There’s been some desperate backpeddling and smoke blowing from you know who. No inquiry into hte Co Op Bank! It’s coke and rent boys, nothing to do with banking!
George Osborne has used beefed-up new financial regulatory powers for the first time to order an independent investigation into the near downfall of the Co-operative Bank.
The Chancellor confirmed the inquiry under the Financial Services Act just hours after the raft of financial and regulatory failings that has mired the mutualised lender in scandal were discussed at a board meeting of the Prudential Regulatory Authority (PRA).
But the bank did indeed go bust. So, these new powers to have inquiries, powers that our unnamed retired accountant from Wandsworth were so insistent must be created and used, perhaps this is indeed a good opportunity to use them?
It wasn’t coke and rent boys that brought the bank down so perhaps we should find out what it was?
And as to the insistence that no, nooooo, we should have an inquiry into HSBC instead, over that Mexican money moving business. Smoke blowing again: for the US has rather had an investigation into the Mexican money moving business, hasn’t it? That’s how we know about it, isn’t it?
The joy here though is seeing Ritchie (for it is he!) demanding greater regulatory powers over the banks then insisting that there shouldn’t be use of these new powers on a bank he likes.