Western in the run-up to the Budget and General Election seems to have been in part granted by the latest revelations on the collapse of Lehman Brothers in 2008. Lack of robust action by the Financial Services Authority on the bank's UK operations is now being cited by the United States Treasury Department as a contributory factor in the bank's demise, according to BBC Radio this morning. HSBC are also credited with playing a significant role in the collapse of Lehman Brothers, although it is auditors Ernst & Young who come in for most blame. However, whilst one is certainly left with the impression that the "Big Guns" are out for bounty, precisely who will be ingloriously dispatched at the end of the day is still rather less clear.
Monday, March 15, 2010
The Wild West of UK Financial Services
The wish expressed in my previous post that UK politics might be re-cast as a Spaghetti
Western in the run-up to the Budget and General Election seems to have been in part granted by the latest revelations on the collapse of Lehman Brothers in 2008. Lack of robust action by the Financial Services Authority on the bank's UK operations is now being cited by the United States Treasury Department as a contributory factor in the bank's demise, according to BBC Radio this morning. HSBC are also credited with playing a significant role in the collapse of Lehman Brothers, although it is auditors Ernst & Young who come in for most blame. However, whilst one is certainly left with the impression that the "Big Guns" are out for bounty, precisely who will be ingloriously dispatched at the end of the day is still rather less clear.
Western in the run-up to the Budget and General Election seems to have been in part granted by the latest revelations on the collapse of Lehman Brothers in 2008. Lack of robust action by the Financial Services Authority on the bank's UK operations is now being cited by the United States Treasury Department as a contributory factor in the bank's demise, according to BBC Radio this morning. HSBC are also credited with playing a significant role in the collapse of Lehman Brothers, although it is auditors Ernst & Young who come in for most blame. However, whilst one is certainly left with the impression that the "Big Guns" are out for bounty, precisely who will be ingloriously dispatched at the end of the day is still rather less clear.
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