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Gord Nixon, chief executive of Royal Bank of Canada, is warning that the effort by governments around the world to hammer out a set of standards for the financial services sector is starting to implode.
The regulators and politicians who are supposed to be in charge have been following their own interests in recent weeks instead of working toward the common goal of preventing a repeat of the financial crisis, Mr. Nixon said in an interview with the Financial Post.
Critics argue that in the interests of a healthy financial system, there needs to be a set of consistent rules, because without that countries will engage in “regulatory arbitrage,” relaxing their rules in a bid to attract business.
Mr. Nixon said the U.S. and Europe should stop trying to punish financial institutions and instead try to fix their own policies, because that was what caused the crisis.
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Really, a banker telling us not to punish banks. Mr. Nixon is the one propagating myths.
ReplyDelete8.27 no kidding eh , Like really
ReplyDeleteHmmm,another "I'm not a crook" Nixon
ReplyDeleteI think this guy, even though he is a bankster, is right. The government should get out of “regulating” business for financial institutions all together. All their “regulations” do is they guarantee the risky bets the banks make. Without these guarantees the banks would not make the risky investments. And if they do, they should fail-no exceptions. And all of you BTW should spend more time picking a reputable financial institution than a plasma TV. You would ask what to do with fraud? Well, don’t we have a judicial system or it is totally useless now? Two things here-thieving banksters should be punished by law and their possessions, personal and family, should be confiscated to cover the losses they cause with their financial fraud. I think it is fair. BTW, these ShNoble Price Laureates in economics who backed up this financial fraud with so to speak “computer modelling” and long formulas should be stripped of their titles and labelled as charlatans. But they keep teaching garbage science at universities.
ReplyDeleteI'm surprised the Casinos in Las Vegas are not demaning that the government pay them every dime they lose to a customer. That's about the same scam that Goldman Sachs and JP MOrgan have going for them right now.
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