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The City of London has become the central bastion of an elite whose attitudes are more like that of an off-shore centre.

[snip]
I don't know how valid the comparisons/differences outlined between London and other financial centers, including New York, are, but the idea of the financial industry as a giant offshore set up, with no loyalty to any country, only to money - and no counter power to speak of anymore - is a strong one.

I'm not into finance at all but I believe that London is very heavily involved in managing actual off-shore money, formally domiciliated in places like the Bahamas, Jersey and all those tax-havens where banks are mostly mail boxes. Lot of gray, dubious money and a big part of the activity in the City or so say the rumors that reach my undistinguished ears.

Any expert to confirm / deny / comment?
by Francois in Paris on Tue Mar 21st, 2006 at 06:55:53 PM EST
I'll be entertained to here LondonYank's view on this.
by Metatone (metatone [a|t] gmail (dot) com) on Wed Mar 22nd, 2006 at 02:32:17 AM EST
[ Parent ]
She wrote about it extensively in the dailyKos thread (linked to in a comment above). She sees the City as regulating itself pretty well.

And as I had the pleasure to have lunch with her yesterday in London, and we actually discussed regulatory issues, because she is very much involved in these things, I'd certainly encourage you to read what she has to say - she very obviously knows what she's talking about!

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Mar 22nd, 2006 at 03:41:28 AM EST
[ Parent ]
How come you never have lunch with me when you come to London? (Granted, I don't work anywhere near Canary Wharf)

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 22nd, 2006 at 03:56:43 AM EST
[ Parent ]
Are you actually in London? I had put you in a not-so-close county (gloucester?) but maybe my geography is confused.

If you are able to come over somewhere not too far from the City, I'm sure we can set up something next time. I come over once or twice a month.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Mar 22nd, 2006 at 04:15:53 AM EST
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I live just north of the centre of this map, but I work near the West End. There is an interesting connection with Gloucester, though, I wonder where you got that piece of info from...

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 22nd, 2006 at 05:16:20 AM EST
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Not sure how long this particular link will last, but this is what your profile looks like on the SiteMeter's "Who's On" page: http://www.sitemeter.com/?a=stats&s=s21jerome&v=89&r=9&vlr=15&pg=21&d=322

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Mar 22nd, 2006 at 09:01:39 AM EST
[ Parent ]
Yes, I did engage over there.

However, there's a big gap between "self-regulation works better than govt regulation" and "self-regulation actually works well."

by Metatone (metatone [a|t] gmail (dot) com) on Wed Mar 22nd, 2006 at 04:09:52 AM EST
[ Parent ]
A lot of UK financial companies base part of their operations in the Channel Islands, a notorious tax haven.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 22nd, 2006 at 02:59:46 AM EST
[ Parent ]
Yes but where is the actual money management done? In Jersey or in London?
by Francois in Paris on Wed Mar 22nd, 2006 at 05:42:42 AM EST
[ Parent ]
In London, of course.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Mar 22nd, 2006 at 05:54:32 AM EST
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I'm not an insider, but London has had a lot to do over the years with the development of a number of island havens: the Channel Islands (Jersey/Guernsey), the Isle of Man, the Bahamas, the Cayman Islands...

The image that has often come to my mind is that of an island within an island, networking with other islands. Compared to London financial activity with the Caymans oe the Channel Islands, for example, I'd love to see how much investment there is in the depressed regions of Britain. (see Colman's diary Please remember that government spending is bad.)

The City = The Flying Island of Laputa?

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Mar 22nd, 2006 at 04:59:28 AM EST
[ Parent ]

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