Evil Knievil: The consequences of politicians’ lies

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Evil Knievil: The consequences of politicians’ lies
Master Investor Magazine

Master Investor Magazine Issue 59

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Truth emerges with time and not at the behest of authority. However, in the matter of Priti Patel, we can be confident that she is a strong-willed liar – no doubt taking instructions from No 10. Leaving aside the longer term consequences for the morale of the staff of the Home Office (where Sir Philip Rutnam wisely elected very publicly to issue a statement describing his resignation so to ensure that his version of events could not be trumped by a further stream of lies from Ms Patel) the beginning of the denouement of Bosh Johnson has started. This liar reckons he can get away with anything by lying. But, gradually, the electorate will see through him.

*****

The Barclays Four have all been cleared (God only knows what the legal bills, all paid by Barclays, will come to. We are talking about many millions of pounds). The Times declares that the defect in the SFO’s case was that it depended upon evidence from the Qataris which was never going to be forthcoming. If so, the only purpose behind this enquiry and the subsequent prosecutions can have been some sort of revenge. The trouble is that revenge is a dish best eaten cold and the SFO’s chumps never allowed cooling to occur.

HM Treasury failed under Gordon Brown to inhibit the lunatic growth of credit on the run up to 2008. One reason was that Brown left supervision of the banks to the FCA, which is broadly similar to leaving a flock of sheep to control the jaws of wolves and affecting surprise when the sheep get eaten. The other reason was that Brown’s achieving time as prime minister depended upon his being rampantly irresponsible. The consequences are still with us.

Be it noted that Barclays never drew upon Treasury cash to survive whereas, with the notable exception of HSBC, all the others did. Typically, jurors are not stupid: they draw sensible conclusions.

*****

Finally, we have not yet hit the bottom of this market – not by a long chalk.

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Comments (7)

  • Mark Lyndon says:

    “Truth emerges with time”. That’s as maybe. However, there is hardly anything too questioning or critical of your running commentary on an elected government, as opposed to a perpetual bureaucracy, ever seen in this so called “Comments” section.
    That said, Sir Humphrey I am sure, would greatly appreciate your efforts.

  • Bobuk says:

    He who tells his story first has the almost certain chance of being believed.
    And the louder the better, hence engaging the auspices of the BBC
    Captain Blythe’s reputation has not recovered to this day.

  • Mark Lyndon says:

    On 19 December 2012, the Financial Services Act 2012 received royal assent, and it came into force on 1 April 2013.[7] The Act created a new regulatory framework for financial services in the Financial Conduct Authority, and abolished the Financial Services Authority. In short, the FCA had nothing to do with Brown.

  • Mark Green says:

    Touching yet naive faith in the integrity of the civil service.

  • L. Gallagher says:

    I thought this was an investment page. Not a political page.

  • John Davis says:

    The electorate will see through him [his lies]? The electorate don’t care, otherwise they would never have voted him back into power. Lying has become the currency of government since it worked so well for the referendum. As for the electorate, confirmation of their beliefs trumps truth every time. We get the politicians we deserve.

  • Pete Jones says:

    Your blinkered view of Boris seems to warp your political judgment.
    Rutnam was a serial failure & he wasn’t up to the job. His hissy fit resignation & demeanour was that of a lower rank middle manager & not of a senior civil servant.
    Whether P Patel was too ‘robust’ with staff will possibly emerge in time but if Brexit is to succeed we need a more dynamic & forward looking Civil Service.

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