This will be my third letter I will have written as a Parliamentary candidate to the Daily Post so I am now taking bets on whether this letter will be published tomorrow. What do we do if its not...do we as prospective Parliamentary candidates not have things to say which are in the public interest...well it appears not. Its even worst in the North East of Wales as the Daily Post seems to have stopped reporting news...full stop. Their excuse is falling readership...well perhaps that has something to do with the quality of the paper. Anyway here's the letter:
Your report, "How much more is this going to cost us Gordon" (Daily Post, 20th January)
fails to mention two very important facts which is a measure of the Government's competancy in dealing with this financial crisis. Firstly, when the Government first bailed out the banks, including RBS, in the Autumn to the tune of £37 billion, did they not find RBS's £28 billion black hole which was announced yesterday. Secondly, the Government suspended a trading system known as short selling last year to prevent speculators profiting from falling share prices and undermining bank's liquidity, that ban on short selling was lifted last Thursday and since then banking shares have gone into freefall...was this a coincidence? I don't think so.
I believe that the ongoing crisis in the financial markets is a measure of the Government's incompetenece in that they are failing to regulate the Financial Services industry and who without regulation will not act in the public good. The sooner the Treasury Select Committee start investigating the role of short sellers in this crisis the better and I have no doubt their conclusions will make uncomfortable reading for Brown and Darling.