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> Hector Sants on New Year Honours list
Andy Capp
post Dec 30 2012, 11:45 AM
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Hector Sants, who was in charge of regulation at the start of the credit crisis, has been knighted. It is in recognition for services to financial regulation.

http://www.bbc.co.uk/news/business-20858164


laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif
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NWNREADER
post Dec 30 2012, 12:15 PM
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QUOTE (Andy Capp @ Dec 30 2012, 11:45 AM) *
Hector Sants, who was in charge of regulation at the start of the credit crisis, has been knighted. It is in recognition for services to financial regulation.

laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif laugh.gif


But it is not funny....
Buying his co-operation?

Or was it that his ineptitude has enabled a regime that otherwise could not have been introduced?
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Andy Capp
post Dec 30 2012, 01:13 PM
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I think it serves to prove, if any were needed, what an absurd system it is.
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Rusty Bullet
post Dec 30 2012, 05:04 PM
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Of course this shower will give him a knighthood. His actions (or sometimes, in-actions) did more to bring down the last lot than probably any other single individual.

Of course his mates are going to reward him. Job done.
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Jayjay
post Dec 31 2012, 11:14 AM
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Why is anyone surprised? Hasn't Cameron always brown nosed the bankers and had inappropriate mates that he has rewarded?
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newres
post Jan 1 2013, 06:27 AM
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He started his job two months before the Northern Rock collapse according to the story.


"He took the job as head of the FSA two months before the collapse of Northern Rock in 2007, which was followed by huge government bailouts for two leading banks, Royal Bank of Scotland and Lloyds TSB."


Perhaps more scouring required for you to have a genuine reason for getting your knickers in a twist. On another forum someone was moaning about the lack of black athletes getting a gong and somewhere else I was listening to paralympians moaning. I reckon I should be in line for one as I am really good at telling people on the internet they are wrong.
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Andy Capp
post Jan 1 2013, 11:48 AM
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While trawling the Internet, perhaps someone might be able to find what it is that he has done to deserve his honour!
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Jayjay
post Jan 1 2013, 12:38 PM
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He was the chief exec of the FSA. Osborne thought he had done such a good job he asked him to stay and his reward was a knighthood. In fact he did such a good job at the FSA that Osborne is getting rid of it.
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Cognosco
post Jan 1 2013, 02:20 PM
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QUOTE (Jayjay @ Jan 1 2013, 12:38 PM) *
He was the chief exec of the FSA. Osborne thought he had done such a good job he asked him to stay and his reward was a knighthood. In fact he did such a good job at the FSA that Osborne is getting rid of it.


Yes but some other organisation will have to replace it and it will need someone to head it. rolleyes.gif

In the world of Finance and Banking there are no losers only a limited few who just move seats if things go wrong.
Remember the Bankers Motto "Heads we win - tails you lose" wink.gif


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Vexatious Candidate?
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Weavers Walk
post Jan 1 2013, 03:36 PM
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QUOTE (newres @ Jan 1 2013, 06:27 AM) *
I am really good at telling people on the internet they are wrong.


1/ Proof please.

2/ Are you saying that Sants wasn't at the FSA from 2004 (Director of Wholesale and Institutional Markets) rising to CEO in 2007 ?

3/ Or are you saying he haxn'y been knighted in "recognition for services to financial regulation."

Where was the OP wrong?
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Andy Capp
post Jan 1 2013, 05:32 PM
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My view is that to award anything to anyone in recognition of work in financial regulation under the current circumstances seems completely preposterous.
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newres
post Jan 1 2013, 08:43 PM
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QUOTE (Weavers Walk @ Jan 1 2013, 03:36 PM) *
Where was the OP wrong?

In pointing out an irony that wasn't there. rolleyes.gif
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Rusty Bullet
post Jan 1 2013, 08:53 PM
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QUOTE (newres @ Jan 1 2013, 08:43 PM) *
In pointing out an irony that wasn't there.


