Global News Journal

Beyond the World news headlines

Brussels’ MEPs ready to duke it out with bankers

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Every new year brings resolutions, and the European Parliament is no exception.

Often derided as a multi-lingual talking shop, the institution is feeling newly invigorated by some fresh faces and by the European Union’s Lisbon reform treaty, which came into force late last year and gives the 736-member parliament more say in drafting laws and acting as a check on legislation.

Almost immediately, parliamentarians were letting their voice be heard, forcing Bulgaria to withdraw its nominee for the European Commission last month because she wasn’t seen to be up to the job. They also look ready to block an agreement between the EU and the United States on sharing data on bank transfers, and are really beginning to show their teeth when it comes to financial sector reform.

It’s one aspect of the latter move — reported exclusively by Reuters on Monday — which is set to cast MEPs in the role of banker-bashers-in-chief and could put them on a collision course with national governments.

 Some senior MEPs are threatening to spoil a plan to set up new EU banking watchdogs because they believe the watchdogs’ power has been watered down even before they’ve been set up by a deal struck among some finance ministers.

from Africa News blog:

All change for Nigeria?

Nigeria's central bank sliced through the hubris of the business elite with its $2.6 billion bailout out of five banks and the sacking of their heads in what looks as though it could be a new era for corporate governance in Africa’s most populous country.

Recently appointed Central Bank Governor Lamido Sanusi said lax governance had allowed the banks to become so weakly capitalised that they posed a threat to the entire system, and described the move as the beginning of a "restoration of confidence" in sub-Saharan Africa's second biggest economy.

from Global Investing:

On Bankers and Busing

Bankers are having a rough time of it lately.  It is not just that their companies are collapsing beneath them and their bonuses are the subject of global hate and derision. They also have to put up with the barbs of journalists (who are very familiar with being at the bottom of the popularity pile).

The latest example comes from Tim Dowling, scribbling away for Britain's Guardian newspaper.  Mr Dowling has penned a useful primer for bankers who suddenly find themselves living in the real world.

from MacroScope:

Political poster child?

George Alogoskoufis is a hardly a household name outside Greece and EU financial circles. But the newly sacked Greek finance minister could yet become a poster child for politicans struggling to fight off economic decline and banking industry collapse. His demise was in large part due to a public perception that he was helping out the banks but ignoring rising joblessness.

Greece, of course, is a special case at the moment, still recovering from riots over the police shooting of a teenager. But finance ministers, central bankers and other responsibles are probably not immune from Alogoskoufis Syndrome. Balancing the need to bail out the finance industry with rising economic misery among everyday people is not easy. Fat cats are not exactly in favour at the moment.

from Global Investing:

Never Mind The Bankers

Malcolm McLaren, the man who gave us The Sex Pistols, has found the real punks -- bankers. In an interview with Britain's The Observer, he says punk was not just about spiky hair and ripped t-shirts.

"It was all about destruction, and the creative potential within that. It turns out that the bankers may have been the biggest punks of all."

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