Bank governor slams ‘City’ errors
May 1, 2008
Mervyn King, governor of the Bank of England, did not mince his words in discussing the reckless investments in complex financial products by leading financial institutions in the lead-up to last summer – and how these had contributed to the ongoing credit crunch in global markets.
“They [complex financial instruments] may have looked very clever, but actually they were based on some very poor assumptions,” he told the committee of MPs.
“And the managers of those institutions, who probably knew far less about those instruments than they should have done, will know in future that if they want to keep their jobs they will have to have better control over the design of those instruments.”
King said today that in some ways the City’s economic dominance was regrettable.
“I do think it is rather unattractive that so many young people when contemplating careers look at the compensation packages available in the City and think that these dominate almost any other kind of career,” he said.
“That is not an attractive position to be in when such a high proportion of our talented, young people naturally think of the City as the first place to work in. It shouldn’t be. It should be one of the places, but not the only one.”
Spot on Mervyn. We the common people salute you!
map: torch route
Today’s run relay carrying the Olympic torch was marred by protest all the way along the London route. A protester in Bayswater, central London got his hand on the torch and almost got it off the torch bearer. See the video action here.
Later more protestors attempted to put out the torch flame using fire extinguishers. See this video action here.
The day was marred by farce with the Chinese ambassador having to change her route, taking the torch through London’s Chinatown instead. Gordon Brown refused to been seen holding the torch.
The protests will continue wherever this torch may go over the next few months. London has played it’s part and proudly.
Idiot drivers ram automatic bollards!
March 28, 2008
1 min 45 secs
People will try anything to get around systems put in place to stop them. The drivers above find out the hard way! 
London’s River Fleet
December 29, 2007
[click on image]
Above is the River Fleet in London which was covered up because of London development. It was one of London’s most important rivers and it’s source can be found at the ponds in Hampstead Heath.
Tony Blair’s $9million book advance.
November 1, 2007
Guarding Blair’s war cash.
Tony Blair, the former prime minister of Britain, has agreed to sell his memoir for an advance of about $9 million, according to a person with knowledge of the negotiations.
After a four-day auction, the book was bought by two divisions of Random House, Alfred A. Knopf in the United States and Canada, and Hutchinson in Britain.
Sonny Mehta, chairman and editor in chief of Knopf, said that Blair intended to write a “serious and frank book” about his life and in particular his decade at 10 Downing Street.
More here.
That’s nice isn’t it. I’ll be reading the bit about where he ignored two million marchers in London before going to war. Tosser!
A catchy little tune.
September 30, 2007
By Cardiff art house band The Victorian English Gentlemens Club.
Band’s Myspace site.
For an interview with the band.
