Davos 2010: Soros calls for break-up of big banks

[Lars77]

Source: BBC News

Legendary investor George Soros has called for a radical break-up of banks that are "too big to fail".

He also backed US President Barack Obama's proposed reforms to limit the size of banks at the World Economic Forum in Davos.

Speaking at a private lunch, Mr Soros told journalists that Wall Street bankers opposing Mr Obama's plans were "tone-deaf".

Other bankers at the event, however, warned against more regulation.

Read more: http://news.bbc.co.uk/2/hi/business/8483328.stm

[Dogmudgeon]

1. Subtenu Sr-o Soros!

http://eo.wikipedia.org/wiki/George_Soros">Kio?

--d!
"http://www.esperanto.org">Support Mr. Soros!"

[Joanne98]

2. YAY

[ShockediSay]

3. don't hold our breath if Davos is funded in the main by big

corporate

[PurityOfEssence]

4. We are the eggs; there need to be more baskets

Like Medicine, the Financial Industry's prime obligation is to be consistent and available, NOT to provide for a certain few to make huge profits.

[louis-t]

5. Great, the banks that the gov bailed out

are threatening us.

[TheWebHead]

6. canada has five big banks and they seem to do quite well with it

I think the important thing is raising capital ratios and stricter oversight, and there's been a ton of capital raised by the big banks since 9/08. The Canadian banks are tightly regulated and were much better capitalized than their U.S. counterparts, so no bailouts were required. You need big banks to provide financing for big companies, and if they aren't available here, they'll go where they are.

[pa28]

7. Score another one for George Soros.

Sheila Bair and Timmeh were giving some lip service to this concept early last year but the room has gotten very, very quiet since then.

[troubledamerican]

8. Do the Teabaggers know about this? Are their heads exploded?

[truthisfreedom]

9. I saw some head parts on the way home from the bar.

I think someone 'sploded.

[Vidar]

10. Kudos to Soros.