Wars and revolutions across the Middle East and North Africa and the Japanese earthquake and tsunami have sent oil and gas prices soaring with economists worrying over the impact of escalating energy costs on global growth. Last week, for the first time in a decade, the Organization of Petroleum Exporting Countries failed to reach an agreement to boost the output as Saudi Arabia did not convince the others that world's economy will need more fuel.
Phil Angelides, Financial Crisis Inquiry Commission chairman, says he’d rather see some taking of responsibility than hear another “I’m sorry.”
Banker bashing has become a bit of an international sport — and fraud allegations against Wall Street giant Goldman Sachs and a U.S. class-action suit against Germany’s Deutsche Bank has added more grist to the mill. So it’s small wonder that a bank lobby group struck a wistful note at the Reuters Global Financial Regulation Summit in London on Tuesday.
The latest blame game circulating in Washington on financial regulation may end up with those who point fingers finding that they have three fingers pointing back.
Democrats and Republicans alike on Capitol Hill say they want to toss out the concept of “too big to fail” in the financial regulation reform they are tussling over. That way if a financial firm is going to go under, it will go under, with no thought for a taxpayer handout.