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Peter Mandelson's swipe at Barack Obama over breaking up the big banks
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Candidate
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| Contributor | Jason |
| Last Edited | Jason Mar 04, 2010 02:23am |
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| Category | Statement |
| Media | Newspaper - Daily Mail |
| News Date | Thursday, March 4, 2010 08:00:00 AM UTC0:0 |
| Description | Lord Mandelson took a rare swipe at Barack Obama yesterday over the U.S. President's plans to shake up the international banking system.
The Business Secretary said in New York that breaking up banks and limiting their size would be 'too difficult' to achieve.
President Obama put Labour on the back foot last year with his plan to prevent a repeat of the credit crunch by ending 'casino' practices on Wall Street.
It includes splitting up some of the world's biggest banks to stop speculators using retail deposits to gamble on the markets - a practice widely seen as a key cause of the credit crunch. |
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