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Britain at risk of another financial crisis, Bank of England chief warns

Posted By admin On March 5, 2011 @ 3:31 am In Money Watch | Comments Disabled

London Telegraph [1]
March 5, 2011

Britain risks suffering another financial crisis without reform of the country’s banks, the Governor of the Bank of England warns today.

In an interview with The Daily Telegraph, Mervyn King says that “imbalances” in the banking system remain and are “beginning to grow again”.

Mr King urges high street banks to take a better, longer term view towards their customers and to stop focusing on the need to “simply maximise profits next week”.

He accuses them of routinely exploiting their millions of customers. “If it’s possible [for financial services firms] to make money out of gullible or unsuspecting customers, particularly institutional customers, [they think] that is perfectly acceptable,” he says.

The Governor criticises the “weight put on the importance and value of takeovers” and raises concerns that companies with good reputations have been “destroyed” in the search for short-term profits.

Full article here [1]

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Britain at risk of another financial crisis, Bank of England chief warns  260310banner2 [3]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/finance/economics/8362951/Britain-at-risk-of-another-financial-crisis-Bank-of-England-chief-warns.html

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://purewaterfreedom.com/

[4] World facing worst financial crisis in history, Bank of England Governor says: http://www.prisonplanet.com/world-facing-worst-financial-crisis-in-history-bank-of-england-governor-says.html

[5] Crunch far from over, warns Bank of England chief Mervyn King: http://www.prisonplanet.com/crunch-far-from-over-warns-bank-of-england-chief-mervyn-king.html

[6] Bank of England warns more needed to rescue UK economy as bail-out falters: http://www.prisonplanet.com/bank-of-england-warns-more-needed-to-rescue-uk-economy-as-bail-out-falters.html

[7] Bank of England Chief Mervyn King Proposes Eliminating Fractional Reserve Banking: http://www.prisonplanet.com/bank-of-england-chief-mervyn-king-proposes-eliminating-fractional-reserve-banking.html

[8] We saw the ‘crazy’ mortgages but failed to spot dangers of debt: Bank chief’s startling admission on financial crisis: http://www.prisonplanet.com/we-saw-the-crazy-mortgages-but-failed-to-spot-dangers-of-debt-bank-chiefs-startling-admission-on-financial-crisis.html

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