In fact, the quotation is worth citation in full:
I witnessed trusting and naive provincial building society executives and non-executives, who had no real understanding of securitisation or structured finance or any other aspect of the workings of global capital markets, being eaten alive by cynical, rapacious and short-termist investment bankers,
That from a letter written by a former FSA employee to Lib Dem Treasury spokesman Vince Cable, accusing the UK regulator of “apathy and complacency” in its oversight of building societies. The FT today has the full story and extended coverage.
Related links:
Building societies’ ratings cuts pose fresh challenge – FT Alphaville
The FSA guide to insider dealing – FT Alphaville
HBOS: The Moore memo - FT Alphaville
What is your assessment as to the typical volume of spam received from the FSA per day? – FT Alphaville