![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. (Maurice Glasman, Baron Glasman)](https://cdn.quotesdtb.com/img/quotes_images_webp/74/maurice-glasman-baron-glasman-521774.webp)
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.
Maurice Glasman, Baron GlasmanRelated topics
asset assets cause city crash credit debt economy effective hold less leverage london manufacturing massive meet move oversight period political ratio regulation ten think turn 500 organisation years deregulation bailout consequencesRelated quotes
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