Posted on 02/10/2009 8:18:07 PM PST by TigerLikesRooster
Top nations 'water down' IMF reports, says regulator
By Jennifer Hughes in London and Alan Beattie in,Washington
Published: February 10 2009 02:00 | Last updated: February 10 2009 02:00
Warnings from the International Monetary Fund about the risks posed by the financial system had often been "watered down", according to the head of the UK's Financial Services Authority.
Powerful countries will have to avoid quashing reports they do not like if they are serious about creating a better early warning system for the global economy, said Lord Turner, chairman of the -regulator.
"One of the problems the IMF has had in the past is that, when it tries to issue warnings, those warnings are watered down under political pressure from large powerful countries who don't like the commentary about their financial system," he said.
"There has, for instance, never been one of the reports on the financial system that the IMF produces on the US financial system because the US didn't want there to be one."
(Excerpt) Read more at ft.com ...
Ping!
of course they do - that is the way things work! Only now that things are getting seriously bad do people start pointing fingers.
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