U.K. FSA Said to Open Probe Into Shorting of Banks

Caroline Binham
Bloomberg
Tuesday, Sept 30, 2008

The U.K.’s securities markets regulator will investigate short-selling of British banks and financial-services companies to determine whether any illegal market abuse occurred, a person close to the planned probe said.

The Financial Services Authority will examine whether false rumors or leaks were spread in the weeks before the London agency temporarily banned short-selling of U.K. financial institutions on Sept. 18, the person said.

The FSA “want to look like they’re doing something,” said Ian Mason, a former FSA enforcement director and now a regulatory lawyer at London-based Barlow Lyde & Gilbert. “If they do commence such an investigation, we can expect it to be large- scale and intensive.”
(Article continues below)

The U.K. banned short selling of dozens of financial companies until mid-January after politicians and investors blamed the practice on market instability, such as a plunge in the market value of HBOS Plc before it agreed on Sept. 17 to a takeover by Lloyds TSB Group Plc. Almost $600 billion of credit losses have prompted banks to hoard cash and spurred the U.K. government’s seizure of Bradford & Bingley Plc.

The FSA’s probe comes a week after the U.S. Federal Bureau of Investigation started a criminal investigation into 26 companies, including Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc. and American International Group Inc. for possible accounting misstatements.

Full article here

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5 Responses to “U.K. FSA Said to Open Probe Into Shorting of Banks”

rich Says:
September 30th, 2008 at 4:22 pm
is someone awaiting a slap on the wrist ?????????? what a joke !!!!!!!!!!

http://www.youtube.com/watch?v=8rmQsA0mxwo
Horatio Says:
September 30th, 2008 at 4:49 pm
An Analysis Of The Change Issue

As yet another Presidential election season has come due, it is well worth noting that “change” has become a constantly recurring campaign slogan in American elections. Those intellectuals who opt to continue onward with such a tired refrain are well aware that very little will change for the betterment of the American public-at-large, in spite of the media-controlled flood of campaign rhetoric on behalf of the respective nominees.

Many Americans may well wonder, “Why is it that we desire change in the first place?”

Whereas the Constitution of the United States was originally fabricated in order to give the American citizens a simple guideline for their representative government, more than two- hundred years of incessant Legislation has produced a miasma of orders, acts, statues and laws that are repugnant to the Constitution – each time these ideas have been merged into public policy in the name of change.

read the rest @ http://beholdtheforce.blogspot.com/
mythicshadow Says:
October 1st, 2008 at 6:34 am
http://ca.youtube.com/watch?v=3rrWRNJ2lOs
Lorenzo Thomas Says:
October 1st, 2008 at 7:44 am
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason

http://www.youtube.com/watch?v=uw5dP5gy2Vs
Klonkin Says:
October 1st, 2008 at 8:42 am
Andrew Jackson
“You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

http://www.youtube.com/watch?v=ErFOsoKzpD0