Lip service unfotunately and basically meaning that those naughty bankers will have to hide their corruption and greed more effectively in future.
Not being cynical for the sake of it but are those in power who wont feel an ounce of the global meltdown really be willing to give up anything for the likes of us peasants?
Short Term expect compliance, accounting, audit and risk management to be the only burgeoning sectors in finance. When did any of them prevent the financial disasters of the 80's, 90's and noughties?
Long term.... Hedge Funds were born and grew out of the limitations Glass Stegall placed on financial institutions. The market will always innovate way in front of any legislation, the only way to prevent such widespread financial implosion is to re-inforce Glass Stegall and seperate investment from retail banking. But that ain't going to happen because us and the US couldn't cope with an arbitrarily enforced de-leveraging of the finance markets. My god what would happen to Barclays' asset book that's almost as big as the UK's yearly GDP? A similar act to Glass Stegall doesn't prevent institutions failing, it just hopefully prevents a whole sector failing at once.
The week RBS and HBOS went to the government to be bailed out the Tories were holding a financial policy reviewthinktank that was held by Hedge Funds and paid for by Hedge Funds. The big players will find a way to create or cirumvent absolute legislation.
Sadly enough, since its actually the IMF that is the main problem in world economics, it'll just mean things get worse. Dismantling them and the World Bank and getting rid of the ridiculous Chicago school economists that are so all-pervasive would be a decent start, but, like I said in an earlier thread, getting corporations to sign up to that would be like trying to get turkeys to vote for Christmas - so its never going to happen.
Communism failed apparently & now laissez faire capitalism did the same. What we need is something more humane, less idealogical. Genuinely narrow the bizarre gaps between rich & poor. A good nurse or doctor is worth more than a tedious purveyor of crap electrical equipment like Sugar? Or a footballer...
[cite]Posted By: ColinTat[/cite]Short Term expect compliance, accounting, audit and risk management to be the only burgeoning sectors in finance. When did any of them prevent the financial disasters of the 80's, 90's and noughties?
Long term.... Hedge Funds were born and grew out of the limitations Glass Stegall placed on financial institutions. The market will always innovate way in front of any legislation, the only way to prevent such widespread financial implosion is to re-inforce Glass Stegall and seperate investment from retail banking. But that ain't going to happen because us and the US couldn't cope with an arbitrarily enforced de-leveraging of the finance markets. My god what would happen to Barclays' asset book that's almost as big as the UK's yearly GDP? A similar act to Glass Stegall doesn't prevent institutions failing, it just hopefully prevents a whole sector failing at once.
The week RBS and HBOS went to the government to be bailed out the Tories were holding a financial policy reviewthinktank that was held by Hedge Funds and paid for by Hedge Funds. The big players will find a way to create or cirumvent absolute legislation.
I 'love' the way the French blame it on Anglo saxons, and not the neo liberal consensus.
Right old fudge if you ask me, result was just a show of unity more than anything, which may help - who knows? But certainly wasn't the big fiscal stimulus the yanks and brits wanted
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Not being cynical for the sake of it but are those in power who wont feel an ounce of the global meltdown really be willing to give up anything for the likes of us peasants?
Long term.... Hedge Funds were born and grew out of the limitations Glass Stegall placed on financial institutions. The market will always innovate way in front of any legislation, the only way to prevent such widespread financial implosion is to re-inforce Glass Stegall and seperate investment from retail banking. But that ain't going to happen because us and the US couldn't cope with an arbitrarily enforced de-leveraging of the finance markets. My god what would happen to Barclays' asset book that's almost as big as the UK's yearly GDP? A similar act to Glass Stegall doesn't prevent institutions failing, it just hopefully prevents a whole sector failing at once.
The week RBS and HBOS went to the government to be bailed out the Tories were holding a financial policy reviewthinktank that was held by Hedge Funds and paid for by Hedge Funds. The big players will find a way to create or cirumvent absolute legislation.
In short, it won't mean a goddamn thing.
What do you think it all means Henry?
Can anyone translate that for me?
Right old fudge if you ask me, result was just a show of unity more than anything, which may help - who knows? But certainly wasn't the big fiscal stimulus the yanks and brits wanted