Actually the French liberals, when they were in Power, did had a proposition of law taxing forein exchange trade.
Must be the year G Soros was fined for wrongdoing (and paid the fine immediately, gawd prevent me from going in appeal, they could find something <vbg>.
Also the year the Credit Lyonnais scandal was verbal.
Besides, I don't know which European banks you are refering to:
Credit Suisse - First Boston, Deutsche Bank - Alex Brown, UBS - Warburg ... <g>
Dunno which legal system is best to regulate banks.
In Europe investment banks must be separated from deposit banks, but they are allowed to produce insurances.
Absent from Europe is the primary dealer system of the Fed.
Germany Inc. still has problems with investment banks/deposit banks: so much cross-participations that few people can say who owns what.
IMO, current laws are a choice between the worse and the worst.
I would like to see a system where banks protect your deposits, mutual funds not owned by banks or brokers, brokers who would be just that and not bankers, insurances bot at an insurance company,... utopia.
My worst nightmare is, that banks (deposit banks) would only accept electronic transactions, no cash anymore.
Your buying power beeing reduced to a few bits of data somewhere, open to any hacker. Be it the state or a criminal.
(Why did I used that "or" <ng>). |
