And as for you Ms. McDermott

A senior regulator said last night that the public shaming of Barclays may prove a “watershed moment.”

“Perhaps the reaction to the penalty imposed last week on Barclays will be a watershed moment, the point when the industry realises that it also has to rise to the challenge and to recognise that things have to change,” said Tracey McDermott, acting head of enforcement at the Financial Services Authority.

What in buggery are you blathering on about?

Why didn\’t the FSA note what was happening when it was happening? Why didn\’t the FSA do something about it then? If you did note it and did try to do something why were you ineffective?

In short, don\’t you think this might be a regulatory failure…..and given that you are the regulator shouldn\’t you be up there on the naughty step as well?

2 thoughts on “And as for you Ms. McDermott”

  1. I have to admire your consistency. Most see bankers on the fiddle as a private sector problem. It is of course, as you point out, all the fault of the regulator.

  2. Erm. The Libor shenanigans were the BoE’s problem, not the FSA’s. The correct Blame The Regulator narrative, if that’s how you want to play it, is “Shock horror as bureaucrat whose empire is threatened due to various crises talks up another crisis that happened under the watch of a different bureaucrat”.

Leave a Reply

Your email address will not be published. Required fields are marked *