CULPABILITY BROWN ' PRESSURED FSA NOT TO QUESTION BANKS' RISKY PRACTICES.

CULPABILITY BROWN ' PRESSURED FSA NOT TO QUESTION BANKS' RISKY PRACTICES.

SNP MP QUESTIONS £21 MILLION BONUSES FOR FSA

Evidence from the Financial Services Authority (FSA) chairman Lord Turner that Gordon Brown pressured City watchdogs into not questioning the banks' risky practices has been described by SNP Treasury spokesperson Stewart Hosie MP as further proof that the trail of responsibility for the banking crisis leads direct to Downing Street.
Mr Hosie said:
“Lord Turner’s testimony is devastating proof that the trail of responsibility for the banking crisis leads direct to Gordon Brown’s door. It is looking increasingly like the financial crisis started in Downing Street, and not in America as the Prime Minister keeps protesting.

“Allegations that Gordon Brown pressured City watchdogs into not questioning the banks' risky practices and exerted political pressure, are absolute dynamite.

“The evidence is stacking up against Culpability Brown.

“Just last week we learnt that one of his key advisors, Sir James Crosby, sacked a whistleblower who warned that banks were heading for disaster. And that followed revelations about how Downing Street failed to take adequate action in time concerning Iceland's banks when he was given warnings months in advance.
"Until recently the main charge against Gordon Brown was his role as Chancellor in the decade when many of the cracks in the financial sector developed. But the evidence stacking up over recent weeks casts real doubt over his government’s responsibility for the financial crisis.”

Mr Hosie also questioned reports that staff at the FSA are to share in £21 million of bonuses.

Mr Hosie added:

"With public anger over banking bonuses and pensions growing this will just add to that feeling. Many people will be asking why the FSA deserve bonuses at a time the industry they were regulating is now going through huge changes."