Jersey says Northern Rock’s OK – what a relief!

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The Jersey Evening Post today has a story that says:

JERSEY'S involvement in a complex deal involving stricken UK bank Northern Rock has been entirely above board, says the Island's financial services regulator.

John Harris, director general of the Jersey Financial Services Commission, says the £71 billion securitisation structure funnelled through a Jersey trust called Granite is 'in line with normal market practice'.

And I presume that's meant to reassure us.

As Marty Sullivan has shown, holding funds for the purposes of tax evasion is a normal market practice in Jersey. Does that exonerate it then?

When will these people realise that just because a market does something does not make it acceptable?