That comes from a media that is a defender of banks.
"Official takes pulse of Europe’s banks" by Danny Hakim | New York Times, October 21, 2013
FRANKFURT — All Ignazio Angeloni has to do is figure out the European banking system.
Angeloni, 59, is head of the European Central Bank’s financial stability division, giving him a lead role in a task about to get underway: examining the books of the 130 or so largest banks in the 17-member euro currency union. It will be a financial triage aimed at figuring out which banks are sound and which are not.
Over the past few years, the world’s financial institutions have become black boxes, so opaquely complex that they are little understood by regulators or their own executives.
Then it is time to do away with them and the private central banking Ponzi scheme of debt enslavement.
Lehman Brothers vanished in a puff of financial wizardry gone wrong. JPMorgan Chase was humbled when it lost control of its own traders in London. And European regulators gave the French-Belgian banking giant Dexia a clean bill of health in 2011 after a supposed “stress test,” only to see it collapse a short time later.
This week, Angeloni and other central bankers are expected to reveal details of the banking review process. The undertaking, at the behest of the European Union, is meant to place the big banks of Europe more directly under the supervision of the European Central Bank, instead of the current patchwork of national regulators. At stake is the world’s confidence in Europe’s banking system.
Then they just blew it because MORE CENTRALIZATION is NOT the ANSWER!
If the effort fails, it could undermine Europe’s fragile economic recovery and perhaps the credibility of the European unity project itself.
“You have to supervise what banks do,” Angeloni said during an interview at the central bank’s headquarters here. “You cannot leave them alone, because if you do, they can become dangerous.”
The banks of Europe, of course, are particularly treacherous. The ones in Greece were crippled by their government’s toxic debt.
Then why are citizens on the hook?
Btw, I was told just today that Greece is doing great now.
The ones in Cyprus were “bailed in” by their own depositors.
See: Globe Grab Bag: Candy From Cyprus
It was $weet for somebody.
The ones in Spain have sucked in billions of euros in aid to make up for bad loans.
Related: Spain's Other Crash
And several banks across Europe have become wards of the state. So can anyone really make sense of it all?
That last question is so disingenuous, insulting, and asinine! Bank thieving and looting is just some sort of esoteric exercise in existentialism.
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From the window of Angeloni’s downtown office, one can see the future headquarters of the European Central Bank rising on Frankfurt’s horizon. The grand skyscraper, bracketed by cranes, is a testament to the central bank’s growing role as a world power.
70 years after World War II the true fa$cists have triumphed.
The unwieldiness of some banks, Angeloni said, is a symptom of technological advances that have led to nano-second trading and the use of complex computer algorithms that guide investment decisions.
Tran$lation: It's a rigged system creating volume to skim profits.
And while he expressed doubts about the usefulness of splitting up the investment and retail arms of banks, as many on both sides of the Atlantic have advocated, he still suggested that some banks had grown too complex for their own good, or for society’s.
Yes, there will be no return to Glass-Steagall for Harry Reid will not bring Liz Warren's bill to the floor.
Related:
"Attorney General Eric Holder told the Senate Judiciary Committee that the nation’s banks had become too big to jail. “The size of some of these institutions becomes so large that it does become difficult for us to prosecute them,” Holder said at a hearing Wednesday. “If we do prosecute — if we do bring a criminal charges — it will have a negative impact on the national economy, perhaps even the world economy.”
Umm, AG Holder, they ALREADY ARE HAVING a NEGATIVE EFFECT on the ECONOMY! They are DESTROYING IT!
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Related:
"If some banks need more money, the ECB said, they should first try to raise money from private investors. But if they are unable to, governments will need to step in."
Translation: TAXPAYERS must BAIL OUT MORE BANKS even as the industry sets record profit levels.
The NYT is right; CENTRAL BANKS are FAR MORE POWERFUL than ANY GOVERNMENT.
