February 13, 2010
Bankers have indicated that they may agree to far-reaching reforms, as the World Economic Forum in Davos ends.
Top regulators warned that they could take drastic action to take some of the risk out of the financial industry.
However, the annual meeting of some of the world’s most powerful business leaders and politicians ended with few new plans or real achievements.
There was agreement though that job creation and free trade had to be key ingredients of any economic recovery.
Larry Summers, economics adviser to US President Barack Obama, probably coined the most memorable phrase of this year’s Davos when he said the world was experiencing a “statistical economic recovery, but a human recession”… Read more by Tim Weber, BBC
haplif – Frank Kalder (Global Haplifnet)
July 31, 2009
“More Pigs at the Trough: What Enron and WorldCom Can Teach Us About Goldman and AIG” by Arianna Huffington, Huffington Post
America, it seems, can’t wait to get back to business — risky business — as usual. No matter how atrocious business has been.
Newsweek’s latest cover story declares that The Great Recession is over. A Merrill Lynch report concurs, saying, “The recession is over…We are bullish on global equities.” Goldman Sachs is placing riskier bets on the market than it did before the financial meltdown (and setting aside huge amounts of money to pay its executives).
The problem is, this victory dance is being done on top of the same shaky financial system that nearly toppled over, sending us all plummeting into the economic abyss… Read more
It seems a political will to create and implement rules for Wall Street is not yet sufficient and, thus, a series of after-all-toothless reform measures that would not extinguish the cancer of greed and corruption may, unfortunately, be prospected.
Amended, Aug 30
- Here’s Arianna’s book: Pigs at the Trough: How Corporate Greed and Political Corruption Are Undermining America. (Amazon)
haplif – Frank Kalder (HuffPost profile/comments)