Friday, November 1, 2013
Der Spiegel Is Critical Of Efforts to Punish And Reform Large Global Banks
The arrest of a top UBS banker in Italy inspired Der Spiegel publish this article which describes some of the government efforts to take a stronger position against the large banks which have been deemed "too big to fail". The large financial penalties that have been recently levied against several of the large banks are criticized as being small relative to bank assets and profits. It is also critical of the effort by the G20 countries to agree upon global reforms which might prevent the next bank crisis. They have devolved into country specific reforms which are heavily influenced by bank lobbying efforts.