have become louder, more authoritative and part of mainstream debate. Pressure for the introduction – or reintroduction – of this crucial split could soon become irresistible, however much the politicians wiggle and the investment bankers deceive.Liam Halligan goes on to say - Until now, it’s been mainly nerds like me who have advocated a full Glass-Steagall separation. Given the vested interests that would lose from this change, we’ve been lampooned for our “hot-headed” views.
Ever since the sub-prime crisis began in the spring of 2007, most British political leaders and regulators have resisted serious banking reform.
Sir John Vickers’ measures, years in the making, have now been exposed for what they are – an elegant political compromise, with not a chance of reining in London’s rapacious investment banking culture, so all but guaranteeing another crisis a few years down the line.
While hopelessly weak in and of themselves, even Vickers’ proposals, imposing a “firewall” between investment and commercial banking, rather than a full institutional split, have been watered down by the Government. Legislation implementing Vickers has yet to be passed and, anyway, won’t come fully into effect until 2019.
As one of those nerds all I can say is BRAVO and ALL hail to Liam Halligan -
for this excellent piece of logical & rational common-sense.
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choolboy.
Having made it, he was in East Germany when that state collapsed, nervously trying to face off against a crowd besieging the KGB offices in Dresden. Then, he returned to the Soviet Union just in time for that country to dissolve, and found himself no longer a member of a sinisterly powerful elite but desperately looking for work. He seems to have internalised the belief that to be weak is to be vulnerable; to trust is to be weak. He was presumably reminded of this in January.
Nursultan Nazarbayev, the dictator of neighbouring Kazakhstan, had granted himself a position that gave him status and immunity from prosecution for life, while he handed over the actual running of the country to a hand-picked successor, who then turned on him, forcing him to step down. That was a lesson Putin would hardly have failed to notice.
There is also the question of legacy, something that seems now to obsess Putin. His public appearances, like this week’s television address announcing the recognition, are larded with simplistic and often downright inaccurate historical parallels, all intended not only to justify his actions but to place him within a pantheon of Russian ‘greats’.
Yet even he must know that this is a hard sell now.
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e
Duchess of Cornwall, [NOW] Queen consort, as well
as The Duke of York, The Princess Royal and Vice
Admiral Sir Tim Laurence were present. The Aga Khan was accompanied by members of his family, his brother Prince Amyn Aga Khan, his daughter Princess Zahra Aga Khan, his eldest son Prince Rahim Aga Khan, Prince Rahim’s wife Princess Salwa, and the Aga Khan’s younger sons, Prince Hussain Aga Khan and Prince Aly Muhammad Aga Khan. The event acknowledged historic linkages between the Ismaili Imamat and the British Monarchy and longstanding connections between the Ismaili Community, the institutions of the Aga Khan Development Network and the United Kingdom. The Aga Khan, was bestowed the title “His Highness” by Her Majesty the Queen in 1957 the year of his accession as hereditary leader of the Shi’a Ismaili Muslims, and was created Knight Commander of the Most Excellent Order of the British Empire in 2003.
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Added by Michael Grove at 17:08 on September 12, 2022
genome with mutations, which add up to make SARS-CoV-2 worse at replicating. But scientists have raised the possibility that, in rare cases, molnupiravir treatment might not entirely eliminate SARS-CoV-2, allowing some individuals who have taken the drug to continue to transmit the virus. Now, a preprint study (which is not yet peer reviewed) of more than 13 million SARS-CoV-2 sequences has uncovered sequences that bear molnupiravir’s fingerprints. Quantitative bioscientist Rustem Ismagilov says the study underscores the need to quickly assess the risk of continued use of the drug. “If we are playing Russian roulette, we’d better know our odds.”What price the UK Government spending £106M now, at the behest of the CMO prior to the Covid Outbreak, which concluded that SARS would not travel this far. Was that another example of Boris Johnson's lies or just a.n.other reflection of our Lords & Masters [OUT] of CONTROL mind[SET] of apparent incompetence to deal with anything, other than stuffing more and more money into their own pockets regardless of polictical persuasion !!!
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or manipulation -
“Quite clearly, there was a culture here that tolerated – if it didn’t encourage – this sort of behaviour,” Mr Alistair Darling said “The FSA needs to carry out a further investigation to find out who was responsible for this, who knew what was going on, as well as to track those people who manipulated or attempted to manipulate the figures."
“Because until that’s done confidence won’t be restored.”- elsewhere in the Daily Telegraph -
Damian Reece makes his "What IS - IS - & sure ain't NO ISER" comment ...
Tobacco companies have had new behaviour forced upon them – a ban on advertising and smoking in public places for instance. Banks risk this in the form of yet more red tape, which would be counterproductive to the economy as a whole.
But they are now isolated and have few if any advocates – beyond this newspaper.
The reason this column still defends banks, yes even now, is because banking, unlike smoking, fulfils a social use and is central to wider wealth creation. But banks have forgotten their very real responsibilities to society (customers) in favour of owing responsibilities first to themselves and second to shareholders.
Banks' response to this latest scandal should be to find a clear and lasting solution to how they inculcate their organisations with the right priorities. That would be of more use than swapping one banker for another in the boardroom – and certainly of greater urgency for the good of banking and the wider economy.
Banks must use this scandal to refocus on their responsibility to society
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