Read this'n....
Exactly as predicted by me.
When it became obvious as the banking system imploded (sort of) and that the the FSA had failed, my instant reponse was that in the next few years the FSA would start to metaphorically shoot people. This is the standard operating procedure of failed bureaucracies.
It all goes tits up.
Blame the public.
Shoot them.
Ths Stasi did it. Why shouldn't the FSA?
Virtuous can-kicking
21 minutes ago
4 comments:
L, by Warsaw Pact secret police standards, the Stasi were relatively benevolent. Death sentences and extra-judicial murders were few and far between in Eastern Germany.
The Hindenburg thing is a worry, coupled with all the other guff going on. Mooted job losses in January-March.
It doesn't do to be a doom and gloomer and I am one but it's difficult to put a good construction on these things.
MW Ah no. I didn't explain myself properly. What happened was as the power of the Stasi declined in the run up to 1989 they became more immediately brutal. The reason being, the climate of fear they had set out to engender, collapsed. Terror was no longer enough.
In the case of the FSA it having failed, Hector Sants now says openly that the regulated 'should be afraid, very afraid'. Trying to recover the reign of terror, as it were. And at the same time the 'finings' have increased. Most are just laughable (and unfunny) imprests on outfits who have found that they've made and error. Put it right at no loss to the client. Then, as required, reported themselves to the FSA, who fine them.
It's bizarre.
"Money the FSA makes from fines has to be passed back to the industry to ensure there is no financial incentive behind its enforcement activities."
How is this done? Handouts to the banks?
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