Robert Preston, the BBC’s self appointed PR man for Gordon Brown, has been busy tonight following Sir James Crosby’s dramatic resignation a few minutes before Prime Minister’s Question Time.

He says that John Moore’s revelations that he was sacked because he tried to warn HBOS that their business strategy was overly risky made Crosby ‘look a bit of a nit’………..that has to be the understatement of the year.

In the eyes of the general public it has made Crosby look incompetent, dishonorable, disingenuous, take your pick. It has left us wondering how and why this man got a knighthood, how he came to be appointed to the FSA, how he came to be appointed to be a government advisor on the banking crisis.

Preston states:

So no-one in their right mind would argue that Moore got it wrong in respect of the big issue – though Moore’s critique was not that funding would dry up, but that borrowers would have difficulty repaying (which is an important nuance).

The important nuance here, I’m thinking Robert, is that the reason the wholesale funding market dried up was because the wholesale market thought that borrowers would have difficulty repaying.

Both the Bank of England and the FSA have the statutory responsibility to maintain financial stability. They failed.

The statutory responsibility was conferred on them by the Treasury. It, by implication failed.

Gordon Brown was the Chancellor of the Exchequer whilst much of this mechanism was put in place. He failed.

Robert Preston goes on to say:

“Moore’s dossier of complaints that HBOS and Sir James were taking excessive risks was thoroughly investigated by KPMG, the accountancy firm.”

He doesn’t mention that KPMG were the auditors for HBOS – they may have ‘chinese walls’ in place, but are scarcely likely to bite the hand that feeds them too hard. Why wasn’t an truly independent investigation ordered? HBOS must have paid out a sizable sum in compensation to Mr Moore, he was a very senior employee. I trust shareholders are ruminating on the full extent of their losses as we speak.

Preston should talk to the people behind BBC2′s the money programme – they uncovered a massive mortgage fraud in 2003, involving the HBOS amongst others; they seemed to have a fair idea of what was going to happen even then.

Dr Desmond Fitzgerald, an expert in financial markets who advises financial institutions and regulators, said:

Over the past two years most forecasters, including myself, expected the housing market at best to stabilise and more likely to fall. Instead it’s powered ahead. Now clearly if there is this extra flow from these fraudulent self-certified mortgages, that will push hundreds of millions of extra cash flow into the housing market. So you get this sort of self-feeding frenzy, a real bubble effect.

The Money Programme could see it, the Wholesale market could see it, John Moore could see it. Gordon Brown hired as his advisor the man who couldn’t see it.

Interviewed on Chanel 4 tonight, Moore looked calm and collected, as he quietly said:

“I have further detailed evidence [regarding other banking employees still within the banking system] concerning ‘fitness and properness’.

I like his style, drip feed it day by day, keep piling the pressure on them, the wheels are starting to come off.

Keep talking Mr Moore, come the revolution we will need someone trustworthy and honourable to sort out the banking system.

Coco February 13, 2009 at 04:17

Blink …….. 02.12.09 at 4:31 pm: We are doomed.

I believe Gordie’s Bruney is being bolstered by force of unknowns that are
known only as the Grey Men at the moment. Knowing so very little about them
means that the ‘Names’ of the Underwriters are more widely known than the
names of the Grey Men!

The Grey Men have been working behind the scenes for several years to bring
about this tremendous sea-change in the money markets …………… Gordie always
believed that if he scratched their backs they would scratch his. But all they
ever did was quite simply guide Gordie through his Chancellor’s days and
helped him make his bid to oust Tony Baloney.

Bruney and Obey Obama are decoys. Decoys planted in our consciousness over
the past couple of years to make us feel safe and give us hope – but they will
both soon be slaughtered where they stand.

The Grey Men have seriously underestimated the power of the internet during
this period so there is now a mass panic amongst Media Monitors to stem the
flow and dissemination of information regarding Gordie and his pals in
Parliament.

Even senior Government officials like Jacqui Schmidt and Hazel Bleary-Eyes
have not suffered from any terrible backlash by the Press even though lesser
indiscretions have brought down Governments in the past.

No matter how much protection the Government is given by the Press it looks
as if things have moved too quickly for the Grey Men to catch up. We have too
may other ways of finding out information for ourselves now.

The only way to stop an uprising of people will be to switch off the power
supplies. Because as long as we have the internet we have the power to depose
Governments.

I wonder what they will do!

This looks like a job for super-duper Clearance Mitchell and a serious
bunch of Risk-Management accolytes.

Would all International Media Monitors please come to the rescue of Gordie
Bruney and pals ……………… (Because he really need you right now!)

No wonder every email and text is about to be stored. No wonder at all

Blink February 12, 2009 at 16:31

A fine resume. One that the Parliamentary Committees would do well to
consider. Dictionary definitions are hardly a tool to beat the bankers with –
McFall is just that, waiting to mcfall..hope so, wanker.

As for Gordon – what more can be said that hasn’t been said. Is our
vocabulary large enough to encompass all his attributes? I’m tired of all this
now, can’t abide listening to Brown anywhere and want an election. We need to
be rid of these bastards before it’s too late – although, sadly, it may
already be too late – sign up to the EUfascist state apparatus…..

janes February 12, 2009 at 12:50

I was wrong about Obama not making it to inauguration day – let’s hope I am
also wrong about Moore’s exercise routine although it seems I am not alone in
anticipating a woody, knifee, bloody outcome sometime soon.

The
Ranting Penguin February 12, 2009 at
09:44

Interesting article in the Daily Wail about all Gordon’s previous best
friends now being blamed for the Global Credit Crunch made in America, the
bankers.

Now Gordon has to be more circumspect about blaming America for fear that
The Chosen One won’t come to his get together in April, he is bigging up on
blaming the irresponsibility of the wicked bankers, who were encouraged to
push on with lending to fuel the boom by errrrr, you guessed it, Gordon
Brown.

In a 2007 speech to the City, The Supreme Saviour of The World boasted that
under his light tough regulation bankers had forged an

MerkinOnParis February 12, 2009 at 02:03

‘The Money Programme could see it, the Wholesale market could see it,
John Moore could see it. Gordon Brown hired as his advisor the man who
couldn

Gloria Smudd
February 12, 2009 at 00:54

The FSA. FFS, eh?