How the City of London undermines financial regulation

[mooncliff]

Definitely worth reading the entire post from the beginning, but if you are thinking of skipping it, the crux of the matter is pasted below.


http://www.monbiot.com/2011/10/31/wealth-destroyers/



By undermining the standards set elsewhere, it has also made the effective regulation of global finance almost impossible. Shaxson shows how the absence of proper regulation in London allowed US banks to evade the rules set by their own government. AIG’s wild trading might have taken place in the US, but the unit responsible was regulated in the City. Lehman Brothers couldn’t get legal approval for its off-balance sheet transactions in Wall Street, so it used a London law firm instead(18). No wonder priests are resigning over the plan to evict the campers. The Church of England is not just working with Mammon; it’s colluding with Babylon.

[Slimprofits]

Re: How the City of London undermines financial regulation

Similarly German laws prevented their banksters from doing the dirt on their home soil, so they set up shop in Ireland.

[gwynedd1]

Re: How the City of London undermines financial regulation

The City of London is by far one of the most evil square miles on the planet. The name itself should serve notice of its intent to be invisible since the uninitiated would merely think one is speaking of London.