EU leaders agreed on a new banking supervisory body with the power
to close ailing banks. (14 Dec 2012)
"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) -
(Text version)

“2011 and Beyond” - What you are seeing, and why - Jan 16, 2011 (Kryon channelled by Lee Carroll) - (Text version)


"The Timing of the Great Shift" – Mar 21, 2009 (Kryon channelled by Lee Carroll) - (Text version)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.

They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)
(Subjects: Who/What is Kryon ?, Egypt Uprising, Iran/Persia Uprising, Peace in Middle East without Israel actively involved, Muhammad, "Conceptual" Youth Revolution, "Conceptual" Managed Business, Internet, Social Media, News Media, Google, Bankers, Global Unity,..... etc.)


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Monday, April 11, 2011

Brown Admits 'Big Mistake' On Banking

Yahoo Finance / Sky News, Monday 11 April 2011

Gordon Brown has admitted he made a "big mistake" on financial regulation before the banking crisis - but has emphasised he did not act alone.

Gordon Brown
The former prime minister said the regulatory framework he put in place as chancellor failed to address the "entanglements" of different institutions and "how global things were".

Mr Brown said at a conference organised by the Institute for New Economic Thinking in Bretton Woods, New Hampshire, that he accepted his responsibility for the mistakes, but added that he was not alone in making them.

He said in the 1990s and the years up to 2007, when he was chancellor, he was under "relentless pressure" from the City not to over-regulate.

"We know in retrospect what we missed. We set up the Financial Services Authority believing that the problem would come from the failure of an individual institution," he said.

He explained that the "big mistake" was the creation of a monitoring system looking at individual institutions.

"We didn't understand how risk was spread across the system, we didn't understand the entanglements of different institutions with the other and we didn't understand even though we talked about it just how global things were, including a shadow banking system as well as a banking system.

"That was our mistake, but I'm afraid it was a mistake made by just about everybody who was in the regulatory business."

The aftermath of the 2008 banking meltdown had made people think again about regulation, Mr Brown said.

"I have got to accept my responsibility and I do, and I have been very open about saying we made mistakes on that," he added.

"But in a world where the understanding of what global meant was incomplete, I think many writers as well as many regulators made exactly the same mistake."


Related Articles:

UK banks told to boost capital, shield taxpayers

Vickers report vindicates government's banking review, says Osborne

UBS fined for downplaying Lehman risk to clients


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