G-20 leaders agree to delay, for years, to set new rules for banks

[brentspeak]

Got that? The same bought-off politicians who had earlier wasted no time in reaching an immediate agreement to impose austerity measures on their respective citizens in order to please rich bondholders and Wall Street decided, in their collective wisdom, that the very same global financial institutions which had destroyed everything in the first place should be allowed sufficient time to rape and pillage before...destroying everything in the second place.

I believe it was a Frenchman who, over 200 years ago, invented a highly-efficient contraption which solved these sort of "leadership" problems very quickly and decisively.

http://www.nytimes.com/2010/06/28/business/global/28bank.html?src=busln

Global Leaders Take a Long View on New Rules for Big Banks
By SEWELL CHAN and JACKIE CALMES
Published: June 27, 2010

TORONTO — Giant banks, while bracing for a wave of tougher regulation in Washington, will not have to face a new set of global rules on capital and liquidity anytime soon.

The world’s biggest economies have been developing rules that would require banks to hold more capital and be better equipped to absorb losses when financial conditions sour. But it became clear on Sunday at the meeting of the Group of 20 countries that it could be years before they take effect.

The rules are to be finished at the next G-20 leaders’ summit talks, in Seoul, South Korea, in November.

While the participants here said they aimed to adopt the rules by the end of 2012, they cautioned that the standards would be “phased in over a time frame that is consistent with sustained recovery and limits market disruption.”

[Hannah Bell]

1. fucking thieves

[DJ13]

2. You know how long the banksters plotted & planned for the worldwide ripoff?!

It takes time to steal trillions without raising the ire of average people to the point they revolt.

[ProSense]

3. But aren't all these countries better than the U.S.? n/t

[girl gone mad]

6. "These countries" includes the US..

and if you've kept up with events, you would know our Treasury Secretary Tim Geithner is the person who has been pressuring world leaders to weaken and slow down reform efforts.

[Dawson Leery]

4. Should have let them fail.

All of them.

[Angry Dragon]

5. As the world turns we see the

ignorant and the arrogant once again bow down to their masters so they can lick their boots.

[leftstreet]

7. K&R

Interesting article. Thanks for posting