Greenspan warns smaller banks' weakness

[lovuian]

http://feeds.bignewsnetwork.com/?sid=1ab6a21e58c485d9

Big News Network.com Saturday 12th March, 2005 (UPI)

U.S. Federal Reserve Chairman Alan Greenspan warned Friday smaller banks may be forced to close when new global rules are introduced.

In a satellite address to the Independent Community Bankers of America conference in San Antonio, Greenspan said regulators may have to adjust their capital rules to keep smaller banks afloat.

The United States must comply with banking regulations set by the Bank of International Settlements by January 2008.

more...

Banks possibly closing thats not good is it???

[bemildred]

1. If Greenspin says it, I expect the opposite is true. nt

[missouri dem 2]

2. I suspect that he is setting the table for big banks to buy up

small banks and taxpayers foot the bill.

[NYC]

5. That's what I think.

Welcome to DU. :hi:

[Fovea]

7. I think you have a good point

and welcome to DU!

[missouri dem 2]

9. Thanks for the welcomes. D.U. is home.

Remember when Greenspan raised the rates 7 times in 2000? Slowed the economy enough to scare some people into voting in w. When interest rates hit bottom last year he advised people to borrow at floating rates rather than getting fixed rates. Scumbag.

[Coastie for Truth]

3. This reminds me of the Big Banks' attacks on Credit Unions

and Mutual Savings Banks (owned by depositers).

I knew we made a mistake when Gingrich killed the Glass-Steagle Bank Act as part of his Contract On America.

[lovuian]

4. Ya like the Savings & Loans debalacle!!!

We are going to be a country with just Big Banks!!! Not good!!!

[Enquiringkitty]

8. Do we not have that "monopoly" law anymore? The one to encourage

competition? Did I miss that one being thrown out? or does that apply to bank?

[Coastie for Truth]

10. Very bad

especially with the Gingrich "Contract on America" repeal of Glass-Steagle.

[Dover]

6. Bank for International Settlements, banking regulations website >

Bank for International Settlements

The Bank for International Settlements (BIS) is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks. It was originally formed by the Hague Agreements of 20 January, 1930, with the purpose of facilitating Germany’s payment of reparations following World War I. Today, the BIS is a focal point for research and cooperation in international banking regulation. It sponsors the Basel Committee.

In 2004, the Basel Committee finalized its new Basel II accord on bank regulation. US regulators perceive this as primarily relevant for internationally active banks. They intend to apply it to just ten of the largest US banks. Another ten will have the option to opt-in. Other US banks will remain subject to existing US regulations, including those adopted under the original Basel Accord.

http://www.riskglossary.com/articles/united_states_financial_regulation.htm#During%20October%201929


Related Internal Links


*Basel Committee A deliberative body that has played a leading role in standardizing bank regulations across jurisdictions.

*European financial regulation An overview.

*United States financial regulation An overview.

http://www.riskglossary.com/articles/bank_for_international_settlements.htm

----------------

Independent Community Bankers of America:

http://www.ibaa.org/

[cliss]

11. What new rules? Why haven't I heard about this?

Alan Tailspin is such a fool. I give him a big THUMBS DOWN.

[DeepModem Mom]

12. kick

[Massachusetts]

13. All part of "The New World Order." Remember?