Obama outlines plans to get tough over financial reform
- US President Barack Obama is set on reforming the way Wall Street operates, but faces enormous opposition from the Republican Party.
While reform and regulation of the financial services industry remains an election issue in the UK, US President Barack Obama has outlined his proposals to tackle the same issues on Wall Street.
The President noted that the main causes of the economic downturn were problems in the US financial sector, and Wall Street firms had taken "enormous, irresponsible risks" that hurt practically every sector of the economy. "The economy is on a better footing. But people are still hurting," he said.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more