This Blog has already clearly stated that no country can really control International Banks, let alone Intercontinental Banks !!! Banks of this magnitude can circumvent or even circumnavigate any legal restrictions any country may wish to impose upon them !!! (article dated 4 August 2010 "Politicians and Banks)
One must not ignore the fact that these banks have shareholders. Their directors must act to serve their shareholders and thus merit their annual bonuses !!! Limpid local national restrictions or laws will never really deter Multinational or Intercontinental Banks. President Obama said it simply: " Banks are too big !!! "
All the recent top level discussions aimed at averting another Banking Crisis ignore the basic principle of law enforcerment which is:- "If you cannot penalise those who break a law, don't make the law" !!! Those who are "guilty" will hold the "law" up to ridicule and contempt !!!
Unless there is an immediate intercontinental agreement to control certain activities of Banks and their directors nothing will change. To imagine such an agreement is utopian.
At present the most important consideration is to determine what the Westminster Parliament can do to protect National interests from a future demise of Banks which operate in the United Kingdom.
This Blog has already proposed that "National Banks" only, which have no foreign shareholders or subsidiaries, should be favoured with loans from the Bank of England !!!
Recognised National Banks only should be favoured with cheap "Tap Loans" to permit the furtherance of Government policies. In particular this could apply to mortgage loans: did MacMillan in the Fifties not give hope to many in this way ?
Westminster, and the Bank of England, must reconquer its control of the financial market !!! Bankers who gamble must understand that they do not have a devine right to resurrection if their banks fail or make losses !!!
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