Comments on: The worldwide banking overhaul has begun. Good or Bad? You decide.

By: Trumpo

Trumpo — Fri, 22 Jan 2010 15:53:16 +0000

Nick – You are spot on, Mervyn King has been championing common sense banking for some time, so why hasn’t he been supported? I have a sneaky feeling that to many conflicts of interest exist with the regulatory and govermental decision makers, after all what are the best paid jobs in the city – Non Exec Positions at the Banks!

By: Nick

Nick — Fri, 22 Jan 2010 15:42:58 +0000

As I understand it the breakup bit is exactly what Mervyn King (for whom i have a lot of respect) has been saying.i.e. let us go back to safe banking with deposits being lent out on mortgages (properly asceesed). Then no need for goverenment bailouts.
Speculative banking to be done with shareholders (NOT Depositors) money & if they go bust TUFF.
Also he says if the government Mantra of its too big to go bust then it is too big. Therefore make it smaller.

By: Larry

Larry — Fri, 22 Jan 2010 15:40:32 +0000

I’m delighted that someone has a conscience. Obama’s agenda or not he has taken the right step. These banks because of their mess, thousands are losing jobs even in the banks. As at today companies and governments are cutting back and making people (tax payers who bailed these banks out) redundant. I’m a mortgage broker suffering the consequences of these financial disasters and some ‘Fat Cats’ are sharing bonuses? Where is righteousness and equity. FSA and UK government should look in the right direction where the problem is coming from and take a bold step like Obama did.
Our lives and livelihood that we work for shouldn’t be in the hands of so called Speculators taking dangerous risks and playing tik tak toh with our future. “Well done Barak Obama”

By: Steve Sale

Steve Sale — Fri, 22 Jan 2010 15:00:00 +0000

To my mind, this is the obvious thing to do otherwise the Bank (let alone the bank employee) has nothing to loose by taking major gambles; if it goes wrong the cavalry aka the public come to their rescue. But from what I can tell, under Obama’s plans, if it goes wrong the bank can go bust. The difference is, they won’t take everyones savings with them and so there will be no need for a bailout. How anyone can complain about this proposal is beyond me. I just hope out gutless policitians follow his lead – bet they won’t though – it might offend someone.

By: Geoff

Geoff — Fri, 22 Jan 2010 14:57:02 +0000

Greetings Kevin the quicker the FSA realise that what Obama is doing is what they should be doing the better for the UK Mortgage and Building Markets.