Today, TCO brings back Quick Links, which keeps our readers updated in the world of consumers.
UBS, one of the largest banks in the world, had one of its employees arrested for allegedly losing over $2 billion, which would essentially eliminate the company’s quarterly profits. The New York TImes’ DealBook asks the question we all should: Why are standard banks still allowed to double as investment banks? As TCO has called for, let’s heed the brilliant Paul Volcker and get banks back to doing what they do best—banking.
The New York Times also reports that the British and Swiss crackdowns on the financial and banking industries have been the harshest. Which is as it should be, since four of the world’s eight largest banks—Royal Bank of Scotland (#1, UK); Barclays (#4, UK); HSBC (#5, UK); and UBC (#8, Switzerland)—are located in one or the other. Now if only the United States—Citigroup (#7); Bank of America (#10); and JPMorgan (#12)—would follow suit.
Last but not least, Champion of the Consumer, Elizabeth Warren is running for Senate. She already has the Corporate Observer’s endorsement. Lest I take anything away from her eloquent message, I’ll leave it to Professor Warren to explain her platform here.
Assisted by David Martin