How London Aspired to Be Fraud Capital of the World - Bill Black

London and Wall St. in a dangerous competition to create a more unregulated environment for finance. Apparently since PM Tony Blair the FSA has been soliciting financial business by advertising the loosest regulatory morals on either side of the Atlantic. Not that the US is any paragon of virtue. Timmy is known as the go-to head boy for the biggest banks. But this is no surprise, because as Kansas City Fed governor Hoenig said, for the past twenty five years the selection of the US Treasury Secretary has been done by a de facto private auction to the biggest banks. Source