Friday, June 29, 2012

Separation of retail and casino banks back on the table?

Mervyn King calls for 'break-up' of banks after rates swap scandal

Mervyn King, the Governor of the Bank of England, urged the separation of lenders' retail businesses from their "casino banking" arms and a "real change in culture" at British banks. Will never happen, but would definitely affect house prices through restricted lending.

Posted by micasasucasa @ 12:58 PM (2384 views)
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14 thoughts on “Separation of retail and casino banks back on the table?

  • mark wadsworth says:

    Because as we well know, the incriminating Barclays emails and phone calls were all between Barclays staff and people at other banks. So if Barclays (for example) were split into two separate banks, we can safely rule out the possibility of any sort of collusion between Barclays High Street pls and Barclays Casino plc.

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  • charlie brooker says:

    Shocking though the interest rate swap scandal is, it is by no means the biggest reason why the banks should be broken up.

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  • Everyone else calls for the ‘break-up’ of the BoE, FSA, HM Treasury, BBA, EBA, EBC and Fed. When you give the keys to the tuck shop to the children and leave them to it, who’s fault is it?

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  • charlie brooker says:

    Actually, the simplest and most effective reform we could have in banking now would be to replace fines with lengthy prison sentences.

    This is would cost next to nothing at all but ensure the right stakeholders were punished appropriately.

    Seriously, Madhoff’s Ponzi looks like a Sunday school picnic next to LIBOR rigging.

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  • >When you give the keys to the tuck shop to the children and leave them to it, who’s fault is it?
    The people who stock the tuck shop? The local authorities who allowed the tuck shop to be built? Everyone else’s fault except mine 🙂

    Joking aside…still no arrests then? (haha..I thought I said joking aside)

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  • micasasucasa says:

    I keep hearing (from the likes of Lord Turner) that what is needed is a “culture change”. That sounds like a euphemism for doing naff all except for some “ethics” training for shop floor employees (along the lines of the money laundering training).

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  • general congreve says:

    The whole situation is just getting more and more surreal.

    Noticed a lot more people on facebook posting references and articles relating to banking and corruption, so at least people in the wider non-hpc world are waking up to what is going on.

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  • bankster, how are bankers like ‘children’ exactly?

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  • @7

    They go into a sweet shop and eat the candy as adults, and get their children to pay for it without the same reward.

    And on a general point – ask yourself what this all does for Britain’s reputation (internationally) when it comes to financial probity and it’s custodianship of 50% of all (lucrative) global financial transactions.

    Would you trust Britain?

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  • charlie brooker says:

    There are some very simple ways to check for anti-social personailty disorders. Psychometric testing, MRI brain imaging etc.Surely anyone entering into the banking industry should be subject to these test and disqualfied immediately if found to have anti-social characteristics.

    http://www.youtube.com/watch?v=u88lYs4FMTY

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  • Don’t forget, it was King who was complicit in all this sh1t. He was the one that enabled interest rates being kept so low, for so long, to enable those Labour scoundrels to keep themselves in power….that was the fuel that kept all the madness going. The arch scumbag, however, is Gordon Brown whose light touch regulation paved the way for the crisis, not just in the UK but the US. When will that criminal pay for his crimes of negligence?

    “Lord Turner” is another fool who turned the other cheek who was asleep at the wheel.

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  • “bankster, how are bankers like ‘children’ exactly?”

    In the same way that banks are like tuck shops.

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  • “What is robbing a bank compared to founding a bank?”

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