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Boris Hug-a-banker Johnson

Apparently Boris Johnson thinks we should be thankful for the Banking industry and not whinge about rising house prices and city bonuses.

He also doesn't think the square mile should be shackled with regulations.

It seems we've all been mistaken and Leeman Brothers and their like were really good Samaritans giving us all a helping hand!

Does anybody here believe he's right and there really is no need for any further regulation in the financial sector?

jake-the-peg Fri 26/09/08 15:12

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ludwig
Fri 26/09/08
16:26

Have you got a link to where he makes these statements?

ludwig
Fri 26/09/08
16:34

..don't worry, here's one.

http://www.boris-johnson.com/2008/09/23/financ ial-crisis-banking-and-housing/

jake-the-peg
Fri 26/09/08
17:24

Question Author

Amazing isn't it?

I dare say he'll be telling us how much money British drugs barons contribute to the economy next.

He seems to say that London has a financial edge due to a very light regulation but at the same time Government needs to regulate against something called "Sharp practice" - although he doesn't tell us exactly what that is!

Maybe he needs to write Gordon Brown a letter:

Dear Gorden

Financial Crisis: Do good stuff!!

Boris

PS Do you realise get gets a quarter of a million a year from the Telegraph for imparting such wisdom!

http://www.pressgazette.co.uk/story.asp?storyC ode=41181§ioncode=1

jno
Fri 26/09/08
17:53

alas, Livingstone wasn't much better on this score - and he liked weird-shaped skyscrapers too. And of course it was Brown who did much to set the City free (along with Thatcher and her minions), so it's a bit rich, if you'll pardon the phrase, for him to start whingeing now. Not a lot to choose from among these politicians.

But unbridled capitalism has contributed much to London's prosperity. If its collapse means house prices come down and - sob - bankers' bonuses are halved (from a gazillion to half a gazillion), then we can shed a bitter tear for them, I suppose.

rov1200
Fri 26/09/08
20:50

The only thing I agree with Boris is to site a new London Airport in the Thames estuary and close Heathrow down. At least it shows he has some empathy with the Londoners affected by the noise.

Since the square mile trading was computerised about 20 years ago things have got gradually worse with no-one taking responsibility for their actions. I have vivid memories of stockbrokers jumping from their office floor windows because of a slump. Not now it seems.

Steve.5
Sat 27/09/08
01:29

dont panic back door socailism is being introduced into the US but we may have to wait a while till it filters back here

brionon
Sat 27/09/08
11:17

It was the De-regulisation of Banks in America by the Republicans on 1999 that allowed all this mess to happen. Regulations that had worked well since the 30's.

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