believe; put faith in - and without faith there can be no finance.

IT WAS of course Brooksley Born at the CFTC who first raised any kind of questions about the validity and integrity of the Over The Counter Derivatives Market. As a result of her initiatives it became ever more apparent - at the highest level of both politics and finance - that those in charge subscribed to their own self-serving faith in the OTC derivatives market operation - to the extent that Brooksley Born's "constructive criticism" was entirely without foundation. 

6 weeks after congress threw out any chance of acknowledging the problem - let alone fixing it - major panic ensued in the market as the hedge fund Long Term Capital Management  collapsed towards potential bankrupcy! 

"For someone whose eyes would go glassy when hearing "derivatives" or "hedge funds", this programme was a revelation. In an entertaining and clear narrative, it made sense of the issues involved for the first time. It is also the story of a real American hero, Brooksley Born, who unfortunately had to learn, in Gore Vidal's mot, that America provides every freedom, including the one not to be heard. But PBS is there to fight that attitude, and as a Canadian I congratulate you for this magnificent documentary which had me riveted from beginning to end."

Maarten van Dijk Oct 21, 2009 12:29


"We have to go back to the glass-steagall act and purge what Bill clinton signed into law replacing the glass-steagall act.. All executives of public corp. should be held personally and jointly liable for bad business practices.. tough regulations should be in place.. Bring Volcker and Brooksley Born into the mix.. They are the real financial experts... They have high standards of morality and have a honest heart to protect the public from corrupt executives..

They used their God-given talent for the common good."

Florendo Navaleza Oct 22, 2009 01:40


This was truly a political and financial "case study in arrogance" in the context

of the absolute truth that neither GOD or POLITICS or the FINANCIAL system are

"religion in any shape or form" - because it was the faith in self-serving religion

rather than the faith in common-sense which eventually brought the financial

system to its knees in late 2008 at the expense of the peoples of this world who had

absolutely no say in the matter because of the total lack of representation in Congress.

Comment by Michael Grove on February 13, 2011 at 12:10
Comment by Michael Grove on February 13, 2011 at 12:11
Keiser Report - Episode 19
Comment by Michael Grove on February 13, 2011 at 12:41
Scandals of George Soros and the IMF shaking out the gold market; US bank lending falling at the fastest rate in recorded history; and the trickle up unemployment pyramid ...
Comment by Michael Grove on March 5, 2011 at 9:19


We prevented a Great Depression ...

but people have a right to be angry


"Maths models should be aids to thinking, not substitutes for it"

Comment by Michael Grove on March 6, 2011 at 7:42

Mervyn King is right. If the banks face no risk, we shall all go down

This article from Charles Moore IS an absolute must read, from the man who covers politics with the wisdom and insight that come from having edited The Daily Telegraph, The Sunday Telegraph and The Spectator.

Comment by Michael Grove on March 6, 2011 at 7:48



Mervyn King, the Governor of the Bank of England, has come under fire from  

leading economists after warning that Britain risks suffering another financial crisis

without reform of the country’s banks.


The article's 471 comments speak volumes of course - best encompassed by the following ...


"I think that Angela Knight has shown herself and her organisation, the British Bankers Association, to be stunningly disinterested in the very customers she claims the banks are so concerned about. She stated that certain past 'mistakes' (rip offs by the major banks) were no longer businesses the banks were in and they were now looking to the future (I paraphrase) - that 'this was the right thing to do'. No Angela Knight, it is not the 'right thing to do', not until all ripped off customers have been recompensed and that is quite simply not happening. Most customers of banks are treated with total and utter contempt - the banks seem to spend their days dreaming up ways to rip us off - getting caught out - refusing to deal with the customers complaints, indifferent to their customers and finding 'moving on' a more profitable solution.

I think the BBA should consider the havoc its members have wreaked, the thousands of hard working bank employees sacked while the 'money-go-round' people, responsible for bankrupting banks, take ridiculous bonuses. It is also not just the bank workers, it is all the other hard working people made redundant, through no fault of their own, as the result of the financial meltdown caused by the banks - whose money-go-round management have felt absolutely ZERO pain - at all.

How about starting with a small 5 letter word that starts with 'S' and ends in 'Y' - and then putting things right, not by casting responsibility aside and 'moving on' but by putting things right for customers and staff - instead of pocketing the ridiculous bonuses?"


As Charles Moore recently concluded ... "In some ways, our banking problem is even worse than our trade union one 30 years ago, because of the lure of money. Most powerful people in the country – especially in London – have a strong motive to suck up to the big banks. If you work in the arts, if you are a politician, or a retiring permanent secretary, or a senior army officer, if you run a university, a charity or a political party, you will want bankers as your friends, and so you will blanch at Mr King's frankness. Well, a lot of my best friends are bankers (though possibly rather fewer if they have got to the end of this article), but I'm glad someone is speaking up against a world where morality has simply turned upside down."

Comment by Michael Grove on March 6, 2011 at 22:36




IN THE CONTEXT of our GLOBAL VALUE SYSTEM DISORDER - the propagandists of monetary value continue to manifest more signs of the fact that ADDICTION to PROFIT leads to a further DENIAL of the CONSEQUENCES of that addiction; in no different a way than the ADDICTION to DRINK, FOOD or DRUGS.

Comment by Michael Grove on April 2, 2011 at 8:33

As thousands protested in the streets of Toronto, inside the G20 summit world leaders agreed to a controversial goal of cutting government deficits in half by 2013. We speak with journalist Naomi Klein. "What actually happened at the summit is that the global elites just...," Klein says.

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