Apparently since Blair the FSA has been soliciting financial business by advertising the loosest regulatoary morals on either side of the Atlantic.
Not that the US is any paragon of virtue. Timmy is known as the go-to head boy for the biggest banks.
But this is no surprise, because as Kansas City Fed governor Hoenig said, for the past twenty five years the selection of the US Treasury Secretary has been done by a de facto private auction to the biggest banks.
