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Bankers unhappy at G7 Politicians taking all the cake, enter tug-of-war.
A furious confrontation between Group of Seven financial leaders and the leading global banks took place when the two sides met at the US Treasury over the weekend.
Financial leaders, including Chancellor Alistair Darling, were stunned by the bankers’ lack of remorse in the face of the credit crunch.
Instead of expressing regret for the sub-prime mess [...]
G7 discuss how to best print money in tandem, transfer bad debts to taxpayers, and assign themselves greater regulatory power.
Group of Seven ministers will today discuss a major new coordinated bail-out of the stricken banking system, with the aim of preventing the credit crunch from spiralling out of control.
The meeting comes a day after the Bank of England announced a quarter-point rate cut that financial players fear will do little or nothing to alleviate [...]
Expand the powers of those responsible
NEW YORK (CNNMoney.com) — Treasury Secretary Henry Paulson proposed a set of sweeping changes on Monday aimed at modernizing the nation’s financial system in what could herald the biggest regulatory overhaul of Wall Street since the Great Depression.
The plan, which would broadly expand the Federal Reserve’s powers, comes as concerns about the housing crisis and [...]
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