Ha Ha talk about the pot calling the kettle black - but sadly he would know better than most that nothing has changed since 2008 - maybe he is trying to distance himself due to getting an uncomfortable sensation around the neck area? George Soros, the billionaire investor, believes the banking sector is a “parasite” holding back the economic recovery and an “incestuous” relationship with regulators means little has been done to resolve the issues behind the 2008 crisis. “The banking sector is acting as a parasite on the real economy,” Mr Soros said in his new book “The Tragedy of the European Union”. “The profitability of the finance industry has been excessive. For a while 35pc of all corporate profits in the United Kingdom and the United States came from the financial sector. That’s absurd.” Mr Soros outlined how the problems that caused the Eurozone economic crisis remain largely unresolved. “Very little has been done to correct the excess leverage in the European banking system. The equity in the banks relative to their balance sheets is wafer thin, and that makes them very vulnerable. telegraph.co.uk/finance/financialcrisis/10684896/George-Soros-blasts-parasite-banks.html
Posted on: Sun, 06 Jul 2014 03:09:49 +0000
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