30 January 2008

A certain irony?

I'm sure - at least I think I'm sure - that they know what they are doing. It's just that last night:
The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities.
UK Prime Minister Gordon Brown met his French, German and Italian counterparts at Downing Street to discuss the recent global market turmoil.

Transparency - that's just the ticket.

But then this morning:

Chancellor Alistair Darling is to give new powers to the Bank of England to mount secret rescue operations for banks requiring emergency funds.
The plan will be unveiled today as part of sweeping regulatory reforms designed to prevent a repeat of the Northern Rock debacle, the BBC has learned.

I understand of course - secrecy is what's needed.

Nothing like a bit of transparent secrecy ...

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