Friday, January 22, 2010
Time for Action
US officials will fly to London next week to discuss with ministers how sweeping changes to the banking system outlined by President Barack Obama to fight Wall Street's excesses might be implemented in the City. Top Wall Street banks are to face tough limits on their size and will be ordered to dismantle lucrative chunks of their business after Obama responded to a series of political setbacks by turning his fire on a "binge of irresponsibility" by financiers. "Never again will American taxpayers be held hostage by a bank that is too big to fail," said Obama, who framed his plans in aggressive terms and accused banks of deploying an "army of lobbyists" to block reforms. "If these folks want a fight, it's a fight I'm ready to have."