A global day of financial reckoning isn’t far off, says a onetime giant of Swiss private banking.
By more or less shoving free trade down everyone's throat, America paved the way for globalization. This is what has destroyed jobs and driven down wages in the developed countries, hobbling economic growth and gouging tax revenues."
"after a career in finance I look aghast on what has happened since the turn of the 21st century. The conclusion I have come to is that the present financial crisis was caused by, and is one of the most blatant manifestations of, widespread moral decline in our society."
"devoid of all common sense and consumed by greed, the big all-service banks led by Wall Street contrived a financial system that was nothing but a house of cards while adopting lending criteria based on equally flimsy mathematical hypotheses. Not that they cared; they unloaded their junk from their balance sheets onto duller players who snapped it up as a cash-flow booster, only to see it all go up in smoke later on."
"we will need a full reinstatement of the Glass-Steagall Act (repealed in 1999), which made it impossible for a single legal entity to conduct or control all types of financial business."