Not quite true is it? Or maybe you think Captain Smith should have been decorated for services to Marine Navigation because he'd only been the captain of the Titanic for a few days.

You not going to answer the other questions asked of you then? Baited breath here.
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newres
post Jan 1 2013, 09:13 PM
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QUOTE (Rusty Bullet @ Jan 1 2013, 08:53 PM) *
Not quite true is it? Or maybe you think Captain Smith should have been decorated for services to Marine Navigation because he'd only been the captain of the Titanic for a few days.

You not going to answer the other questions asked of you then? Baited breath here.

Not quite the same is it? It's not as though someone else set the course for the ship, ignored charts, set the speed then immediately before impact stepped aside and said "she's all yours cap'n". In the case of the FSA that is an approximation of what seems likely to have happened. Decisions and strategies over many months or years did or did not contribute to the financial meltdown.

No, I am not answering the other questions as they all presuppose that the OP was correct in laughing at the irony that wasn't there. Oh, and also because this is just the internet and I don't have to answer dorkish questions.

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NWNREADER
post Jan 1 2013, 09:29 PM
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To some the elevated appointments of Mr S prior to taking the helm might suggest at least a passing awareness of the plot, and some active participation in its' preparation and implementation.

Had he come in from outside and immediately said 'Hard a'port, full astern, sound the alarm (even if only to key personnel)' then maybe some doubters would be less concerned.

Me, I doubt any of us know enough to be sure where accountability sits. At the moment 'bankers' are the whipping boys and girls but there are many other factors
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Andy Capp
post Jan 1 2013, 09:47 PM
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QUOTE (newres @ Jan 1 2013, 09:13 PM) *
No, I am not answering the other questions as they all presuppose that the OP was correct in laughing at the irony that wasn't there.

Just because you refuse two accept it, doesn't mean it doesn't exists. It might be unfair, but that doesn't take away from what is apparent; irony was your choice of word, not mine.

How the heck can ANYONE justifiably accept a queens honour for their effort in the financial service industry, at this point in time? If you cannot see that, then there's little point in the discussion, especially as even you accept you are not fully aware of the facts either.

These are the facts: he was in charge at the point of the crash, we've experienced the worst financial crash in decades, millions face decades of financial misery, pensions are next to worthless, he's just received a queens award for his efforts in regulation. This would be either for the regulation before the crash, which means my point stands, or for after the crash, but wouldn't it be a but premature especially as it can take some time for policies to be seen to be functioning properly?
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newres
post Jan 1 2013, 09:49 PM
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QUOTE (NWNREADER @ Jan 1 2013, 09:29 PM) *
Me, I doubt any of us know enough to be sure where accountability sits. At the moment 'bankers' are the whipping boys and girls but there are many other factors

Quite. Besides, gongs are given out for longevity in many cases for senior civil servants, bankers, politicians etc. Besides, even if he had made a mistake in the run up to the meltdown, who is to say that he hasn't done an amazing job since? Should Churchill not be credited with supreme war leadership on the grounds of his role in the Dardanelles campaign?
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Amelie
post Jan 1 2013, 09:51 PM
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QUOTE (newres @ Jan 1 2013, 09:13 PM) *
No, I am not answering the other questions ..... because this is just the internet and I don't have to answer dorkish questions.


We'll take that as a 'can't' then. Here chicky chicky chicky....
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newres
post Jan 1 2013, 09:56 PM
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QUOTE (Amelie @ Jan 1 2013, 09:51 PM) *
We'll take that as a 'can't' then. Here chicky chicky chicky....

Any moron could answer 2 & 3, so I will let you do it with the help of Google.

As to the first one...... rolleyes.gif
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Dodgys smarter b...
post Jan 1 2013, 09:57 PM
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It happended on his watch. Giving out an award for services to financial regulation seems incredibly crass and or ill judged to say the least.

It was him, who at the inquiry was told that some of his answers 'weren't helping' wasn't it?
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