Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 08LONDON2494, New Chief Regulator Faces Baptism by Fire in Month of

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08LONDON2494.
Reference ID Created Released Classification Origin
08LONDON2494 2008-10-01 15:32 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy London
VZCZCXRO6207
PP RUEHAG RUEHDF RUEHIK RUEHLZ RUEHROV
DE RUEHLO #2494/01 2751532
ZNR UUUUU ZZH
P 011532Z OCT 08
FM AMEMBASSY LONDON
TO RUEHC/SECSTATE WASHDC PRIORITY 9955
INFO RUCNMEM/EU MEMBER STATES COLLECTIVE PRIORITY
RUCPDOC/DEPT OF COMMERCE WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
RUEHBL/AMCONSUL BELFAST PRIORITY 1122
RUEHED/AMCONSUL EDINBURGH PRIORITY 0990
UNCLAS SECTION 01 OF 02 LONDON 002494 
 
SENSITIVE 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN ETRD EINV UK
SUBJECT: New Chief Regulator Faces Baptism by Fire in Month of 
Crashes, Bounces and Bailouts 
 
LONDON 00002494  001.2 OF 002 
 
 
1.  (SBU) Summary:  The global financial crisis, which has hit the 
UK particularly hard, has turned the spotlight on Britain's recently 
appointed financial regulator, Jonathan Adair Turner, who succeeded 
Callum McCarthy as Chairman of the Financial Services Authority. 
Turner's appointment was well-received by banking contacts and 
financial experts, who praised his competency and decades-long 
experience in working in the financial sector.  Less than a month in 
his tenure, Turner, whose formal title is Baron Turner of 
Ecchinswell, has shown a willingness to aggressively confront 
financial sector problems, including implementing a ban on 
short-selling of bonds. End Summary. 
 
Baptism by Fire 
--------------- 
 
2.  (U) Within days of succeeding Sir Callum McCarthy as Chairman of 
the FSA, Lord Turner issued a temporary ban on the short selling of 
financial stocks.  The short selling ban, which will initially last 
four months, was implemented in an attempt to protect the 
fundamental integrity and quality of markets, he argued.  Turner 
also said the ban was necessary to prevent the short selling from 
producing a self-fulfilling downward price spiral. 
 
3.  (U) Turner has been tasked by the Chancellor of the Exchequer, 
Alistair Darling, to undertake a review of all financial market 
regulations - including the operation of the Financial Services 
Authority (FSA).  He has already begun reviews into aspects of the 
credit crunch, including liquidity, banks' remuneration schemes and 
capital requirements and has said he expects a more intrusive form 
of regulation will be necessary even after the credit crisis 
subsides.   On remuneration schemes, Turner announced that the FSA 
will make banks more accountable for their bonus structures.  While 
the FSA will not regulate how much is paid, it will compel banks 
found to encourage risky actions through their bonus structures to 
hold more capital.  The FSA is also expected to begin consultation 
on plans to increase the deposit protection limit for savers from 
GBP 35,000 to GBP 50,000. 
 
4.  (U) Following the nationalization of Bradford & Bingley bank, 
Lord Turner said he was confident that other UK retail banks were 
well-capitalized and in a reasonable position.  He added that the 
FSA would keep this situation under review and said that it has the 
ability, if necessary, to ensure that problems were resolved without 
risk to retail depositors.  He has acknowledged that the FSA made 
serious mistakes in the past with regards to its oversight of the UK 
financial system.  However, he said that its performance over the 
past year, including its supervision of Bradford & Bingley, has been 
effective.  Lord Turner saw the failure to date of the U.S. Congress 
to pass the $700 billion rescue plan as a 'serious setback' but 
added that even without the plan, U.S. authorities had enough tools 
at their disposal to prevent major bank failures. 
 
Appointment to the FSA 
----------------------- 
 
5.  (SBU) In May, Chancellor of the Exchequer Alistair Darling 
announced that Lord Turner would succeed Sir Callum McCarthy as 
Chairman of the FSA. Banking contacts told Econoff that bankers were 
extremely pleased by the appointment and that he was the best 
possible person for the position. In September, Lord Turner began 
his five-year appointment. 
 
6.  (U) In his pre-commencement hearing (July 2), Lord Turner told 
the Treasury Select Committee that his major objectives in the first 
six months would be to play a significant role in international 
discussions of key regulatory issues and to foster a close and 
effective working relationship with the Bank of England.  He said he 
was surprised by the failings of the FSA during the crisis at 
Northern Rock and concluded that the FSA's formal processes were not 
right and that there were fundamental problems, including rapid 
staff turnover and a lack of bank visits.  However, he praised the 
FSA's internal audit report for being open about what went wrong. 
In response to a question from the Committee about oil speculation, 
he said that there was 'no large accumulation of evidence that 
speculation was playing a major role' in the rising price of 
commodities.  He added that it was difficult for any regulator to 
stop speculation as long as it was not market manipulation. 
However, he noted that the FSA was keen to expand its resources to 
minimize market abuse. 
 
Biographical Detail 
------------------- 
 
7.  (U) Lord Turner grew up in Crawley and East Kilbride and 
attended Hutchesons' Grammar School.  He attended Glenalmond College 
and Gonville and Caius College, Cambridge, where he took a double 
first in History and Economics and became President of the Cambridge 
 
LONDON 00002494  002.2 OF 002 
 
 
Union.  He was also Chairman of the university's Conservative 
Association. 
 
8.  (U) His career started at British Petroleum in 1979 and Chase 
Manhattan Bank from 1979-82 before he became a Director of McKinsey 
& Co. in 1994.  From 2000, he joined Merrill Lynch, becoming a 
Vice-Chairman.  He was Director-General of the Confederation of 
British Industry (CBI) from 1995 to 1999. 
 
9.  (U) Lord Turner Chaired the Pensions Committee (2003-2006) which 
was tasked to review the UK private pension system and long-term 
savings.  Its controversial final report, the 'Turner Report,' 
outlined his recommendations for the future of pensions in the UK. 
Key proposals included: increasing the state pension age for men and 
women to 68 by 2050; establishing a standing commission to monitor 
pension policy; and establishing a new National Pension Savings 
Scheme by 2010 in which people who did not have a workplace pension 
would be automatically enrolled. 
 
10.  (U) He was also Chair of the Low Pay Commission, which advised 
the government on minimum wage baselines, from 2002 to 2006.  In 
January 2008, he was appointed Chairman of the government's Climate 
Change Committee, which provides independent, expert advice on how 
the UK can best meet its climate change goals.  Turner will remain 
as Chair until the new year, at which point he will step down. He 
lectures part-time at the London School of Economics. 
 
11.  (U) In September 2005 he was created a life peer as Baron 
Turner of Ecchinswell in the County of Hampshire in recognition of 
his public service. 
 
 
TUTTLE