A Strong Argument Against International Banks From The Financial Times

This Financial Times article uses the occasion of the $2 billion loss by UBS to make a strong case against the expansion of the international banking system at public expense. The UBS loss shows that the banks are still unable to control the trading side of their business. It supports proposals in the UK to separate investment banking from depository banking and also the imposition of higher capital requirements on elite banker who fear that it will affect their compensation. The article also shows sympathy for citizens in Germany who do not want to support states in the eurozone that have been unable to manage their fiscal affairs. It takes the position that commercial elites in Germany benefit from the EU, but the benefits to ordinary Germans are not obvious.