Investment legend praises UK regulators
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Investment guru George Soros has praised both FSA chairman Lord Turner and Bank of England governor Mervyn King for their attempts to regulate banks.
According to the BBC, Soros told journalists at a private lunch at the World Economic Forum in Davos that both Turner and King understood the financial crisis and had been trying to develop good policies in limiting banks’ powers.
Soros, who was famed as the man who ‘broke the Bank of England’ in 1992, said that banks must be broken up as they were currently ‘too big to fail’. He said this would only work with international co-operation to stop “Goldman Sachs setting up shop in Somalia”.
He also praised President Obama’s “Volker rule” which aims to restrict risky trading by US banks, but he says more has to be done to make sure banks are not too large.
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Readers' comments (2)
LOL | 27 Jan 2010 6:37 pm
We can all rest easy knowing that King & Turner are doing a great job.
the millions of pounds spent on the Davos conference, where the great and the good can congratulate each other, is money well spent.
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Incompetent Regulators Awards Team | 28 Jan 2010 12:47 pm
If Soros thinks Turner & Co are so great why doesn't he put some of his money in regulations. As most of it is ours anyway!
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