Finally, consider the taxi driver. He may accept that the banks needed to be bailed out, but in the future wants to protect his high-street bank, which enjoys implicit taxpayer backing, from the risk-takers who should live and die by the sword. Yet the industry has moved in the opposite direction. Deposit-taking giants such as JPMorgan Chase and Bank of America have bought investment banks, and bailed-out lenders such as Royal Bank of Scotland, Citigroup and UBS plan on keeping much of their investment-banking units intact. The FSF has addressed the fine print, but the question of how to ensure taxpayers do not underwrite private risk-taking again remains unanswered.
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