Which anarchist added this to the list of public responses sent to the UK’s Independent Banking Commission? (H/T to the FT’s Paul Davies):
While again emphasising that this is a personal view, I do believe that in the interests of competition, the merger of HBOS and Lloyds was misconceived and Lloyds Banking Group should be broken up. Under normal circumstances this would never have been allowed and nothing has happened since to make the decision any more correct…
OK, we know, just about anyone in their right mind could have advised the IBC of that. But try this:
In addition, the Independent Commission should seriously consider requiring RBS to sell off all of its insurance business and split into two separate banks – which would be RBS and NatWest with RBS headquartered in Scotland. This action along with the split up of Lloyds Banking Group proposed above would lead to significantly improved competition…
If you guessed it was the RBS chief executive who bought Natwest in a £20bn bid battle with Bank of Scotland eleven years ago — well done!
Yours Sincerely,
SIR GEORGE MATHEWSON
Full circle or what. Bonus attack on the entire securitisation industry:
I would like to draw attention to the additional risk to the financial system posed by the separation of the borrower from the debt owner that has resulted from securitisation and bond issuance. The problem is that in the event of failure the possibility of negotiating the least damaging outcome is hugely decreased. I believe this merits further investigation by the authorities…
Other interesting IBC responses – Lawrence Kotlikoff, Roger Alford, Achim Dübel, Bruce Packard.
Some plain odd ones — Bank of Britain, Bank of Bob, ResPublica.
Lastly, which former Chancellor of the Exchequer had the modesty to send the commission excerpts from his memoirs?
Related links:
UK banks face ring-fencing of retail arms – FT
HM banks ad infinitum – FT Alphaville
Dear Dennis – FT Alphaville (2008)
Shaking up the UK banking sector – FT Alphaville