Mervyn King joins the Board

[myf]

http://www.hitc.com/en-gb/2016/03/08/aston-villa-director-outlines-sweeping-changes-to-be-made-upon-r/

so there is a thorough review of the club from top to bottom taking place, from the administration and playing aspects along with the scouting and coaching

it begs the obvious questions

• who is carrying out the review
• have they got the required knowledge to carry out the review covering all of those areas
• would we trust them to come up with the correct findings
• probably most important, would we trust them to be able to put things right after the review

can't say I have got too much faith but a lot will depend on who is performing the review obviously

there should be an inquiry into this review

[john2710]

I don't know much but any bloke that can look after the country's banking system must be able to sort out this rabble of a club.

Well according to one of my Blue nose mates King helped cause the global financial crisis so it is hilarious that Villa have chosen him.

There's a clue in the title - GLOBAL - the problems were not specific to the UK. Every major economy & their banking systems were and probably still are lacking control. Most of the Uk's problems went back to Thatcher's de-regulation of the banks in the late 80's. Our Merv may have some guilt by association but helped caused it?

All noses see B6 as the root of all evil, they can't see anything outside of that.

[McGraths Dry Cleaning]

He's managed one of the highest profile organisations in the world including a time of extreme crisis so hes got some nerve. He also has a respected meeja profile so a) his words will get more coverage than someone who no one has ever heard of and b) he has a reputation to live up to. Whether that helps us or not who knows but I like the cut of his jib - I am guessing that he will do a thorough job and pull no punches but assume we will learn little of the review other than people leaving the club "by mutual consent".

[dave.woodhall]

He's managed one of the highest profile organisations in the world including a time of extreme crisis so hes got some nerve. He also has a respected meeja profile so a) his words will get more coverage than someone who no one has ever heard of and b) he has a reputation to live up to. Whether that helps us or not who knows but I like the cut of his jib - I am guessing that he will do a thorough job and pull no punches but assume we will learn little of the review other than people leaving the club "by mutual consent".

He seems to be more hands-on than our previous non-execs such as Tony Hales and David Owen have been. I also suspect that he can recognise a naked king when he sees one. 

[PeterWithesShin]

He's managed one of the highest profile organisations in the world including a time of extreme crisis so hes got some nerve. He also has a respected meeja profile so a) his words will get more coverage than someone who no one has ever heard of and b) he has a reputation to live up to. Whether that helps us or not who knows but I like the cut of his jib - I am guessing that he will do a thorough job and pull no punches but assume we will learn little of the review other than people leaving the club "by mutual consent".

He seems to be more hands-on than our previous non-execs such as Tony Hales and David Owen have been. I also suspect that he can recognise a naked king when he sees one. 

Well he sees one in the mirror every day so you'd hope so.

[Pat McMahon]

I don't know much but any bloke that can look after the country's banking system must be able to sort out this rabble of a club.

Well according to one of my Blue nose mates King helped cause the global financial crisis so it is hilarious that Villa have chosen him.

There's a clue in the title - GLOBAL - the problems were not specific to the UK. Every major economy & their banking systems were and probably still are lacking control. Most of the Uk's problems went back to Thatcher's de-regulation of the banks in the late 80's. Our Merv may have some guilt by association but helped caused it?

All noses see B6 as the root of all evil, they can't see anything outside of that.

Many people in Asia will tell you the Global Financial Crisis was a western crisis. China was batshit booming when I landed in 2009.

[Marlon From Bearwood]

I don't know much but any bloke that can look after the country's banking system must be able to sort out this rabble of a club.

Well according to one of my Blue nose mates King helped cause the global financial crisis so it is hilarious that Villa have chosen him.

There's a clue in the title - GLOBAL - the problems were not specific to the UK. Every major economy & their banking systems were and probably still are lacking control. Most of the Uk's problems went back to Thatcher's de-regulation of the banks in the late 80's. Our Merv may have some guilt by association but helped caused it?

All noses see B6 as the root of all evil, they can't see anything outside of that.

My thoughts too. I know the Nose is a major wind up merchant as they nearly all are.

I'd have thought the bad credit timebomb in the U.S. played a bigger part than any one individual.

[lordmcgrath5]

I don't know much but any bloke that can look after the country's banking system must be able to sort out this rabble of a club.

