Saturday, October 01, 2011

Vicker's Report : What a scam

Vickers:

‘As to the form that separation might take, a balance must be struck between the benefits to society of making banks safer and the costs that this necessarily entails. Full separation – i.e. into separate entities with restrictions on cross-ownership – might provide the strongest firewall to protect retail banking services from contagion effects of external shocks. But it would lose some benefits of universal banking.’

IMO: The "benefits of universal banking" are that the banks get a chance to gamble with our savings and make a lot of money for themselves. The report is simply fraudulent. All the MPs, and even much of the press, think it is grand. But their proposed 'ring-fencing' will be hardly better than the 'Chinese walls' the banks had before. So, there is to be nothing like Glass-Steagal, just more foul play at the taxpayer's expense.

IMO: The above sums it up. Basically the public are to be left unprotected. Lobster 61 (pdf) and plenty of others doubtless know the true situation.

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