Price tag on intervention in financial crisis

UNI global union said this week that there has to be a price tag on the huge amounts of taxpayers money being invested in salvaging the world’s financial markets. A meeting of finance trade unions from across Europe has called for tougher regulations and greater transparency – and curbs on aggressive sales targets imposed on staff, often as part of payment systems. They want governments, central banks and regulators to recognise that the current business model of the industry has failed and to ensure far-reaching changes

“Greed and recklessness is at the root of what has become a worldwide financial disaster,” said UNI General Secretary Philip Jennings. “Politicians and central banks are bailing out the very people who wanted small government and whose unregulated excesses brought global instability that will cost of hundreds of thousands of jobs. We want to go back to sound banking values, business ethics and responsible government. We need more regulation, not less.”

“We also want radical changes in working methods to ensure employment packages that fully recognise the interests of customers and the ability of staff to serve them. We want an end to a scorched earth policy of maximising profits for shortterm investors and top executives.”

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