Europe holding Wall Street Banks Accountable, page 1

Europe holding Wall Street Banks Accountable, page

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Topic started on 9-3-2010 @ 02:11 PM by FortAnthem

It's about time someone held the big Wall Street banks accountable for their destruction of the worlds financial system.

Europe bars Wall Street banks from government bond sales
• Leading US banks blamed for triggering financial crisis
• Policymakers propose a rival European monetary fund

European countries are blocking Wall Street banks from lucrative deals to sell government debt worth hundreds of billions of euros in retaliation for their role in the credit crunch.

For the first time in five years, no big US investment bank appears among the top nine sovereign bond bookrunners in Europe, according to Dealogic data compiled for the Guardian. Only Morgan Stanley ranks at number 10.

Goldman Sachs doesn't make the table. Goldman made it to number five last year and in 2006, and number eight in 2007, the data shows. JP Morgan was in the top ten last year and in 2007 and 2006 but doesn't appear this year.

"Governments do not have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted to put the stability of the financial system before profit," said Arlene McCarthy, vice chair of the European parliament's economic and monetary affairs committee. "It is no surprise therefore that governments are reluctant to do business with banks that have failed to learn the lesson of the crisis. The banks need to acknowledge the mistakes that were made and behave in an ethical way to regain the trust and confidence of governments."

Read more: Guardian

Good for Europe!

They acknowledged the problem and cut the troublemakers off. We, on the other hand, just bail them out whenever they get into trouble.

It's the American way!

reply posted on 10-3-2010 @ 03:37 PM by FortAnthem

Hello?!

Hello... hello ...hello

Echo!

Echo..echo...echo......echo..........echo

Wow, I guess nobody cares about the banksters ripping us off here in the good ole' apathetic U.S. of A.

I guess they do deserve our tax dollars!

reply posted on 10-3-2010 @ 05:19 PM by drew hempel

reply to post by FortAnthem

So this make's Europe's government debt more valuable -- that they are not letting U.S. banks buy up their bonds?

Debt is debt -- Europe is probably just trying to not look like it's part of the same system as the U.S. -- but emphasize the word LOOK. Debt is just a confidence scheme on the future pillage of the third world. And guess what we're out of oil pretty soon.

reply posted on 10-3-2010 @ 05:36 PM by Bordon81

Are the European countries still buying up their own debtissues due to lack of demand?

I only mention this because in the US the treasury auction dealers have been using bailout funds to buy up US bonds.

I'm not sure of the latest figures on domestic bond sales but why would Goldman Sachs want to hold bond investments that barely beat inflation when they can get over 60% a year out of the US stock market!

reply posted on 10-3-2010 @ 05:50 PM by Dermo