Lib Dems pledge to regulate City

From the BBC:

Liberal Democrat leader “No Shit Sherlock” has pledged to tackle “bad practice” in the City of London as he outlined plans for a better system of regulation.

The current turmoil is due to thieving by the financial institutions, at the moment we are focussing on the write downs that the banks are announcing, but in the end they will mostly recoup these ‘losses’ by selling the repossessed properties. In reality the losers are the poor in the USA who were duped into signing mortgage agreements. This whole fiasco is the largest transfer of equity from African Americans to City Financiers since the ending of slavery.

This isn’t the first time that financial institutions have been caught either. There was miss selling of pensions on the 1980s, miss selling of endowment mortgages in the 1990s, and now these sub-prime mortgages which sounds remarkably like Savings & Loans mk2.

You’ll hear the pundits, politicians, and industry apologists excuse the behaviour, they’ll tell you that no one could have foreseen it, and that extra regulation isn’t the answer. Well may be it isn’t, what we should do is pick ten or twenty of the leading bankers and chop their thieving fucking hands off.

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