The Guardian (Free subscription) | 11/23/2009
• FSA chairman: 'Markets are not always wise' • Lord Turner tells CBI conference UK economy is stabilising Lord Turner, a former director general of the CBI, attacked the current head of the employers' body for refusing to concede that parts of the City were "socially useless". Now chairman of the Financial Services Authority, Turner criticised...
The Telegraph (Free subscription) | 11/22/2009
Expect some seatsquirming at the CBI as Lord Turner FSA chairman unveils his regulatory game plan
The Telegraph (Free subscription) | 11/02/2009
Lord Turner chairman of the Financial Services Authority has warned that breaking up Britain's banks could make the system more risky not less.
The Telegraph (Free subscription) | 11/02/2009
Lord Turner said breaking up Britain's banks to separate retail from investment banking could increase risks in the system.
Clive Crook's blog (Free subscription) | 10/30/2009
Adair Turner of the UK Financial Services Authority gave a very good speech on the causes and implications of the financial crisis yesterday in Washington. The event was hosted by National Journal and the Economic Club of America. Video here for National Journal subscribers. Transcript here. The speech drew on a new FSA discussion paper, prepared [...]
Times Online (Free subscription) | 10/25/2009
The recommendations from the Green Fiscal Commission (GFC), to be presented by Lord Turner, head of the committee on climate change — and chairman of Financial Services Authority — could bring a drastic reshaping of the tax system to curb greenhouse gas emissions and encourage investment in low-carbon technology. Among the proposals are a tripling of fuel duty over the next decade, a...
The Observer (Free subscription) | 10/22/2009
The FSA favours incentives, Mervyn King coercion. Whichever approach they take, governments have to stand up to banks if they want to prevent another crisis Trust me, I'm a regulator. Lord Turner, chairman of the Financial Services Authority, today gave a technocrat's answer to the burning issue of the hour – how do you deal with the problem of banks that have become too important...
The Telegraph (Free subscription) | 10/22/2009
It follows closely the speech given by Mervyn King, Governor of the Bank of England, on Tuesday who made it clear he thought banks should be divided into those that perform a basic utility function, and therefore worthy of being guaranteed by the Bank's status as the lender of last resort, and investment banks which are not. It will be tempting for many to see Lord Turner's paper as a...
The Telegraph (Free subscription) | 10/22/2009
By Philip AldrickPublished: 12:22PM BST 22 Oct 2009 FSA chief Lord Turner proposes sell-off plan for banks seen as too big to fail. Photo: Bloomberg News Under , banks regarded at “too-big-to-fail” will also have to hold “significantly” more capital as insurance against the “dangers" posed to the financial system should they collapse. The City regulator described the insurance as a “capital...
Tim Worstall (Free subscription) | 11/24/2009
It’s an interesting phrase, isn’t it? Lord Turner, a former director general of the CBI, attacked the current head of the employers’ body for refusing to concede that parts of the City were “socially useless”. Now chairman of the Financial Services Authority, Turner criticised CBI director general Richard Lambert for arguing that politicians or regulators...
The Corner (Free subscription) | 11/28/2009
... tax to pay for education. This summer, the head of Britain's Financial Services Authority (FSA), Lord Turner, revived the idea in relation to the current crisis, saying that a financial-transactions tax would help shrink “a swollen financial sector” by curtailing its “socially useless” activities” and slicing off “excessive profits.” Krugman...
The Guardian (Free subscription) | 11/26/2009
Regulators have long been suckered by 'too big to fail'. The Walker report has all the power of a feather duster Oh, Mr Brown, I loved that. Tickle me again, Mr Darling. Just there. A back rub, please, Sir David. A little oil here, Lord Phillips; a teeny whiplash from you, Lord Myners. And you, Mervyn King, perhaps another velvety stroke on the erogenous zone. You are gorgeous, the lot...
m-cause (Free subscription) | 11/28/2009
... minimum over the past 5 years via the various bailout packages. Paul Krugman, Simon Johnson , and Lord Turner agree. Here’s Umair: Socially Useless Businesses Socially useless businesses created a global economy on life support, a jobless “recovery” and mass unemployment amongst the young . Socially useless business is why we don’t have a better education, healthcare, finance, energy,...
Five Chinese Crackers (Free subscription) | 11/24/2009
... from the Mail headlined ' Population 'could hit 70m unless we get a grip on immigration '. In it, Lord Turner says: What always amazes me is we have piecemeal discussions which never consider: would you prefer a population of 60 or 70 million? It is an area that depresses me. And that would appear to be it. My answer to Lord Turner's question is, "I don't give a...
The Telegraph (Free subscription) | 11/23/2009
Osborne's proposals are far from perfect – the initial lack of clarity concerning regulation of markets was of particular concern, as was his failure to liaise with the Bank of England ahead of the announcement – but pruning back the ambitions of Lord Turner, the FSA chairman, is undoubtedly a good thing. This is, after all, a regulator that, having "systematically failed in its duty"...
