Tuesday, Jan 12, 2010
You don't say...
Sky News: RBS Boss: Banks Will Take '10 Years To Fix'
RBS boss Stephen Hester has warned that it will take 10 years to fix Britain's battered banking system. Mr Hester told MPs there were a series of fixes that were being carried out to ensure the collapse of one bank did not put others at risk. The Turner Report in March outlined the measures needed to help banks weather any future financial storm.
They included requiring banks to hold higher reserves and to reduce rewards for excessive risk taking among their staff.
Posted by rob @ 03:43 PM (1012 views) Add Comment
10 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. icarus said...
F*** 'em. It's time for public banks.
http://webofdebt.com/articles/pottersville.php
2. iguana said...
Watched him squeeking to some very polite questioners, I agree with his parents, he is not worth £9.5m, in fact he seems as bland as the interior of one of Krustys buytiolet investment opportunities. As for ten years to fix the mess that he has created, he doth protest too much.
Firstly get rid of the idiot, secondly split retail banking from the rest, lastly require all 'new' financial instruments (CDO's and their successors) to be notified to and regulated by the FSA or its successors. simples
3. paul said...
And such measures include protecting banks from their own reckless lending decisions by trying to underpin the crippled housing market.
Lost decade here we come!
4. mountain goat said...
Example of reckless lending States side
"I live in luxury and I haven't made a mortgage payment in almost two years," Don bragged. He sipped his chardonnay, leaned against the country club's bar, and shared with me the story of his real estate prowess...
"I paid $3.4 million for the house in 2006, and it was worth every penny at the time. It's 6,700 square feet with a pool and a one- acre lot. I'm on the hill overlooking the fourth fairway, and I can see all the way to [the next city] from my bedroom window," Don continued.
"Wachovia Bank loaned me $3 million, and the developer took a second for $400,000. I don't have any skin in the game – so to speak. I made my mortgage payments for a while, but when prices started to fall, it just didn't make sense anymore. I mean, why should I pay anything when I'm the only one with nothing to lose?"...
source
5. fallingbuzzard said...
Oh now its 2020. A change of tune from last August when he said that RBS would be fixed for sure by 2013 and out of state hands by then. He describes himself as an optimist!
6. waitingtobuy said...
If I was getting 9.5m per year,I think I would strech it out longer than that!!
7. 51ck-6-51x said...
Why on earth would he say "If you ask my mother and father about my pay they’d say it was too high, so some people close to me have that view of bankers"?! Seriously, he must've been told to say it by his masters. Furthermore how the hell do his parents know what his job should pay, or does he sit in their lounge watching day time t.v. every day of the week eating their muesli?!
What a numpty!
8. jack c said...
From yesterday's Moneymarketing - 77% of senior bankers expect another financial crisis by 2015, says Complinet
Senior banking and compliance officers say the next financial crisis will strike within the first half of this decade. A survey by compliance solutions provider Complinet found that 77 per cent of senior figures polled expect a financial crisis to strike in five years, blaming insufficient reforms as the key reason for another financial crash.
Full story @ www.moneymarketing.co.uk/regulation/77-of-senior-bankers-expect-another-financial-crisis-by-2015-says-complinet/1004729.article
9. icarus said...
We won't have another financial crisis by 2015. We'll still have this one.
10. fallingbuzzard said...
Exactly