Anyone around here for a while will probably recall I have called for the reinstatement of a "Glass-Steagall Act" (instated as a result of the Great Depression and taken down in 1999 at banker request) to prevent Too Big To Fail retail deposit-taking banks from being rescued in future by governments (taxpayers).
So far we've had a few names step out to suggest this is what's necessary: Vince Cable, Mervyn King, Barak Obama, Paul Volker, to name just a few.
(Oh, and me of course... :-> )
Today we can add Nick Clegg, the Deputy Prime Minister of the UK coalition government. BBC News: Bank reform needed, says Deputy Prime Minister Clegg
So... when will it happen? (IMO it will happen, it's just a case of when...)
Monday, 24 January 2011
Another face steps out of the shadows to endorse retail/investment banking split
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