The slave-owning Queen Elizabeth the second gave a speech yesterday to state the priorities of her whipping-boys in parliament.
Within the speech was a ‘banking reform’ bill recommended by the Vickers report. Specifically the speech included:
A Banking Reform Bill to implement the proposals made by John Vickers, chairman of the Independent Commission on Banking, including the separation of retail and investment banking.
So is this a return to Glass-Steagall? Is it too little too late? How long could it kick the can down the road once the British Tax payer will not bail out the ‘investemt’ aka casino banking cartel? More fundamentally, why are the-powers-that-be allowing this to happen?
The bill has created more questions than answers for my mind.
Any perspectives from across the pond are appreciated.