Don't you hate a journalist that just delivers the "facts" as he hears 'em?
Forget about those facts being bullshit produced from the backside of the self-serving
bankers that the man is quoting.
Luckily for the Telegraph, the readers are brief, succinct and to the point,
and thoroughly trash the writer.
TELEGRAPH vs READERS
UK ‘faces slump’ if banks are ring-fenced
Leading companies warn on ICB plans to segregate wholesale banking from retail
City of London hits back at US Treasury Secretary Geithner over 'light touch' remarks
The Independent Commission on Banking is due to publish its final recommendations on September 12.
By James Quinn, Deputy Business Editor, Sunday Telegraph
9:47PM BST 20 Aug 2011
Britain’s leading companies have warned the UK’s £2.5 trillion bank lending market will be drastically reduced if the Independent Commission on Banking (ICB) places a strict “ring-fence” on the UK’s leading institutions.
The warning, from the Association of Corporate Treasurers (ACT) – the group which represents finance directors and treasurers from the FTSE 100 and across UK business, goes to the heart of concerns that the ICB may jeopardise economic growth and job creation if its final proposals are too restrictive.....[i.e. don't touch us banks, you geddit?- Cos67]
6 minutes ago
As much as the fallout from the banks being cut down to size may pain the economy it is necessary medicine to put us on the path to a sustainable recovery.
The policies we have seen 2008-present have only served to preserve the rot. More debt, more over-leveraged banks and more money printing is not the solution.
9 minutes ago
Mutual building societies must be re-created so the public have a sane choice. The amoral management of the big conglomerate banks just dont get it - and they will all be bust again within six months.
18 minutes ago
Recommended by 1 person
I would imagine everyone apart from the bankers themselves would like to see retail and investment banking completely separated , most of us can't believe it isn't already. In fact, given the pathetic rates of interest, self-serving investment advice, extortionate charges and incredibly shoddy service most of us would just want the bank as a "safe" place to deposit our monies and for it to carry-out the electronic transactions that are now necessary to live.
It is now widely appreciated that the UK banking sector has expanded uniformly with the indebtedness of the UK, the fastest way to reduce our public and private debt is to reduce the parasite (banking sector).
19 minutes ago
Recommended by2 person
AH didums. Where should they look for the money, howabout £14 BILLION in bonuses and 20% average pay increases
You recommended this
40 minutes ago
Recommended by2 person
What is interesting about this piece of banking propaganda is that Mr. Quinn and Mr. Grout do not ask the one question that screams out by its absence - "what is the UK taxpayer's liability under their proposals for all possible scenarios?"
Never again must the UK taxpayer be held hostage by the decisions made by the banking industry - that is what they have shareholders for. No more moral hazard.
The new legal arrangements must be quite explicit - risks (and rewards) taken by banking executives fall entirely on themselves and their shareholders - their customers must know that as well.
Next time you report on this issue Mr. Quinn please do not take the pose of a lap dog rather start asking real questions of your banking contacts.