Something odd seems to be happening on the other side of the Atlantic. It’s almost as though people are looking into the crystal ball at the new world order as described by politicians and getting a bit worried about what they see. And without full confidence that they’ll have a working flux capacitor in a few year’s time to get the DeLorean up to 88 mph to undo today’s damage, they’re starting to speak up.
First there was the proclamation that derivatives did not single-handedly bring the world to its knees. Now the CEO of the British Bankers Association, Angela Knight, is bringing some truly revolutionary thinking to the table in light of Adair Turner’s social usefulness campaign.
“If we continue to demonize our own banking industry, there is no shortage of other jurisdictions which will leap at the chance of taking the business,” Knight, who heads the U.K. banking industry’s main lobby group, said in remarks prepared for a speech in London yesterday. “Those who have the opportunity for public platforms also have a duty to use that opportunity advisedly.”
“The manner of our criticism is not helping our negotiating position,” Knight said. “If the price of gaining headlines and column inches in the short term is the cost of jobs, and our country’s economic prospects in the long term, then their price is simply too high,” she said.
It’s good to see the winds of change are starting to blow in the UK. Unfortunately for the US, the wind tends to blow from west to east in this part of the world.
U.K. Banks Risk Losing Business After FSA’s Criticism, BBA Says [Bloomberg]
Greg, I’m going to travel back in time with some of your writing to convince your mom to abort you.
-Jeff Macke
Is is just me or are the two lightening rods directed straight at Ashley’s sensy assets?
Ashley Dupre fan club
TGFD lifted the following today from an article about the G-20 Summet…
“We are absolutely at the levels of risk from 2004 or 2005,” said Simon Johnson, an MIT economist and former chief economist for the International Monetary Fund. “So it’s not imminent crisis, but the danger signals are there already in the amount of risk that the big banks are taking, and their attitudes towards risk and the controls they have over their derivatives (trading.)”
I guess we don’t have anything to worry about. The genius mentality on Wall Street always knows best, and America should take comfort in that.
The Guy from Delaware
Mr. Michaels,
This is a cease-and-desist order. Please refrain from the unlicensed use of the phrase “winds of change.”
Sincerely,
Scorpions
@1 Nasty. I sense an imposter.
greg i hate your ugly face
Greg- you’re good at finding images for these headlines
Bess- you really gotta give Greg the next amusing story you get and stop hogging them for yourself, this guy is trying to build some cred here.
Greg -
I pray every day for lightening to strike you.
Mom
Greg, shout me a holla when you done with work. Maxi’s gonna do all that nasty ish you like; gonna give you some good brown suga.
-M. Waters
@7 = Greg. DIAF you mutt.
Greg, this article is pretty decent/taint. It taint ass and it taint cunt, which means it’s middle of the road decent for you.
Greg,
I am going to superglue your butt cheeks to force you to crap from your mouth. Oh wait…never mind!
- Not JM, but of the same ilk
nice tags greg… you’re not even giving yourself a chance.
Greg-
I’m going to order a copy of “Glory Hole Studs” in your name, but at your neighbor’s address.
-Jeff Macke
lotso cleave on display on BBERG TV
Those bolts never get old.
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