Remember those off-the record comments by "top executives from Goldman Sachs and Standard Chartered" which indicated that the era of contrition had come to an end? Well, they're on the record now, splashed all over the front page of this morning's FT. Goldman's Gary Cohn is coming out swinging, saying that the real danger to the global economy is now posed by unregulated non-banks, while Peter Sands of Standard Chartered reckons that most bank regulations will no more prevent another crisis than seatbelts on airplanes will prevent a plane crash.
One theme emerging out of this year’s Davos meeting is the corporate world’s annoyance with bankers. They feel that they have been brought low not by their own sins but by an out of control finance industry beset by greed and skewed incentives.
from James Saft:
Duncan Niederauer, chief exec of NYSE Euronext, told a panel here at Davos that rather than inventing a whole host of new regulations, we'd be better off focusing on existing means of bringing order to markets, specifically taking a page from the exchanges books by having central clearing and more price transparancy for derivatives and off-exchange structured products. I think he's actually got a great point about clearing and better price information, but I can't see this as being anywhere near bringing regulation up to scratch.