Thursday, June 30, 2011

Banks need new 'social contract' says Bank of England's Tucker

Banks must redraw their "social contract" with society if they are to move on from the financial crisis, according to the Bank of England's Deputy Governor.

IMO: I just said that. It is only too true, and that is a matter that the Tories, particularly Osborne, are presumably already aware of.  And holding more collateral as suggested is NOT ENOUGH. New legislation, like a Tobin tax, may reduce likely incursions into the wallets of legitimate taxpayers by such as 'bonus Bob' Diamond. This could help, even though admittedly there is often a verifiable and occasionally sound 'reason' for bonuses. I wonder if more transparency and accountability could make the bonus situation fairer at least.

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