Friday, December 14, 2012

The Financial Strangulation Authority

fcuker © fintag

News comments:
Feeling strangely humbug, it is time to give the FSA some grief before it rebrands next year.

The news is full of red tape killing off the UK's only big private employer (the City) and the FSA is going over board. FT Adviser have counted the pages of the FSA's 2012 written documents to nearly 6000 pages. In one year. That is way too much. None of us can grasp the tax red tape let alone more words on how to do things and how not to do things in finance and it justs mean we shall all be in breach all of the time. (ftadviser)

The unregulated crooks of course just don't bother although it is interesting to note Putin's recent announcement's that assets must no longer be allowed to leave Russia (nearly a USD100bn this year alone). (bloomberg).

The most worrying aspect of the FSA is it is becoming the gatekeeper to the City and inadvertently setting up a closed shop, a trade union of people it wants in. The berating of Mr HBOS is of course justified but why did it take them so long? (telegraph)

The worst failing is why did it take the Americans who are supposed to be pretty poor at regulation, spot HSBC's money laundering issues ahead of the "asleep at the wheel" FSA who have suddenly woken up (fsa)? (bbc). Of course we pointed this out their sleepiness regarding Standard Chartered (fintag) a while back and it seems even the Libor rigging was spotted by the SEC first.

And why do the FSA keep publishing shorting tips? (fsa excel)

It is good to see the FSA tackling the crooks (banker banged) (black is the new white) though, and yes they do take a long time to be prosecuted but beyond that the FSA is just strangling everything financial. It has gone from sleeping sickness to steroid induced marathon running.

Today's shorts:
See above

Today's longs:
Queen gets in on the act and kicks the FSA (insuranceage)

FCA logo revealed (fintag)

Fintag close to getting a non exec director role at the FCA.