Wednesday, November 16, 2011

A very long spoon

Lord Myners, the former labour City Minister was on rip-roaring form last night, talking about the EU's impact on city regulation. It is quite apparent that he doesn't rate it. Particularly as it tries to shoot the canary in the mineshaft, by making life hard for the Credit Ratings agencies. First he points out that the ratings Agencies are in the peleton, not out in front,
I disagree with paragraph 22 of the committee's report, which says that credit rating agencies play a role in determining the cost to governments of borrowing. They simply do not. The realistic situation of the borrowing nation's capacity to pay determines the price it pays for credit. The thermometer does not trigger the fever. The credit rating agencies measure the likelihood of repayment. They certainly do not have any impact on the cost of credit. Again, at the risk of giving even more credit to the noble Baroness, Lady Noakes, she was absolutely right in pointing to the case of France where the credit rating agencies may say one thing about the rating of that country but the pricing of its debt in the markets says something rather different in terms of differentiation between France and Germany, the quality of covenant and the capacity to honour debt obligations.

The reality is that credit rating agencies are a lagging indicator rather than a leading one. They tend to verify the market's judgment rather than to lead it.
He then shows deep suspicion of the EU's atempts to take control,
The implementation of the credit rating agency directive will be in the hands of the European Securities and Markets Authority-ESMA. This has only recently been established but is an important agency because it will exercise direct regulatory authority. I hope the Minister will correct me if I am wrong here, but I believe that ESMA has the power to overrule national regulatory agencies. In other words, the FSA is subordinate to ESMA and could not, if it wished to, introduce higher standards. ESMA has been clear that it intends to ensure that its rules are enforced uniformly across the EU and in so doing will limit the ability of individual countries to require additional measures. Mr Steven Maijoor, the chair of ESMA, was quoted in the Financial Times recently as saying that,

"we are moving toward common supervisory standards".

The regulations will not be based on the UK's "comply or explain". They will be enforced on all national regulatory agencies by ESMA. I would welcome an assurance from the Minister that he will stand up for self-determination of regulation in the UK and not allow us to be steamrollered by ESMA or any other part of the European regulatory architecture.

We saw some very flawed thinking from the European Commission on credit rating agencies-that there should be a government sponsored CRA, the banning of the publication of ratings, and the pre-approval of methodology, which implies again some process by which these become nationally recognised outcomes rather than the opinions of rather average people.
But is the words that relate to the EU Commisioner in charge, Michel Barnier, that really raise eyebrows,
I worry very much about Mr Barnier. I met Mr Barnier when he was a Minister. He came to see us at the Treasury. He came down the corridor and I was watching him. I am a great fan of art and I was rather impressed that he stopped to look at every painting. I thought this is a man with whom I share a common interest-until I realised he was actually looking at his reflection in the glass on every painting, and adjusting his hair or his toupee. This to me is a man whom we should treat with a very long spoon. I hope the Minister will take due care in working with Mr Barnier because we have been forewarned that this man intends to seek even more powers than those he announced today. He said he wants to return to the issue of censoring rating agencies. I sincerely hope that the Government and the Opposition would have no part in endorsing such an activity.


Anonymous said...

Update .Jan.26th. - 2012.

The following sent to ----312 Lords.------- House of Lords.( inc. Lord Myners.)
The following sent to ----649.M.P’s--------House of Commons.

Aug 4th. 2011--- Full story plus all documentation sent to
640.M.P’s ------- House of Commons.
460. Lords.-------House Of Lords.


Pictet & Cie Bank.

Ivan Pictet.
Nicolas Pictet.
Charles Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat..

Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.

Swiss Banks or more correctly Swizz banks.

Swizz. ---- “ a great disappointment.” or a “ fraud.”

Fraud. ---“ an intentional deception or dishonesty.”— “a crime.”

Crime. ---“ an act committed or omitted in violation of a law.”

Serious Crimes .
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.

Pictet & Cie Bank –Partners –(1996—2011 )- guilty.
Peters &Peters – Partners.— (1999---2011 )- guilty.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement .
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael .Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.

---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).

(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

Anonymous said...

The Criminal Super Class.
Police. April.2012.

Over approximately five years of hitting the internet with a case that involves criminality by a major Swiss Bank , Britain's most prominent fraud lawyer and a regional police force headed by one of Britains top policeman. ( Surely justice should prevail.)

In fact the complete opposite even though the offences committed are very serious.

Conspiring to Pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.------------------ plus a dozen or so smaller offences.

In the five years some 6-7million e-mails have been forwarded to all Members of Parliaments in Britain and Switzerland, every barrister and chambers in Europe .
Every law inforcement body in both countries , and America. Even raised in Parliament twice.

The banking fraternity fully aware of this case still decide to give the Private Banker of the Year Award to Ivan Pictet --- Pictet & Cie Bank. ( Him being the person most responsible for the crimes committed by him and his bank partners. )

The legal fraternity decided that Monty Raphael of Peters & Peters . London became an honourable Queens Counsellor and to rub the salt in six months later made a Master of the Bench. He also was guilty of all the above offences but so what. At this rate he might become King by the end of the year.

The police ( West Yorkshire Police.) headed by Sir Norman Bettison has not improved as a force on fighting crime. They are now worse than the days of the Yorkshire Ripper , when they had him in custody nine times and let him go. If it hadn't been for the South Yorkshire Police force catching the Ripper he would have still been at large to day .

Then they wonder why the man in the street becomes angry and decides to riot.
Even after five years of exposing their crimes on the internet , they dare not take legal action to stop us --- no injunctions --- no writs – they can't risk going to jail.
All we can do is to continue pressing for justice and up the pressure on the internet. For the next five years and beyond.