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Mervyn King: a short history of blame-shifting Mervyn King: a short history of blame-shifting
(3 months later)
He may be out, but he's not down: Mervyn King used his last appearance before the Treasury committee to put the boot into the government, claiming that the chancellor had been directly lobbied by major banks in an attempt to twist the arm of the Prudential Regulation Authority.He may be out, but he's not down: Mervyn King used his last appearance before the Treasury committee to put the boot into the government, claiming that the chancellor had been directly lobbied by major banks in an attempt to twist the arm of the Prudential Regulation Authority.
The governor told MPs that "banks need to think very carefully about relationships they have with supervisors… Banks shouldn't leave conversations with supervisors and feel [the] next step is to phone No 10 or No 11 Downing Street".The governor told MPs that "banks need to think very carefully about relationships they have with supervisors… Banks shouldn't leave conversations with supervisors and feel [the] next step is to phone No 10 or No 11 Downing Street".
It's not the first curveball King has thrown; in fact, you can trace the last five years through the people he's annoyed.It's not the first curveball King has thrown; in fact, you can trace the last five years through the people he's annoyed.
October 2009October 2009
"To paraphrase a great wartime leader, never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform," King said in the depths of recession. He attacked the decision to prop up so-called casino banking, and described the £1trn government support of the sector as "breathtaking". Make a note of that one – it comes back to haunt him."To paraphrase a great wartime leader, never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform," King said in the depths of recession. He attacked the decision to prop up so-called casino banking, and described the £1trn government support of the sector as "breathtaking". Make a note of that one – it comes back to haunt him.
February 2010
February 2010
It almost feels unfair to include this one. Who can forget the WikiLeaks cables revealing King's "great concern" about the Conservative leaders' "lack of experience" before the election? "Both Cameron and Osborne have a tendency to think about issues only in terms of politics and how they might affect Tory electorability," wrote US ambassador Louis Susman. "King also expressed concern about the Tory party's lack of depth. Cameron and Osborne have only a few advisers and seemed resistant to reaching out beyond their small inner circle". Ouch.It almost feels unfair to include this one. Who can forget the WikiLeaks cables revealing King's "great concern" about the Conservative leaders' "lack of experience" before the election? "Both Cameron and Osborne have a tendency to think about issues only in terms of politics and how they might affect Tory electorability," wrote US ambassador Louis Susman. "King also expressed concern about the Tory party's lack of depth. Cameron and Osborne have only a few advisers and seemed resistant to reaching out beyond their small inner circle". Ouch.
November 2011November 2011
King also had thoughts about the eurozone, attacking the Italian government's attempts to get the ECB to buy its debt. "There are circumstances when governments will try and put pressure on central banks to do things they would like central banks to do, in order to avoid their having to own up to the actions that they would like someone else to carry out," he said. Translation: clean up your own mess.King also had thoughts about the eurozone, attacking the Italian government's attempts to get the ECB to buy its debt. "There are circumstances when governments will try and put pressure on central banks to do things they would like central banks to do, in order to avoid their having to own up to the actions that they would like someone else to carry out," he said. Translation: clean up your own mess.
September 2012September 2012
King has hinted before at the outsized influence financial institutions have. The Vickers report on banking reform initially suggested a strict limit on the amount banks could borrow to lend out, but by the time it arrived in parliament, the limit had been raised. Why could that be, Mervyn? "The banks have lobbied for it, and we will see what happens," he told Channel 4 News. Ministers weren't particularly happy with the suggestion that they were drawing up legislation at the behest of the financial sector.King has hinted before at the outsized influence financial institutions have. The Vickers report on banking reform initially suggested a strict limit on the amount banks could borrow to lend out, but by the time it arrived in parliament, the limit had been raised. Why could that be, Mervyn? "The banks have lobbied for it, and we will see what happens," he told Channel 4 News. Ministers weren't particularly happy with the suggestion that they were drawing up legislation at the behest of the financial sector.
May 2013May 2013
Last month, King decided to reopen old wounds, claiming that the last Labour government ignored Bank of England advice to put more money into the banking system in 2008. "We did make it clear that a more radical recapitalisation was necessary," he said, and argued that "we would have been in a better position" if the advice had been listened to. Alistair Darling's memory of events was somewhat different. He claims "the Bank was entirely happy and was a very active participant in what we were doing."Last month, King decided to reopen old wounds, claiming that the last Labour government ignored Bank of England advice to put more money into the banking system in 2008. "We did make it clear that a more radical recapitalisation was necessary," he said, and argued that "we would have been in a better position" if the advice had been listened to. Alistair Darling's memory of events was somewhat different. He claims "the Bank was entirely happy and was a very active participant in what we were doing."
And what about that "breathtaking" £1trn?And what about that "breathtaking" £1trn?
Times have changed since 2003, when King took charge of the Bank of England. And it appears that he has too. He should be proud of being the man who warned of the housing bust, and of the debt bubble; but he should also be wary of trying to rewrite history. Like everyone else in charge at the time, he didn't see anything coming. And when the crash arrived, he was just another person scrambling to make sense of it all.Times have changed since 2003, when King took charge of the Bank of England. And it appears that he has too. He should be proud of being the man who warned of the housing bust, and of the debt bubble; but he should also be wary of trying to rewrite history. Like everyone else in charge at the time, he didn't see anything coming. And when the crash arrived, he was just another person scrambling to make sense of it all.
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