FT.com / 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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take a look at the sponsors of the Centre for the Study of Financial Innovation (who produced the report). From the top:
The Centre receives general support from the following institutions:
Barclays Group
Citigroup
JPMorgan Chase
Morgan Stanley International
PricewaterhouseCoopers
Abbey
Aberdeen Asset Management
Accenture
Alliance & Leicester
Aon
AVIVA plc
AXA
And don’t forget this one (scrolling down a bit):
City of London
Given that without a lot of political “meddling” the entire global banking system would have collapsed in the autumn of 2008, this is pretty extraordinary stuff from PWC. I hope readers treat it with the credibility it deserves – I.e. none!
And how close is PWC to various members of the government one way or another? How close is PWC to many PFI deals? How much work and consultancy is PWC now doing on an outsourced basis for the government? Answers on the back of an old Trust document to the Cayman Islands.