Monday, October 14, 2013

US banks no longer 'too big to fail', says Tucker


Wall Street, American Flag, New York City, New York, USA, North America, America
 Photo: Alamy
Goldman GB-UK-EU Sacked At Long Last, Now In The USA

America's biggest banks are now in a position to go bust without state intervention, the Bank of England's deputy governor declares

The deputy governor of the Bank of England has declared an end to the era of taxpayer bail-outs for the world's giant lenders.

Almost five years to the day since the collapse of Lehman Brothers triggered the worst financial crisis since the 1930s, Paul Tucker claimed that America's biggest banks are now in a position to go bust without state intervention.
 
Britain and the rest of Europe are "not far behind" but draft laws still need to be ratified. In future, the cost of a bank bail out will be borne by its investors rather than nurses and teachers, Mr Tucker said.

Five years ago this month, Britain rescued its biggest lenders with a series of cash injections and state guarantees worth a total of more than £1 trillion at the peak of the crisis.Some £65bn was ploughed directly into Royal Bank of Scotland and Lloyds Banking Group to ensure Britain's payment systems stayed open and the country's vital financial infrastructure continued to work.
In his valedictory comments before leaving the Bank next week, Mr Tucker said that years of root and branch reforms since the crisis had finally paid off.

"I cannot see how the US administration could persuade Congress to provide taxpayer support to some of the biggest US banks," he said. "I don‟t mean it would be completely smooth right now; it would be smoother in a year or so as more progress is made. But in extremis, it could be done now.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10374998/US-banks-no-longer-too-big-to-fail-says-Tucker.html

1 comment:

  1. Gov USA Shutdown ~ Paul Tucker Shutdown Goldman Sachs, Wall Street, Global Mafioso Financial Paedophilia Metzitzah b'peh Cultists? As Above So Below, Shutdown Gov Handouts To ALL Criminally Insane GS Global

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