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FSA threatens to tax the bejeezus out of banks...

The head of the Financial Services Authority, Lord Turner, seems to be taking a harder line with the banking industry, and we’re loving his newfound bad-assery. Turner’s bank-slapping comments were published as part of a rountable discussion on stabilising the global finance industry, which you can read at Prospect Magazine’s website (subscription required). In the article, Turner says that the global financial regulatory system needs a ‘very major reconstruction’ to prevent a reoccurrence of the recent turmoil – to dust off an old chestnut: well duh! But he goes on to say that the banking sector has become too big, describing some parts of the industry as ‘socially useless’. We imagine he’s referring to the parts which manage...

posted on: Aug 27, 2009 | author: Lance