London Madoff could not happen, says prince

London Madoff could not happen, says prince
By Andrew Edgecliffe-Johnson in Davos

Published: January 29 2009 19:33 Last updated: January 29 2009 19:33

Bernard Madoff’s alleged $50bn fraud could not have happened in London, according to Prince Andrew, who argued that the UK’s system of “principles-based” regulation was not broken.
“Madoff couldn’t happen in London. It could never get to that scale,” the Duke of York told the Financial Times at the World Economic Forum in Davos. The fact the UK had avoided the more rules-based US system meant that while fraud could still happen “we would have bowled something like that a lot earlier”.

From FT

Ya, right! Like the limeys could have caught on any faster...Have major doubts

posted by Peter Greene