Saturday, March 2, 2013

Bank of England exec: 'Occupy' right about cause of '08 crash

Bank of England exec: 'Occupy' right about cause of '08 crash

London - A top official at the Bank of England has praised the Occupy Wall Street movement for its role in inciting a "reformation" in the financial services industry and for correctly attributing the 2008 global financial collapse to economic inequality.
The Telegraph reports that this unlikely alliance between the Occupy Movement and Andrew Haldane, executive director of financial stability at the Bank of England (BOE), is based on a common understanding of the underlying causes of the 2008 mega-recession.
"Occupy has been successful in its efforts to popularize the problems of the global financial system for one very simple reason-- they are right," Haldane said at a central London debate hosted by Occupy Economics, an offshoot of Occupy Wall Street.
Haldane, 45, said Occupy was right about the excessive greed, salaries and bonuses that have infected the financial services industry.

This infection grew exponentially because of the IV-Oy bias of the I-O police, US regulators were told to refer to Iv banks and hedge funds as their customers not those to be policed. Bonuses are commissions that agents often get for deniable deceptions they commit against B clients.

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