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Reply #56


Response to Tansy_Gold (Original post)

Tue Jan 17, 2012, 11:32 AM

56. Bank of England Governor: "There ought to be a market for ratings"

... "There ought to be a market for ratings in the end and we want as much competition as possible so that we have a reputation that can be used."

...

"If you expect a market economy to work efficiently, it has to be seen to be fair and the rewards have to be seen to be understood."...

/... http://news.sky.com/home/business/article/16151052

Uh huh.


King holds fast on Bank supervision
By Chris Giles, FT Economics Editor

The Bank of England on Tuesday rejected the core recommendation of MPs for a powerful supervisory board to strengthen its accountability and governance structures, insisting such a body would “second guess the decisions of policymakers”.

In its long-awaited response to the Treasury select committee’s proposals to clip the wings of what MPs see as an over-mighty Bank, Sir Mervyn King, the governor, accepted a need for new accountability mechanisms in some areas, but firmly rejected a substantive overhaul of the Bank’s governance arrangements.

/... http://www.ft.com/intl/cms/s/0/7617ba52-4100-11e1-8c33-00144feab49a.html#axzz1jjah4WtU

Of course. He wants to be able to buy and sell the Bank of england's reputation, at the cronies' convenience, in some 'dark pool' coffeehouse gentlemens' club exclusive-membership-marketplace.

Vote Britain, indeed. - ref: http://www.democraticunderground.com/1002177023 (Thanks, McGuire).

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