Quote:
Originally Posted by iglu
Since its privatization, NR was a ruthless organization, putting up accounts with high interest rates, attracting deposits, then reduce the rates of those accounts, create "new" accounts with high interest, and do the same again with a cylce of a few months. This scam went on and on, where was the FSA?
They did similar scams with the mortgages....
The expansion of NR was frightening, where was the FSA to regulate? And then NR came up with the idea to borrow from the markets, and we know what happened...
Whatever NR did is/was legal...
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As I've mentioned elsewhere, finanical regulation in the City has been a joke for many years. Every few years they give the incompetent fools a new name but nothing much else changes.........