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View Diary: Britain's 21st Century Glass Steagall Act (31 comments)

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  •  Am I to conclude this is a done deal in UK? (2+ / 0-)
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    fabucat, Into The Woods

    This has the support of Cameron (and Clegg) and it will soon be law?
    Wiki on Sir John Vickers includes:
    "...In June 2010, he became Chair of the UK's newly created Independent Commission on Banking (ICB).[1] The ICB's task is to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition (in the aftermath of the banking crisis of 2008). The commission made its recommendations to the UK government in September 2011, recommending a number of important measures, namely the introduction of the ring fencing of retail from investment banking, keeping 17-20% of certain assets as "loss-absorbers", using Lloyds branch sale as opportunity to bring in competitor and the implementation of a new system to help customers switch current accounts. The reforms are to be implemented by 2019 at the latest at a cost to the banks of between £4bn-7bn..."

    •  I would not assume that. (1+ / 0-)
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      From the little I've heard, there will be struggles within the ruling coallition.  
      Also, we can assume the lobbying will be fierce, especially with the ongoing financial crisis in Europe.  

      Someone in a very expensive suit is at the front door and says he wants to foreclose on our democracy. Where should I tell him he can put his robosigning pen?

      by Into The Woods on Tue Sep 13, 2011 at 05:20:06 PM PDT

      [ Parent ]

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