Critics rush to point finger of blame at 'Culpability Brown' - Scotsman.com News
GORDON Brown was last night facing an unprecedented barrage of criticism over his role in the UK's financial crisis amid claims he was responsible for massive gaps in the regulatory system and that he failed to maintain stability in the country's finances.
Analysis: What an appalling mess – and Lord Turner may have pressed the ejector button that could catapult Gordon Brown out of Number 10 - Scotsman.com News
What an appalling, blame-dodging, question-begging mess is now unfolding with new items almost every day.
Bankers with no banking qualifications; top executives who say they were not to blame; a regulatory system almost perfectly designed to miss the big picture; bonuses showered everywhere – and a government in denial of its responsibility.
Gordon Brown now looks vulnerable on four fronts.
First, he was the architect of the current tripartite regulatory system, set up in one of his first acts as Chancellor...
Second, it was Mr Brown as chancellor who made appointments to the FSA.
Third, it was Mr Brown as Chancellor who made appointments to the Bank of England's Monetary Policy Committee and who ordered the Bank to set interest rates using the EU-standard Consumer Price Index as its inflation measure.The central flaw of the CPI is that it has no house price component. As a result, interest rates were cut and kept low even though house prices and mortgage lending boomed.
And fourth, it was Mr Brown, together with his Chancellor, Alistair Darling, who promoted the Lloyds TSB takeover of HBOS by waiving competition rules.