[The Economist, U.K.]
[Click Here for Jumbo
Version]
Despise them if you Want to – But without Banks, Nothing Works
(Financial Times Deutschland, Germany)
“Even though some would prefer to abolish them this
day, without the banks, the system could not function. How could global
transaction take place without them? How would companies raise needed capital
for investment and to create new jobs? And banks bring lots of
money to local communities.”
By Jens Korte
Translated By Rinald Meta
July 8, 2012
Germany
- Financial Times Deutschland - Original Article (German)
As the
Barclays case shows, it appears that as far as the behaviour of financial
professionals is concerned, little has changed. Many banks - since Barclays is
unlikely to have acted alone - rigged the inter-bank exchange rate, the LIBOR.
The global
LIBOR applies to about $350 trillion (€280 trillion) in loans and bonds. The scope
of the scandal has been lost over the past few days amid reports about the Euro
Summit and American health reform. But obviously, it shows that in many ways,
the financial system remains corrupt.
Even though
some would prefer to abolish them this day, without the banks, the system could
not function. How could global transaction take place without them? How would companies
raise needed capital for investment and to create new jobs? And
banks bring lots of money to local communities.
Posted
by Worldmeets.US
For
example, take New York: The city is threatened with the loss of millions in tax
revenue because banks are moving staff from the expensive metropolis to the
provinces. Since 2009, Deutsche Bank has cut something in the neighbourhood of
500 jobs, but in Jacksonville, Florida, it has hired from 600 to 1000, as The
New York Times reported this week.
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Worldmeets.US on Facebook
Credit
Suisse has also cut 500 jobs in the Big Apple. On the trading floor of the New
York Stock Exchange remains only one representative of the Swiss bank. A few
years ago there were more than 50 brokers. At the same time, the Swiss have added
450 positions in the state of North Carolina.
After
already weeping, New York Michael Bloomberg is again shedding bitter tears over
the lost tax revenue.
SEE ALSO ON THIS:
Tageblatt, Luxembourg:
LIBOR: Why the Financial System Cannot Work on Trust
Der Tagesspiegel, Germany:
The Untouchable, Unscrupulous ‘LIBOR Cartel’
Trouw, The Netherlands: Bob Diamond: Living Proof
that Banks Can't be Trusted
Die Zeit, Germany: LIBOR Scandal Entails Monumental $350 Trillion in Loans
Financial Times Deutschland, Germany: Wall Street's Gordon Gekko: 'Hero Again'?
Die Welt, Germany: Euroland Looks for Scapegoats: U.S. Credit Rating Agencies
Der Spiegel, Germany: 'Myth' that U.S. Rating Agencies Seek to 'Destroy Euro'
Estadao, Brazil: Let the World Remember the 1930s - Not Relive Them
Komsomolskaya Pravda, Russia: Putin is Better than Goldman Sachs
Der Standard, Austria: Britain Acts as America's 'Trojan Horse' in Europe
Liberation, France: Democracy Crippled: Economics Replaces Separation of Powers
Semana, Colombia: Indignation Spreads, but Lack of Clarity Dogs 'Occupy'
Le Quotidien d’Oran, Algeria: Goldman Sachs and 'Human Sacrifice' to Money Gods
El Pais, Spain: Occupy Wall Street: Will it Help or Hinder Reelection of Obama?
Wochenzeitung, Switzerland: Swiss Occupy Movement
Too Respectful of Authority
Frankfurter Rundschau, Germany: 'Occupy' is the 'Mega-Event of the Century'
Mainichi Shimbun?, Japan: 'Occupy Wall Street' Threatens to Divide American Society
Kayhan, Iran: Wall Street Uprisings Herald Victory of Islam and Iran!
Sueddeutsche Zeitung, Germany: Like Americans, Germans Must Stand Up at Last!
La Jornada, Mexico: Jobs' Career Showed How Capitalism was Meant to Work
Die Welt, Germany:
Wall Street Occupied by Tea Party of 'Generation-Twitter'
Il Sole 24 Ore, Italy:
How Finance Sector Greed
Tramples on Human Rights
FTD, Germany:
America's Economic Crash Had Little to do with September 11
Estadao, Brazil:
To Shorten Crisis, U.S., E.U. Should Look to Latin America
Frankfurter Rundschau:
Obama's Middle Road is Fatal
La Jornada, Mexico:
The 'Grand Debt' of U.S. Families
Jornal Do Brasil, Brazil:
American Default and the End of 'Zero Risk'
The Telegraph, U.K.:
World Needs America
to Come to its Senses
El Pais, Spain:
Playing Chicken is the
World's Newest Sport
Mainichi Shimbun, Japan:
U.S. Must Prevent Another
'Made in U.S.' Disaster
Yomiori Shimbun, Japan:
U.S. Lawmakers Should
'Stop Playing Political Games'
Yezhednevniy Zhurnal, Russia:
The U.S. and Soviets: Pyramid Builders to Raiders
Frankfurter Rundschau, Germany:
'Radical' Republicans Threaten U.S. with Ruin
Tiscali Notizie, Italy:
The Fiscal Decline of the 'Apocalypse'
News, Switzerland:
Notion: 'Pay Politicians Based on Performance'
Salzburger Nachrichten, Austria:
Debt Ceiling Attack By Republicans 'Backfires'
Gazeta, Russia:
America's Astonishing 'Battle for the Ceiling'
People's Daily, China:
U.S. Game of Chicken Threatens Creditors and Economy
Die Zeit, Germany:
U.S. Risks 'Plunging World' Into New Financial Crisis
O Globo, Brazil:
Global Economy Hangs
on 'Mood' of U.S. Voters
The Telegraph, U.K.:
Down on the Fourth of July:
The United States of Gloom
Financial Times Deutschland, Germany:
For Americans, a
Dour Independence Day
Financial Times Deutschland, Germany:
Who Cares about the U.S. Economy?
Folha, Brazil:
U.S. Conservatives Threaten to Plunge U.S. into 'Lost Decade'
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