Why does this not surprise me:
The City watchdog was warned that Icelandic bank Kaupthing was not "fit and proper" to run the UK bank Singer & Friedlander, MPs were told today. Tony Shearer, former chief executive of Singer & Friedlander (S&F), said he contacted the Financial Services Authority about his doubts in April 2005 during the takeover of the group by Kaupthing.
He said he and fellow directors took "every step that they thought was reasonable" to alert the FSA that they did not think Kaupthing was "fit and proper to run a UK bank". Overall, five of the seven members of the board made their concerns known in some way.
(From the Independent)
Isn't it about time that there was a public enquiry into the activities of the FSA. What exactly were they doing during all those bubble years?