Cable Viewer

Currently released so far... 6662 / 251,287

### Browse latest releases

2010/11 2010/12 2011/01 2011/02 2011/03 2011/04
2010/11/28 2010/11/29 2010/11/30
2010/12/01 2010/12/02 2010/12/03 2010/12/04 2010/12/05 2010/12/06 2010/12/07 2010/12/08 2010/12/09 2010/12/10 2010/12/11 2010/12/12 2010/12/13 2010/12/14 2010/12/15 2010/12/16 2010/12/17 2010/12/18 2010/12/19 2010/12/20 2010/12/21 2010/12/22 2010/12/23 2010/12/24 2010/12/25 2010/12/26 2010/12/27 2010/12/28 2010/12/29 2010/12/30
2011/01/01 2011/01/02 2011/01/04 2011/01/05 2011/01/07 2011/01/09 2011/01/10 2011/01/11 2011/01/12 2011/01/13 2011/01/14 2011/01/15 2011/01/16 2011/01/17 2011/01/18 2011/01/19 2011/01/20 2011/01/21 2011/01/22 2011/01/23 2011/01/24 2011/01/25 2011/01/26 2011/01/27 2011/01/28 2011/01/29 2011/01/30 2011/01/31
2011/02/01 2011/02/02 2011/02/03 2011/02/04 2011/02/05 2011/02/06 2011/02/07 2011/02/08 2011/02/09 2011/02/10 2011/02/11 2011/02/12 2011/02/13 2011/02/14 2011/02/15 2011/02/16 2011/02/17 2011/02/18 2011/02/19 2011/02/20 2011/02/21 2011/02/22 2011/02/23 2011/02/24 2011/02/25 2011/02/26 2011/02/27 2011/02/28
2011/03/01 2011/03/02 2011/03/03 2011/03/04 2011/03/05 2011/03/06 2011/03/07 2011/03/08 2011/03/09 2011/03/10 2011/03/11 2011/03/13 2011/03/14 2011/03/15 2011/03/16 2011/03/17 2011/03/18 2011/03/19 2011/03/20 2011/03/21 2011/03/22 2011/03/23 2011/03/24 2011/03/25 2011/03/26 2011/03/27 2011/03/28 2011/03/29 2011/03/30 2011/03/31
2011/04/01 2011/04/02 2011/04/03 2011/04/04 2011/04/05 2011/04/06 2011/04/07 2011/04/08 2011/04/09 2011/04/10

### Browse by creation date

66 72 73 75 79 85 86 88 89 90 96 97 00 01 02 03 04 05 06 07 08 09 10
1966/12
1972/02 1972/08
1973/04
1975/03
1979/08
1985/03
1986/05
1988/01
1989/12
1990/01 1990/07 1990/08 1990/10
1996/11
1997/12
2000/06 2000/09 2000/11
2001/02 2001/03 2001/07 2001/10 2001/11
2002/02 2002/03 2002/04 2002/07 2002/11 2002/12
2003/02 2003/03 2003/04 2003/05 2003/06 2003/07 2003/08 2003/09 2003/10 2003/11 2003/12
2004/01 2004/02 2004/03 2004/04 2004/05 2004/06 2004/07 2004/08 2004/09 2004/10 2004/11 2004/12
2005/01 2005/02 2005/03 2005/04 2005/05 2005/06 2005/07 2005/08 2005/09 2005/10 2005/11 2005/12
2006/01 2006/02 2006/03 2006/04 2006/05 2006/06 2006/07 2006/08 2006/09 2006/10 2006/11 2006/12
2007/01 2007/02 2007/03 2007/04 2007/05 2007/06 2007/07 2007/08 2007/09 2007/10 2007/11 2007/12
2008/01 2008/02 2008/03 2008/04 2008/05 2008/06 2008/07 2008/08 2008/09 2008/10 2008/11 2008/12
2009/01 2009/02 2009/03 2009/04 2009/05 2009/06 2009/07 2009/08 2009/09 2009/10 2009/11 2009/12
2010/01 2010/02

### Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z
Embassy Athens Embassy Asuncion Embassy Astana Embassy Asmara Embassy Ashgabat Embassy Ankara Embassy Amman Embassy Algiers Embassy Addis Ababa Embassy Accra Embassy Abuja Embassy Abu Dhabi Embassy Abidjan Consulate Amsterdam Consulate Adana American Institute Taiwan, Taipei
Embassy Bujumbura Embassy Buenos Aires Embassy Budapest Embassy Bucharest Embassy Brussels Embassy Bridgetown Embassy Bratislava Embassy Brasilia Embassy Bogota Embassy Bishkek Embassy Bern Embassy Berlin Embassy Belgrade Embassy Beirut Embassy Beijing Embassy Banjul Embassy Bangkok Embassy Bandar Seri Begawan Embassy Bamako Embassy Baku Embassy Baghdad Consulate Barcelona
Embassy Copenhagen Embassy Conakry Embassy Colombo Embassy Chisinau Embassy Caracas Embassy Canberra Embassy Cairo Consulate Curacao Consulate Ciudad Juarez Consulate Chennai Consulate Casablanca Consulate Cape Town
Embassy Dushanbe Embassy Dublin Embassy Doha Embassy Djibouti Embassy Dhaka Embassy Dar Es Salaam Embassy Damascus Embassy Dakar Consulate Dubai
Embassy Freetown
Embassy Guatemala Embassy Gaborone Consulate Guadalajara
Embassy Helsinki Embassy Harare Embassy Hanoi Consulate Hermosillo Consulate Hamburg
Iran RPO Dubai Embassy Islamabad Consulate Istanbul
Embassy Jakarta Consulate Jerusalem Consulate Jeddah
Embassy Kyiv Embassy Kuwait Embassy Kuala Lumpur Embassy Kinshasa Embassy Kigali Embassy Khartoum Embassy Kathmandu Embassy Kampala Embassy Kabul Consulate Kolkata
Embassy Luxembourg Embassy Luanda Embassy London Embassy Ljubljana Embassy Lisbon Embassy Lima Embassy Lilongwe Embassy La Paz Consulate Lahore Consulate Lagos
Mission USNATO Embassy Muscat Embassy Moscow Embassy Montevideo Embassy Monrovia Embassy Minsk Embassy Mexico Embassy Mbabane Embassy Maputo Embassy Manama Embassy Managua Embassy Malabo Embassy Madrid Consulate Munich Consulate Mumbai Consulate Montreal Consulate Monterrey Consulate Milan Consulate Melbourne
Embassy New Delhi Embassy Nassau Embassy Nairobi Consulate Naples
Embassy Ouagadougou Embassy Ottawa Embassy Oslo
Embassy Pristina Embassy Pretoria Embassy Prague Embassy Port Of Spain Embassy Port Louis Embassy Port Au Prince Embassy Phnom Penh Embassy Paris Embassy Paramaribo Embassy Panama Consulate Peshawar
Embassy Quito
REO Basrah Embassy Rome Embassy Riyadh Embassy Riga Embassy Reykjavik Embassy Rangoon Embassy Rabat Consulate Rio De Janeiro Consulate Recife
Secretary of State Embassy Stockholm Embassy Sofia Embassy Skopje Embassy Singapore Embassy Seoul Embassy Sarajevo Embassy Santo Domingo Embassy Santiago Embassy Sanaa Embassy San Salvador Embassy San Jose Consulate Strasbourg Consulate Shenyang Consulate Shanghai Consulate Sao Paulo
Embassy Tunis Embassy Tripoli Embassy Tokyo Embassy The Hague Embassy Tel Aviv Embassy Tehran Embassy Tegucigalpa Embassy Tbilisi Embassy Tashkent Embassy Tallinn Consulate Tijuana
USUN New York USEU Brussels US Mission Geneva US Interests Section Havana US Delegation, Secretary UNVIE Embassy Ulaanbaatar
Embassy Vilnius Embassy Vienna Embassy Vatican Embassy Valletta Consulate Vladivostok
Embassy Windhoek Embassy Wellington Embassy Warsaw
Embassy Yerevan Embassy Yaounde
Embassy Zagreb

### Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
AF ASEC ABLD AG AE AMGT ASIG AORC AEMR APER AR AFIN ASEAN AM AJ AA AU AL ASUP AS ABUD AMED AX APECO AID AMBASSADOR ASECKFRDCVISKIRFPHUMSMIGEG ADANA AFFAIRS AO ADCO ACOA ATFN AROC AFGHANISTAN AFU AER ALOW AODE ATRN AC AZ AVERY APCS AGMT
BR BL BA BM BEXP BH BTIO BIDEN BO BRUSSELS BT BC BU BY BX BG BK BF BBSR BMGT BTIU BE BB BILAT
CO CH CU CVIS CPAS CMGT CS CI CJUS CASC CA CY CDG CE CG CBW COUNTER CN CKGR COUNTERTERRORISM CODEL CWC CJAN CONDOLEEZZA CIA CD CLINTON CT CARSON CONS CB CR CM CW CACM CDB CAN COE COUNTRY CLEARANCE CACS CF CL CIS CTM COM CV
DR DOMESTIC DHS DAO DCM DEPT DTRA DA DPRK DISENGAGEMENT DOD DJ DEAX DOE DK DEA DS
EFIN ETTC ECON EINV EAGR ENRG ECPS ELAB EPET ETRD EWWT EUN ES EG ELTN EC EAID ER EI EU EZ EN ET EAIR EK EIND ECIN EINVECONSENVCSJA ECONOMICS EXTERNAL ELN ELECTIONS EMIN EINN EFINECONCS ETRDEINVECINPGOVCS ENIV ECUN EFIS EINT ENGR ENNP EUR EAP EEPET ETRDEINVTINTCS ENVI EFTA ETRO ESENV ECINECONCS EINVEFIN ECIP EINDETRD EUC EREL ENVR ECA ENERG ENGY ECONCS EINVETC ECONEFIN ESA ETC ETRDECONWTOCS EUNCH
FR FREEDOM FTAA FARC FI FAO FJ FMLN FBI FOR FOREIGN FINR
GM GG GV GH GT GOI GA GTIP GR GZ GE GCC GY GANGS GOV GAZA GTMO
HA HO HUMAN HU HR HILLARY HSTC HK HURI HYMPSK
IR IC IS IT IZ IZPREL IRAQI IO IN IAEA ID ITPHUM ITPGOV ITALIAN IPR INRB IMO ITALY ICRC ICAO INTERPOL IQ IWC IV ICTY INTELSAT IEFIN IA INR IRC IACI ITRA IL ICJ INTERNAL ISRAELI IIP ILC INRA INRO IRAJ IF ILO IBRD IMF
JO JOSEPH JA JP JOHNNIE JM JUS JAMES
KTFN KU KPAO KIRF KJUS KIPR KDEM KISL KCRM KOLY KFRD KCOR KE KWMN KMDR KV KTIA KSUM KPAL KSEP KNNP KSCA KTIP KSTC KGIC KPKO KOMC KFLO KAWC KUNR KS KNPP KIDE KNEI KVPR KICC KBIO KPRP KN KWBG KR KMCA KMPI KCIP KTEX KHLS KGIT KNSD KCFE KLIG KFLU KBCT KZ KOMS KGHG KG KBTS KACT KCRS KGCC KDRG KWMM KAWK KHIV KSPR KRVC KRAD KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KOCI KSTH KTDB KPAI KHSA KTLA KO KFSC KVIR KX KPWR KWAC KMIG KSEC KIFR KDEMAF KFIN KNUC KPIN KPLS KIRC KPRV KBTR KERG KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KNUP KTER KDDG KMRS KHDP KPAK KNAR KREL KCOM KNNPMNUC KPOA KRFD KHUM KDEV KCFC KREC KWWMN KTBT KWMNCS KSAF
LE LY LU LTTE LI LO LH LG LAB LOG LT
MOPS MU MARR MX MASS MCAP MEPI MO MR MNUC MDC MPOS MIL MD MTCRE MK MUCN MY MASC MRCRE ML MA MEPP MAR MAPP MP MT MAS MTS MLS MEETINGS MI MERCOSUR MC MV MZ MOPPS MAPS MCC MASSMNUC MQADHAFI MTCR MTRE MG
NL NATO NIPP NP NS NPT NU NO NZ NI NATIONAL NPG NGO NG NK NA NSSP NRR NSG NAR NE NASA NT NSF
OSAC OVIP OAS OSCE OTRA ODIP OFDP OEXC OREP OPRC OPDC OIE OIIP OECD OPCW OVP OPIC OPAD OFDA OIC OSCI OTR OFFICIALS
PREL PTER PGOV PK PHUM PINR PARM PSOE PINS PAK PHSA PAO PREF PM PBTS PF PNAT PE POL POLITICS PARMS PBIO PSI POLINT POLITICAL PARTIES PL PA PROP PO PGOVLO PORG PGOVE PLN PINF PRELP PAS PPA PRGOV PUNE PG PALESTINIAN POLICY PEPR PINT PU PECON POGOV PINL PKFK PMIL PY PFOR PHALANAGE PARTY PRAM PMAR PHUMPREL PHUS PRL PGOC PNR PGGV PROV PTERE PGOF PHUMBA PEL POV
QA
RS RU RIGHTS RO RW RICE RSP RP RF ROBERT RFE REGION
SA SCUL SP SNAR SOCI SY SENV SMIG SU SF SAN SZ SW SR SO SHUM SYR SAARC SL SI SNARCS STEINBERG SN SG SIPRS SH SOFA SANC SK ST SC SEVN
TX TS TRGY TO TH TBIO TU TIP TP TW TC TPHY TSPL TERRORISM TI TURKEY TSPA TD TZ TFIN TNGD TINT TK TR TT TRSY
UP UNHCR US UNSC UN UK UNGA UNMIK USUN UZ UNESCO USEU USTR UNHRC UY UNO UG UNDC UAE UNAUS UNDESCO UNEP UNCHC UV UNDP UNCHS UNVIE UE USAID
VT VE VTPREL VZ VN VM
WTRO WHO WTRQ WBG WI WITH WTO WB WWARD WHA WA WMO WEU WZ
XR XA XF XK XH XM XL XS XG XW XY XE XT XD XZ XV XC
YI YM YMCS YE
ZI ZANU ZU ZO ZP ZR ZB ZF ZA ZOELLICK ZK ZJ

