Friday, September 2, 2011

Our role in modern banking

Banks 'still expect taxpayer to pay for their failure'

A key Bank of England policymaker has contradicted the public statements of senior bankers by revealing that some privately expect the taxpayer to pick up the tab in the event of another financial crisis. In a paper published yesterday, Paul Fisher, the Bank's executive director for markets, disclosed that "some banks have told us that they think they should not be required to hold capital and liquidity to deal with such extreme tail events – leaving the public sector to be the capital provider of last resort". His comments clash with the public statements of bankers who claim lenders should not be a burden on the taxpayer.

Posted by quiet guy @ 09:01 AM (1088 views)
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3 thoughts on “Our role in modern banking

  • describing it as an extreme tail event is disingenuous. It may happen rarely, but we all knew (given their actions) that the outcome was inevitable – which gives the probability of it occuring as 1. Trying to insinuate that it is an extremely low likelihood of happening is a lie

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  • Yeah, Mark, “gypsies, criminals and scroungers”. None of us like them, do we? However, the real beneficiaries are FINANCIAL INSTITUTIONS AND THEIR DIECTORS AND OVERBORROWED MORTGAGE HOLDERS who may well be described in the case of the former as criminal and scrounging and in the some cases of the later as “greedy speculators” . Sadly, though, I don’t think these are the people you have in mind in your comment above.

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  • morality starts at the top……this is the biggest fraud in uk history and now the ‘winners’ live in gated communities with fat pensions.

    I feel there is an underlying anger in this country which at some stage will have to come out.

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