February 4, 2013
UK Takes On ‘Too Big To Fail’ Banks
There is no political will in the United States to do what’s necessary to make sure we don’t see a repeat of the 2008 financial meltdown. The reason might be more complex, but at the root of it is this: money in politics. Our elected officials are beholden to the banks, not the citizens. Across the pond, some are showing the political courage necessary to stabilize the financial system, and make it more amiable to the average person. If successful, banks in the UK will no longer be able to gamble with customer deposits. No longer will banks lean on taxpayer bailouts to hedge against unnecessary risk.