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Banking (Special Provisions) Bill

No, I have given way already. Goldman Sachs, which has been advising the Government, says that it is concerned about Britain's reputation as well. Apparently, its representatives are patting themselves on the back because they lost only $1.5 billion in the sub-prime scandal—they were stupid, greedy and short-sighted. The right hon. Member for Hitchin and Harpenden (Mr. Lilley) would agree that the institution was not properly supervised by the regulatory authorities in its country. This morning, I had the pleasure of listening to Howard Davies of the London School of Economics, formerly of the Financial Services Authority—one would have thought that he would have been on the ball as far as making sure that things are properly regulated. He is a director of Morgan Stanley, which lost $18 billion as a result of its stupidity over the sub-prime scandal. Such people say that there is something wrong with the Government—it is an understatement to say that that is the pot calling the kettle black.