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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Tuesday 23rd September 2008
As the new chairman of the FSA settles into his new office and joins in the Labour Party led rant against the sky high wages in the City and excessive bonuses it seems as though the tenure of Lord Turner has hit a rocky patch already!
After joining the assault on the so called City fat cats it was pointed out to Lord Turner and the Chancellor Alistair Darling that Lord Turner himself was one of these so called City fat cats with a career in investment banking with Merrill Lynch and Chase Manhattan Bank. So quite how he has the nerve now to stand up and criticise the City for the wages it pays and the bonuses earned by the work force is amazing. Hypocrisy in its truest form, or a realisation that the City culture needs to be changed?
Lord Turner has also attracted criticism for his apparent support for the Labour Party when the chairman of the FSA is deemed to be impartial on all matters political. Surely if he felt so strongly about the need for change in the City he could have waited until after the Labour Party conference instead of acting in unison? |
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