Lord Myners, the City minister, has called for an independent review into the investment banking industry which has "permeated so many corners of society".
The Financial Services Secretary also called for an end to the "greed is good" culture that has spread through the "inherently dangerous" banking industry, writes the Telegraph.
In an article for the Guardian he writes: "Investment banking has spread into everything we do in business. Company executives spend more and more time with investment bankers. We need to re-examine an economic model that seems to work much better for investment banks than for businesses and workers.
"I think this is a suitable subject for a major independent review after the election into how investment banking has permeated so many corners of society." Full story...
ALISTAIR DARLING has publicly voiced his opposition to Barack Obama's plans to break up the banks, which the US President revealed to a startled financial world last Thursday, according to The Independent.
As finance ministers of the G7 group of nations gathered in London to discuss the White House's latest proposals, with Britain represented by the City minister, Lord Myners, the Chancellor made explicit his scepticism about the Obama administration's plan.
Mr Darling said: "If everyone does their own thing it will achieve absolutely nothing. The banks are global. They are quite capable of organising 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." Full story...
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