Split The Banks & Save The Taxpayer (from future bailouts)
This petition had 49 supporters
What do you think was the root cause of the banking & financial crisis that the world has recently experienced? There could be many reasons such as busting of housing bubble in the US, over dependence of financial sector on housing sector, excessive borrowing or living beyond means, etc etc.
Don't you think one of the key reasons for collapse of banks was also the fact that INVESTMENT Banking arms of many of the private banks behaved like CASINOs where greed lead to gambling? They gambled and lost and you and me had to compensate for their losses. WHY?
Why should there be two different rules for banking and non banking businesses?
If a non banking business goes bust then it is never bailed out by the tax payers, then why do private banks have to be bailed out if they fail? Shouldn't they be allowed to close down like what happens to other businesses if they don’t perform or if they go bankrupt?
Do you think that by just ring fencing retail banks from their investment arms will prevent any future collapses & subsequent bailouts? Are you sure that the measures taken so far by the government are enough to change the culture of greed within the banking sector?
Is it not high time to separate or split or breakup the investment banking arm from the retail banking arm?
Both the arms work on a different set of cultures that cannot co-exist. The investment banking is prone to risk taking & gambling. Where as the retail banking is required to be cautious and consumer orientated. Let the banks now work for their customers and not the other way. Let the banks work for the nation and not the other way round.
Let the investment bankers be governed by a new set of rules that encourages responsible and long term decision making as against short term gains. Let them have the freedom that they want to earn as much as they wish as long as they bear their fair share of the tax burden as a corporate and as individual employees. But inspite of it, if any investment bank goes bust or collapse then it should not be bailed out again and again and again using tax payers money. Not anymore. The tax payers do not benefit when these private banks earn huge profits. Then why should these private banks be bailed out when they fail? Isn't this a fair demand from the taxpayer?
We are aware that such a split in bank operations will not solve the problem with just one country passing a legislation to this effect. But someone has to take the lead and let UK be that leader followed by the EU and then rest of the world.
If we don't make this fundamental change now and once again brush it under the carpet, we all will have to repent it later. Let us think of our next generation and prevent them from inhereting a moutain of debt for no mistake of theirs.
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