Well according to one of my Blue nose mates King helped cause the global financial crisis so it is hilarious that Villa have chosen him.

There's a clue in the title - GLOBAL - the problems were not specific to the UK. Every major economy & their banking systems were and probably still are lacking control. Most of the Uk's problems went back to Thatcher's de-regulation of the banks in the late 80's. Our Merv may have some guilt by association but helped caused it?

All noses see B6 as the root of all evil, they can't see anything outside of that.

My thoughts too. I know the Nose is a major wind up merchant as they nearly all are.

I'd have thought the bad credit timebomb in the U.S. played a bigger part than any one individual.

I would say that's a definite wind-up from the bluenose. The mass securitisation (bundling up, giving a top-quality rating to and selling on loans, many of them mortgage loans) of highly questionable/in some cases fraudulent loans in the US, which were being bought by banks across the world (who clearly should have known better) was the chief cause, in my view. The scale of the problem was so huge that it brought down bank after bank across the West at least. To some extent you could say that King, the Bank of England and the other main central banks were too lax and didn't do enough to oppose "light-touch regulation", which was all the rage pre-crisis. But the Bank of England isn't solely responsible for regulation, as we've had other bodies like the Financial Services Authority and now the Financial Conduct Authority.

Mervyn King can also be criticised for the BoE's response to the crisis - did the BoE do enough to help ordinary people and businesses? Probably not. Or did they just make life easier for the banks? Quite possibly. But to say he helped cause the crisis is pretty wide of the mark.

[DaveD]

I don't know why people say it was light touch regulation. The amount of regulation went up massively under the FSA, they were just regulating the wrong things.  Under the old Bank of England regime, one of the senior directors would have had a quiet word with Sir Fred and told him his balance sheet was becoming 'a bit of a concern'.

RBS had big exposure to the Mortgage Backed Securities through their US arm, but they probably would have been okay if they hadn't spent their entire capital reserve on ABN Amro, which was full to the gills with it, along with half a dozen truly staggering Credit Derivatives deals. Which is ironic for me because I was hired to build a system to risk Credit Derivs three months before they went bust.

[lordmcgrath5]

I don't know why people say it was light touch regulation. The amount of regulation went up massively under the FSA, they were just regulating the wrong things.  Under the old Bank of England regime, one of the senior directors would have had a quiet word with Sir Fred and told him his balance sheet was becoming 'a bit of a concern'.

RBS had big exposure to the Mortgage Backed Securities through their US arm, but they probably would have been okay if they hadn't spent their entire capital reserve on ABN Amro, which was full to the gills with it, along with half a dozen truly staggering Credit Derivatives deals. Which is ironic for me because I was hired to build a system to risk Credit Derivs three months before they went bust.

Just talking about that ABN Amro deal tonight. Fred the Shred Goodwin's quote on that particular piece of dealmaking at the time (pre-crash) was that they did "due diligence light" at RBS on ABN Amro before making that purchase. He should have been jailed for recklessness and negligence.

[DaveD]

I don't know why people say it was light touch regulation. The amount of regulation went up massively under the FSA, they were just regulating the wrong things.  Under the old Bank of England regime, one of the senior directors would have had a quiet word with Sir Fred and told him his balance sheet was becoming 'a bit of a concern'.

RBS had big exposure to the Mortgage Backed Securities through their US arm, but they probably would have been okay if they hadn't spent their entire capital reserve on ABN Amro, which was full to the gills with it, along with half a dozen truly staggering Credit Derivatives deals. Which is ironic for me because I was hired to build a system to risk Credit Derivs three months before they went bust.

Just talking about that ABN Amro deal tonight. Fred the Shred Goodwin's quote on that particular piece of dealmaking at the time (pre-crash) was that they did "due diligence light" at RBS on ABN Amro before making that purchase. He should have been jailed for recklessness and negligence.

There are tens of thousands of RBS employees past and present who would like to do a lot worse to him. Shareholders also.

[lordmcgrath5]

Just talking about that ABN Amro deal tonight. Fred the Shred Goodwin's quote on that particular piece of dealmaking at the time (pre-crash) was that they did "due diligence light" at RBS on ABN Amro before making that purchase. He should have been jailed for recklessness and negligence.

There are tens of thousands of RBS employees past and present who would like to do a lot worse to him. Shareholders also.

I can well imagine. And quite right too.