I kept waiting for a new reason that would trigger a letter to John McFall MP, the Chairman of the Treasury Select Committee.
This letter to HM the Queen was it. Written by Thomas Palley, who advocates Economics for Democratic and Open Societies, it is based on a letter from the British Academy which describes the supposed cause of the crisis:
“a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole.”
In lieu of any reply, you might find this article interesting:
Decline & McFall, PT 94
first published in Private Eye Number 1257 on the 8th March 2010
More on John McFall MP, chairman of the influential Commons Treasury select committee where he has launchede some theatrical banker-bashing displays.
The recently-released list showing which MPs have booked which subsidised dining rooms at the Commons reveals that McFall has in fact been very active in making sure the bankers and their chums don’t go hungry or thirsty.
In 2006, 2008 and again in 2009 he booked the Commons Terrace Pavilion so that 150 banking lobbyists could be fed and watered at three British Bankers’ Association receptions.
In 2004 he booked a breakfast reception for 28 guests of Cicero Consulting, a lobbying firm representing “a wide range of asset managers, mortgage lenders, life offices, insurers, banks, hedge funds, intermediaries, financial trade bodies and private clients”. And in June 2008 he arranged a reception for 100 guests of the Royal Bank of Scotland in the Strangers Dining Room, four months before the bank collapsed into public ownership.
McFall booked no rooms for pro-consumer or pr0-regulation groups. But then as the Eye noted a year ago in issue 1230, before the crash his committee was always pretty relaxed abour excessive debt and lax regulation, McFall himself having spoken of the “need to exercise a light regulatory touch”.
PS. McFall hasn’t just acted as social secretary for the bankers. Between 2004 and 2009 he also booked four dinners for arms lobbyists at the UK Defence Forum and one dinner for arms firm Thales.
At least they do it in style: the mortal embrace between banks and governments…
John McFall MP is now listed under our Name & Shame section.