Monday, September 12, 2011

The US Orwellian State.

Goodbye Euro, Hello Drachma

Rioting Bankers Get 8 Years

Vickers report:  banks get until 2019 to ringfence high street operations

• ICB stops short of recommendation for full break-up
• Osborne promises legislation in this parliament
• Up to £2tn of assets could be behind firewall
• Barclays and RBS likely to be most affected

Britain's biggest banks are to be given until 2019 – longer than had been expected – to implement radical reform of their operations to prevent another taxpayer bailout of the system.
The Independent Commission on Banking – issuing its report almost three years to the day after the collapse of Lehman Brothers which led to the major 2008 bank bailouts – said that banks should ringfence their high street banking businesses from their "casino" investment banking arms. By Jill Treanor, the guardian, (click here for the full story)