It’s not just the USA that allows bankers and financiers to break the law and get away with it. Or regards the largest financial institutions as “too big to fail”.
This goes back to Prime Minister Tony Blair, who thought he could make London the world’s financial hub by freeing banks from all regulation.
As in the USA, the government’s priority is to protect the financial institutions rather than to protect the public.
Banking regulation is even weaker in Europe than in the United States, and one of the goals of the proposed Transatlantic Trade and Investment Partnership, the next international agreement in the pipeline after the Trans Pacific Partnership, is to set limits on financial regulation.
That would make banking and finance un-reformable, either in the USA, the UK or other TTIP signatories.
Update 5/22/2015. The five banks that pleaded guilty to rigging interest rates and the exchange rate for foreign currencies are Britain’s Barclays and the Royal Bank of Scotland, the USA’s Citicorp and JP Morgan Chase and Switzerland’s UBS.
Banks Barclays and RBS hit by £2bn fine for rigging foreign exchange markets by James Salmon for The Daily Mail. The facts fully justify the headline shown above, and the article is well worth reading in full. [Hat tip to naked capitalism]
Why World’s Biggest Banks Admitting Criminal Fraud Leads to Public Yawns by Tyler Durden for Zero Hedge.
Matt Taibbi: World’s Largest Banks Admit to Massive Global Financial Crimes, But Escape Jail (Again) on Democracy Now! [Added 5/22/2015]
Big Banks plead guilty to fixing the foreign exchange market: Will they face consequences? by Jordan Weissman for Slate. [Added 5/22/2015]
New Labour Leaders Want to Go Back to Blair’s Policies That Blew Up the UK by William K. Black for New Economic Perspectives.
What is TTIP? And six reasons why the answers should scare you by Lee Williams for The Independent.
Regulatory cooperation in TTIP: united in deregulation by Corporate Europe Observatory [Added 5/22/2015]
TTIP: Regulations Handcuffed by Corporate Europe Observatory [Added 5/22/2015]