PWC meddling in the politics of banking

Posted on / By sector - Political meddling seen as danger for banks.

The FT head their article on this issue "Political meddling seen as danger for banks". As they say:

Political “meddling” has emerged as the greatest threat to the global banking industry for the first time, according to a report highlighting the biggest risks faced by financial markets in 2010.

Then you read:

In the ... report, political interference, which has never before been identified as a risk in the survey, was considered the most severe threat to global markets, ranking above credit risk, over-regulation, macroeconomic trends, liquidity and the availability of capital.

Weird you think until you note:

The survey, Banking Banana Skins, sponsored by PwC, received 440 responses from individuals in 49 countries, two-thirds of which came from bankers and the remainder from analysts, consultants, investment managers and regulators.

And then you realise this is PWC meddling in the politics of banking to ensure that they and their clients can continue to enrich themselves at cost to the rest of us.

To argue that politicians should not interfere in banking when PWC are blatantly seeking to capture the political process and the income streams it controls for the benefit of bankers and themselves is uite extraordinary hypocrisy.

But I suspect they are quite unable to see it that way - after all, they still think they are amongst the masters of the universe.

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