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European commission forces 'too big to fail' banks to be broken up.
- Thread starter Debaser82
- Start date
Ackermann hits at split-up of banks.
Political pressure to cut banks down in size was âtotally misguidedâ, Josef Ackermann, chief executive of Deutsche Bank and chairman of the Institute of International Finance, warned on Monday in a scathing attack on regulatory thinking.
In a passionate defence of big banks, Mr Ackermann said the current push by regulators for banks to organise themselves as a string of subsidiaries was âcompletely unacceptableâ.
âThe idea that we could run modern, sophisticated, prosperous economies with a population of mid-sized savings banks is totally misguided,â he said.
http://www.ft.com/cms/s/0/326c2642-c7ec-11de-8ba8-00144feab49a.html
Political pressure to cut banks down in size was âtotally misguidedâ, Josef Ackermann, chief executive of Deutsche Bank and chairman of the Institute of International Finance, warned on Monday in a scathing attack on regulatory thinking.
In a passionate defence of big banks, Mr Ackermann said the current push by regulators for banks to organise themselves as a string of subsidiaries was âcompletely unacceptableâ.
âThe idea that we could run modern, sophisticated, prosperous economies with a population of mid-sized savings banks is totally misguided,â he said.
http://www.ft.com/cms/s/0/326c2642-c7ec-11de-8ba8-00144feab49a.html
says the one who seemingly sits in a barrel without bottom. Can you people sometimes just shut up, go home and take care of your own affairs instead of ALWAYS looking down on others. You had a right to speak up when your country did everything right and was negatively affected by policies or mess ups in Europe. Right now its the other way around.
Quote from MohdSalleh:
dont be fooled by the european union, this will simply have the effect of divesting power into private banking cartels mainly linked to the aristocracies of european families.LOL. Europeans are some of the msot protectionist people on earth and there is now way they can ever compete with us.
Quote from dandxg:
From my study and talking with Canadians they are all about monopolies. There appears to be little competition. The big difference is they are highly regulated. None of these BS mortgagees like the US had.
All about monopolies? What does that mean?
If you are referring to the Canadian banking sector, we have six major national banks that are highly regulated. There are also other smaller banks, but I would assume the barriers to entry are quite high. Too big to fail does not exist as far as I know because if one of the these banks happened to fail, it would be fairly effortless for one or more of the other national banks to pick up the pieces.
Quote from Kassz007:
All about monopolies? What does that mean?
If you are referring to the Canadian banking sector, we have six major national banks that are highly regulated. There are also other smaller banks, but I would assume the barriers to entry are quite high. Too big to fail does not exist as far as I know because if one of the these banks happened to fail, it would be fairly effortless for one or more of the other national banks to pick up the pieces.
Yes that's what I meant. You have very few choices because the financial sector is so well regulated.
Quote from dandxg:
Yes that's what I meant. You have very few choices because the financial sector is so well regulated.
Yes, few choices indeed. But, as you've mentioned, just enough competition and regulation to keep the banks from fucking the public, while still being able to churn a profit.
Quote from Kassz007:
Yes, few choices indeed. But, as you've mentioned, just enough competition and regulation to keep the banks from fucking the public, while still being able to churn a profit.
Is that the reason you have no choice for brokers too? Finding a Canadian futures broker good luck, count them on 1 hand, and then the commissions. But then why bother CIPF covers Canadians through American brokers.