Lawyers force FSA to defend short-selling 'quick fix'

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  • Lawyers force FSA to defend short-selling 'quick fix'

    Amazing! Less than a year into the investment banking and hedge fund caused economic meltdown that is the credit crunch we get a small move to regulate excess and the law firm defenders are out en masse to defend the players that have caused this.

    Greed is NOT GOOD.

    The lending policies of these investment banks and hedge funds needs to change and it is quite clear that they won't do this via self-regulation. Where have all the principles gone? It is time to stop this self serving elite destroying the economy for the rest of us.

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  • Unprecedented for the FSA to bring out new rules?

    Without consultation.. Not so Mr Buckingham, you need to look at the extra 6 months given to complainants on 1st June 2005, it contravenes Article 6 but do they care?

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  • Right on Ricky Bobby!!!

    "The goal of the Bavarian Illuminati started by Weishaupt was to secure power and wealth without industry through the manipulation of lending/usury. This organisation now run by the banker elite is said to have controlled history from the American Revolution to the present day" so said a leading conspiracy theorist in his seminal work on the Illuminati. The magic circle are so far up the backsides of the banks as to be tainted utterly in their purported indignation. Democracy? Where is the conscience of the banks in lending at rates far above what the market says they should be. Why would we support a rule that would suffocate that market still further. This is not capitalism it is institutional socialism of the very worst sort.

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  • Standard

    What are all these City lawyers complaining about? This seems standard government practice nowadays.
    The Public Law Outline was scheduled for publication in October 2007 for implementation on 1 April 2008. In the event it was published on 25 January 2008, but the Ministry of Justice refused to consider any delay in implementation.

    The Public Law Outline in itself appears to be a sensible reform, but it does impose significant changes to social work practice and to the conduct of care proceedings. The only coverage I've seen relates to the abrupt reduction in the numbers of care proceedings being issued around the country causing problems to solicitors in private practice. This should come as no surprise to anyone old enough to remember the implementation of the Children Act 1989 in October 1991. I suggest that late publication will only have exacerbated such reductions.

    Local authorities now have to comply with the new requirements imposed by the Public Law Outline before issuing care proceedings. Having only found out what those new requirements are 9 weeks before implementation, it will take local authorities time to comply. An example of the new requirements imposed is for local authorities to have procured any necessary expert assessments before proceedings are issued, when previously they would have been obtained on joint instructions during the proceedings. I suggest that the six months originally promised by the Ministry of Justice would have been a difficult target to hit.

    To rush implementation in this way at a time when dramatic reductions in public funding for legal advice to parents and children and dramatic increases in court fees are being imposed really does make one think that the Ministry of Justice aren't really all that bothered about how the Public Law Outline actually works in practice.

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  • Getting back to the point...

    Moving on from institutional socialism and the Childrens Act (Que???)...Can't the FSA communicate anything adequately?

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    "The greatest trick the Devil ever played was to convince the world that he does not exist" Seeing political events as isolated unrelated items is not getting back to the point it is missing the point. The way these things happen without opposition is by allowing them to be dealt with piecemeal (such that they creep up on society unawares or without challenge)... so I think the Public Law point is well made. The underlying agenda goes on at a creeping pace while idiots sleep justice weeps!

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