“The biggest and most far-reaching mistake”
In my defence, I can only say that few others have made much more progress. Or else someone would have reported by now, seven weeks after it was published, the closest that Brown has come to an admission of contributory culpability in the financial crisis.
Fortunately, one person who has read, marked and inwardly digested the book is Simon Lee, senior lecturer in politics at Hull University. He writes:
The nearest he [Brown] comes to a political mea culpa is when Brown does concede that, in a leveraged economy, his faith in ‘a diversification of risk spread across many institutions and through many instruments’ was, in retrospect, ‘the biggest and most far-reaching mistake I and others made’.
I do like that ‘and others’.Tagged in: bank regulation, Gordon Brown
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