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Britain's banks given free pass by Vickers Commission
The interim report from the Independent Commission on Banking (ICB), headed by Oxford economist Sir John Vickers, represents yet another victory for Britain’s financial institutions at the expense of working people.
The ICB was set up to look into ways of stabilising the financial system and preventing another multibillion-pound bailout of the banks like that undertaken by the Labour government in 2008.
Before taking office, all parties had pledged reforms, with the Liberal Democrats’ Vince Cable pledging to break up “casino-style” investment banking. This posture was made necessary under conditions in which the deregulation of the financial markets, spearheaded by Margaret Thatcher in the early 1980s and former president Reagan in the US, was widely seen as playing a crucial role in the October 2008 credit crunch.
Not only had the major financial institutions been free to indulge in hugely profitable and, in many cases, illegal speculative activity, gambling away depositors’ funds. But, as this came crashing down in October 2008, the state picked up the bill—underwriting the funds of the super-rich with billions in public monies, threatening entire economies with near-bankruptcy.
Source: World Socialist Web Site





















