Proceeding contribution from Michael Meacher (Labour) in the House of Commons on Wednesday, 8 July 2009. It occurred during Ministerial statement on Reforming Financial Markets.
Reforming Financial Markets
As two of the main causes of the economic breakdown and the credit crunch were the mass-proliferation of toxic credit derivatives and the gross recklessness of the investment arms of the banks, does my right hon. Friend not think it necessary to prohibit, or at least require official approval of, potentially risky derivatives? Given the eye-watering cost of bailing out the banks, how can he justify continuing to give state underpinning to the casino investment banks, rather than limiting that underpinning to the traditional commercial banks?
Secondary information
- Type
- Proceeding contribution
- Reference
- 495 c983-4
- Session
- 2008-09
- Chamber / Committee
- House of Commons chamber
- Subjects
- Consumers Banks Cooperation Competition Advisory services Bank of England Finance Education Investment Financial services Financial institutions International cooperation Financial Services Authority Interest rates Financial markets Personal savings Protection Pay Management Mortgages Loans Regulation Treasury Government guaranteed credit Financial Services Compensation Scheme Council for Financial Stability
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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- 2024-04-21 12:54:35 +0100
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