Europe bars Wall Street banks from government bond sales

[Joanne98]

European countries are blocking Wall Street banks from lucrative deals to sell government debt worth hundreds of billions of euros in retaliation for their role in the credit crunch.

For the first time in five years, no big US investment bank appears among the top nine sovereign bond bookrunners in Europe, according to Dealogic data compiled for the Guardian. Only Morgan Stanley ranks at number 10.

Goldman Sachs doesn't make the table. Goldman made it to number five last year and in 2006, and number eight in 2007, the data shows. JP Morgan was in the top ten last year and in 2007 and 2006 but doesn't appear this year.

"Governments do not have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted to put the stability of the financial system before profit," said Arlene McCarthy, vice chair of the European parliament's economic and monetary affairs committee. "It is no surprise therefore that governments are reluctant to do business with banks that have failed to learn the lesson of the crisis. The banks need to acknowledge the mistakes that were made and behave in an ethical way to regain the trust and confidence of governments."

Continued>>>
http://www.guardian.co.uk/business/2010/mar/08/us-banks-european-bond-trading

[Fresh_Start]

1. excellent. if we won't regulate adequately

I'm glad that the EU is taking a stand....it will force change.

[salguine]

11. It'll force change...in Europe. We here will continue to suck on it.

[Donnachaidh]

2. So the elite will have to open accounts in EU banks

problem solved - no rich person need lose a dime's profit.

[dipsydoodle]

5. Might not be quite that simple

They would then be treated under Europe's financial rules which may differ from what they're used to.

[Donnachaidh]

6. but they will still have access to the crapshoot that banking has become.

So they have to pay a few bucks more - shrug? They've cleaned out the US - need to move on to new territory.

[Tippy]

3. It's just to dam bad...it had to be done this way

But since we can not count on our Gov. to do anything I'm glad they are....REGULATE NOW...But we know who is responsilbe for this ...I Hope The Pary of NO losses their collective asses over this...

[dipsydoodle]

4. Hmm

:rofl:

One way to fuck'em I suppose.

[applegrove]

7. Thank you Europe.

[mbperrin]

8. Ouch! These 'capitalists' always hate it when people exercise some of

that free choice they're always blabbing about, but absolutely abhor in practice.

Thank you, Europe!

[Vidar]

9. Thank you, Europe.

[yurbud]

10. the first punishment comes from OUTSIDE--a sad symptom of corruption and decline here