The well documented and protracted Equitable Life fiasco appears to be drawing towards a close with the announcement that victims will be compensated after a deep investigation by the Treasury and Parliamentary Ombusman. It is good news for a few whom lost their savings but illustrates a prime example of the flimsy structure of private insurance companies who shun blame by focusing on regulatory agencies as the cause of economic collapse rather than shouldering responsiblity for their decisions. The next generation of savers and investors are being forced to redress planning for retirement by drawing conclusions from evidence pieced together from press clippings and hansard, for as we well know, it is best to invest in educating and caring for oneself- at least then you will get a straight answer!
It does not help that the FSA failed to thoroughly scrutinise Equity's handling of the Hyman case on its performance and assurances over adherence to regulatory frameworks designed to improve accountability and performance.
Wednesday 14 January 2009
Friday 2 January 2009
Looking Glass
Ramsay MacDonald's 1931 National Government, formed after the Great Depression of 1929 was designed to accommodate the economic and social tensions created by crisis. The current polls are showing a tension between Labour and the Conservatives that indicates potential for a hung Parliament- given the inability of the Conservatives to capitalise on their July-September gains. The current crisis shows little sign of improving and indicators from the Bank of England are hinting at increased tightening on lending.
Interesting to note that Phillip Snowden was the Chancellor of the Exchequer. Snowden published a pamphlet with Kier Hardie entitled "The Christ That is to be" (1903) detailing his vision of "Paradise on Earth" (Geoffrey Foote: 53) through a quasi-socialist fantasy. His assumption of Gladstonian orthodox economics in practice grated in an almost hypocritical paradox given his ideals, but his insistence resonated:
"We care not a rap about your political philosophy. It is enough for us to know that many who toil long and hard are in poverty, and the few never work at all". It is Snowden's socialist intellectualism that has led to the quasi-religious tone of much of Blair's protracted ideology, even if only in concessionary form by making private wages a "public concern" (Geoffrey Foote: 54) through the minimum wage. It is pleasant to think of this gentleman and indulge in one of the most fascinating periods of 20th Century British politics.
Interesting to note that Phillip Snowden was the Chancellor of the Exchequer. Snowden published a pamphlet with Kier Hardie entitled "The Christ That is to be" (1903) detailing his vision of "Paradise on Earth" (Geoffrey Foote: 53) through a quasi-socialist fantasy. His assumption of Gladstonian orthodox economics in practice grated in an almost hypocritical paradox given his ideals, but his insistence resonated:
"We care not a rap about your political philosophy. It is enough for us to know that many who toil long and hard are in poverty, and the few never work at all". It is Snowden's socialist intellectualism that has led to the quasi-religious tone of much of Blair's protracted ideology, even if only in concessionary form by making private wages a "public concern" (Geoffrey Foote: 54) through the minimum wage. It is pleasant to think of this gentleman and indulge in one of the most fascinating periods of 20th Century British politics.
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