| inbluevt | Date: Monday, 2013/09/16, 8:16 PM | Message # 1 | DMCA |
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Bob Diamond, the erstwhile Barclays chief executive who quit amid the Libor fixing scandal, has admitted that bank leverage was "too high in the boom years" before the financial
crisis gripped the global economy.
Writing in the Financial Times, Diamond also said there is still a long way to go to fix the "too big
to fail" issue around behemoth banks such as those which had to be bailed out with taxpayer cash amid the crisis to prevent a total collapse of the system.
"Political leaders, regulators and banks need to collaborate on the core issues in an internationally co-ordinated effort to establish a robust resolution regime," he wrote, adding that regulators need "strong capital liquidity and leverage rules".
In 2012, Barclays was listed as the eighth largest bank in the world by total assets held, at $2.42tn (£1.51tn, €1.8tn).
The British banking giant avoided needing a UK bailout during the financial crisis, but likely benefitted from taxpayers propping up its rivals RBS and Lloyds, as well as efforts from the Bank of England to improve liquidity in the markets.
More about the obvious
Message edited by inbluevt - Monday, 2013/09/16, 8:18 PM |
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