World leaders take on financial institutions’ profits

The Group of 20 nations met early this week to discuss the looming global recession, and world leaders, according to Bloomberg.com “put banks and investors on notice they will need to keep more capital and reveal more about their holdings, signaling the industry may emerge from the current crisis with less potential for profit”.

The meeting took place just before New York based bank Citigroup announced it plans to cut over 50,000 jobs.

G20 leaders are in disagreement over how much power bank regulation will have. European leaders, including French President Nicolas Sarkozy and German Chancellor Angela Merkel, pushed for some form of state control over lending practices and cross-border investment. This was opposed by outgoing US President Bush.

The International Trade Union Confederation (ITUC) President Sharan Burrows went to Washington for G20 leaders meeting and said “Working families are suffering enormously as a result of the cavalier, unregulated behaviour of corporate cowboys over the past decade”.

The ITUC released a document called the ‘Washington Declaration’ which calls for an end to the ideology of unfettered financial markets, “where self-regulation has been exposed as a fraud and greed has overridden rational judgement to the detriment of the real economy”.

Advertisements

0 Responses to “World leaders take on financial institutions’ profits”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




You can contact us at:

0800 FINSEC (0800 346 732)
union@finsec.org.nz
www.finsec.org.nz


Creative Commons License
Join Now 0800 FINSEC

RSS LabourStart – act now to help other workers

  • An error has occurred; the feed is probably down. Try again later.

Finsec Photos

Cathie Lendrum

Carl and Oliver

Westpac North East Valley, Dunedin

Westpac North East Valley, Dunedin

piggybank on leash

More Photos

Archives


%d bloggers like this: