"Over a period of 500 years the City has supported deregulation at every turn. The consequences of this are massive. You had fraudulent products – the cause of the crash – debt being repackaged as an asset and then being used as leverage. The assets they held and credit they generated were on a ratio of 50-1. There was no effective regulation of this, no effective oversight. They have been exposed by the bailout. They have refused more than ten years of requests from us [London Citizens UK organisation] and suddenly they agree to meet. I think they are concerned that the political parties will move to a more manufacturing, less financially-based economy."
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Members of the Parliament of the United KingdomJews from the United KingdomPhilosophers from EnglandAcademics from the United KingdomLabour Party (UK) politicians
Original Language: English
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Sources
"Confronting the City", Red Pepper (22 November 2009)
https://en.wikiquote.org/wiki/Maurice_Glasman%2C_Baron_Glasman
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Maurice Glasman, Baron Glasman
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