Great timing. I blogged last night about the mind-boggling incompetence of Sir Callamity McCarthy. I wake up this morning, and what does the FT have on its front page, but an indictment of the behaviour of the FSA during Callamity's reign.
A whistleblower has written to Vince Cable, exposing the pathetic inactivity of the FSA from 2005. Remember, Callamity took over at the FSA in September 2003.
The whistleblower reports, says the FT, that "thematic reviews of mortgage books sold by wholesale lenders to building societies... had unearthed incontrovertible proof that societies had been paying big prices for what were ostensibly the safest residential mortgages but were in fact risky self-certification loans... FSA management turned a blind eye."
I wonder what sort of pension Callamity is on?