### Browse by classification

CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

### Community resources

Follow us on Twitter Check our Reddit Twitter this Digg this page Contact us on IRC

courage is contagious

### Viewing cable 09LONDON2208, AMBASSADOR'S INTRODUCTORY CALL ON LORD TURNER,

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:

- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.

To understand the justification used for the classification of each cable, please use this WikiSource article as reference.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09LONDON2208.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
09LONDON2208 | 2009-09-23 15:03 | 2011-02-04 21:09 | CONFIDENTIAL//NOFORN | Embassy London

`

    VZCZCXRO2591
    PP RUEHAG RUEHROV RUEHSL RUEHSR
    DE RUEHLO #2208/01 2661511
    ZNY CCCCC ZZH
    P 231511Z SEP 09
    FM AMEMBASSY LONDON
    TO RUEHC/SECSTATE WASHDC PRIORITY 3570
    INFO RUCNMEM/EU MEMBER STATES COLLECTIVE PRIORITY
    RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
    RHEHNSC/NSC WASHDC PRIORITY

` `

    C O N F I D E N T I A L SECTION 01 OF 02 LONDON 002208

    SIPDIS
    NOFORN

    NSC FOR HENNESSEY-NILAND
    TREASURY FOR MURDEN, SOBEL

    E.O. 12958: DECL: 09/22/2019
    TAGS: ECON EINV UK
    SUBJECT: AMBASSADOR'S INTRODUCTORY CALL ON LORD TURNER,
    CHAIRMAN, FINANCIAL SERVICES AUTHORITY - BANKERS' BONUSES KEY TOPIC

    Classified By: Ambassador Louis B. Susman for reasons 1.4 and d.

