$0.00 donated in past month
"Investing, not Betting"
The economy should be a part of life, not a steamroller crushing creativity and self-determination. Banks and the financial sector must be shrivelled and made responsible to the real economy.
You can download the 67-page "investing, not Betting" April 2012 from http://www.finance-watch.org.
The banksters are urging separation and reinstatement of Glass-Steagle.
Who are the senior bankers calling for separation?
26 July 2012: Here is a list of senior bankers and key industry figures calling for the complete separation of retail from investment banks. Some, such as former Citigroup CEO Sandy Weill, have reversed their previous opposition in what the Financial Times has dubbed an “epic conversion“. They join the chorus of commentators calling for simple, structural reform that goes beyond the US’s Volcker and UK’s Vickers proposals. Some of the more notable names are below. To read Finance Watch’s proposals on the structural reform of banks, see our submission to the Liikanen Group.
Sandy Weill, former CEO Citigroup and principle driver behind repeal of Glass-Steagall
“What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail.”
25 July 2012, CNBC
Mike Mayo, the star bank analyst of CLSA (Crédit Agricole Group) in New York:
“For the most part these big, clumsy, do-everything banks are cheaper than their more-focused regional counterparts. One bank analyst, Mike Mayo of CLSA, on Wednesday suggested that Morgan Stanley might be worth up to $32 a share — it currently trades at about $13 — if it were split into smaller parts.”
26 July 2012, The Huffington Post
Andrea Leadsom, British Conservative MP and former senior banker at Barclays
“The issue of a complete separation of retail and investment banking should also return to the agenda. It is right that the government should be the ultimate guarantor of retail deposits but that guarantee should not extend to high-risk transactions.”
20 July 2012, http://www.andrealeadsom.com