Darling warns that Obama's proposal could undermine global reform
U.K. Chancellor Alistair Darling said banking reform proposed by President Barack Obama threatens to undermine a global consensus on overhauling the financial system. "If everyone does their own thing, it will achieve absolutely nothing. The banks are global -- they are quite capable of organizing themselves in such a way that if the regime is difficult in one country, they will go to another one, and that doesn't do anyone any good," Darling said. City Minister Paul Myners is planning to host a meeting Monday to discuss the issue of financial institutions being "too big to fail."
Sunday Times (London) | 01/24
This story published in CPA Letter Daily on 01/25/2010
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