    ¶1. (C/NF) Summary. In Pittsburgh, the G-20 must commit to scrutinize and enforce bank pay and bonuses practices and such practices must include claw back and deferred payment provisions, Lord Turner, Chairman of the Financial Services Authority told the Ambassador on September 22. He said the French seem ready to withdraw their demand for bonus caps, which had threatened to derail consensus in Pittsburgh. Another point of disagreement, the issue of accounting standards, he predicted will not be resolved in Pittsburgh. In the 45-minute meeting with the Ambassador, Turner expressed concern that bankers had not learned a lesson from the crisis, and were returning to "business as usual."  He stated that regulators had contributed to the crisis by focusing too much on procedures and buying into the belief that markets were perfect. End Summary.

    ¶2. (C/NF) Just days away from the Pittsburgh G-20 Summit, the French seem ready to back off their demand for specific caps on bonuses, Lord Turner told Ambassador Susman during their September 22 meeting. Having spoken at length to his French counterparts on September 21, Turner said the French will insist, however, that the G-20 issue clear guidance on pay practices - that such practices should include claw back provisions and deferred compensation, for example - and that the G-20 commit to strong enforcement of those practices. The UK, said Turner, also wants to see a G-20 commitment to strictly enforce such provisions, and he strongly encouraged the U.S. to agree to such enforcement.

    ¶3. (C/NF) Turner expressed concern about the record profits being made by several investment firms this quarter and how he expected that large bonuses will be paid out in the first quarter of 2010, which will once again draw public scrutiny and ire, and raise political pressure for more drastic measures to limit bonuses. Unless bankers' get the message that profits should not immediately go into their pockets in the form of bonuses, but rather be re-invested to restore the long-term health of financial institutions and the economy, there will be another round of public and political backlash. The public anger would be particularly acute since much of the recent profits are being generated as a result of managing large government bond issuances, of issuing debt at record low interest rates, and of enjoying less competition since many firms "exited" - voluntarily or involuntarily - the business. In other words, the banks are making money from the crisis, he commented.  Turner predicted that whatever action is taken in Pittsburgh will temper the worst abuses for the next year or two, but unless there is a new regulatory framework or much better industry self-regulation, there would be a return to "business as normal." He cited one prominent CEO who had recently admitted that  he leveraged so high to drive returns and seemed unabashed about this action. The Ambassador also expressed concern that the banking industry has not "gotten the message." Lord Turner predicted that if the banks do not change their behavior, political leaders would have no choice but to impose pay and bonus restrictions.

    ¶4. (C/NF) Turner stated that while he did not foresee any significant disagreements in Pittsburgh, he did not expect the Summit to resolve the question of accounting standards, and whether International Financial Reporting Standards (IFRS) should be adopted as the global rules of the game.  He noted the political pressures that have been brought against both the U.S. Financial Accounting Standards Board and IFRS as a result of the controversy over fair value and mark to market accounting. He said many European regulators have criticized the U.S. for its insistence on retaining its fair value principle.  He disagreed with the concept requiring companies to mark the value of their assets to whatever market prices they could find - even if those markets were illiquid or the assets were truly toxic.

    ¶5. (C/NF) In response to the Ambassador's question about why regulators did not identity or prevent the worst abuses of recent years, Turner noted that over the past two decades, the belief that markets were perfect became entrenched and self-fulfilling. Regulators lacked the confidence to challenge this belief, and the political support to take such a stand. There was too much lobbying and too close of a relationship between the financial institutions, the regulators, and the legislators. The challenge now, said, was to establish an experienced, savvy cadre of regulators and  LONDON 00002208  002 OF 002   give them the political support to do their jobs.   Visit London's Classified Website: XXXXXXXXXXXX
    SUSMAN

`