Brummer: Failing the public 利益／興味

By Alex Brummer for the Daily Mail
Updated: 12:30 BST, 25 September 2010

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Sir John Vickers' 独立した・無所属 （売買）手数料，委託（する）／委員会／権限 on Banking is off to a 飛行機で行くing start.

The former Office of Fair 貿易（する）ing boss is 論証するing an independence of mind about 銀行業者s which sadly too few people in the Cit y have been willing to 陳列する，発揮する.

In particular one could not but admire his admonition to the 銀行業者s over 脅しs made by 上級の people at HSBC, StandardChartered and Barclays to 転換 操作／手術s overseas, should 規則 and 課税 in the UK come 負かす／撃墜する too hard.

Vickers is （疑いを）晴らす that such 声明s show a 'sharp 衝突' between banks and the public 利益／興味.

Still, we should not underestimate the ability of banks to get wrong even the simple things, like succession, as we have seen at HSBC over the last week.

Frustratingly, HSBC 'casino' 銀行業者 Stuart Gulliver ? who is one of the very same financiers who have waved the 'overseas card' ? looks like ending up as 長，指導者 (n)役員／(a)執行力のある of Britain's biggest bank.

If anyone has any 疑問s that the Vickers （売買）手数料，委託（する）／委員会／権限 has a real 職業 to do they could do worse than look at the charts at the 前線 of the '問題／発行するs' 文書.

They show the 殺到する in 世帯 and 法人組織の／企業の 負債 from 100% of 国家の 生産（高） in 1988 to more than 450% at the start of the credit crunch in 2007, 同様に as an 爆発 in bank balance sheets.

As fascinating, the charts lay out in （疑いを）晴らす 詳細（に述べる） the 欠如（する） of 競争 in the 部門 with Lloyds 現れるing from 危機 with 30% of 経常収支s, 24% of 居住の mortgages and 23% of small 商売／仕事 banking.

This may have been the 結果 that 出発／死ing 長，指導者 (n)役員／(a)執行力のある Eric Daniels 手配中の，お尋ね者. But it is 全く out of kilter with the 消費者 利益／興味.

The （売買）手数料，委託（する）／委員会／権限 may be いっそう少なく keen on splitting the banks into 'casino' and '公共事業（料金）／有用性' 部隊s than some critics hoped for.

But even if it does not 選ぶ for the most 過激な of 解答s there is good 推論する／理由 to believe that like the Americans we should 可決する・採択する some 肉親，親類d of 'Volcker' 支配する which stops banks from engaging in some of the 思索的な activity which helped 燃料 the 全世界の 炉心溶融.

Barbecue Summers

No one can 告発する／非難する Britain of having an 経済的な leadership vacuum.

George Osborne and Vince Cable, each in their own way, are 証明するing impressively 過激な.

Osborne has made an 衝撃 with his draconian 削減（する）s in spending and Cable with his challenges to the 存在するing, short termist order in the City.

Both needed 取り組むing and they are not challenges which can be easily finessed. The danger of sitting on your 手渡すs and hoping Micawber-like for 条件s to 改善する can be seen in the US. The Obama 行政, packed with Nobel prize 勝利者s, is failing on the economy.

Indeed, the 失望／欲求不満 is so 激烈な／緊急の that there is a 急ぐ to the 出口 at the White House.

最新の 出発 is Larry Summers, 長，率いる of the 国家の 経済的な 会議 who was 説得するd 支援する into high office by the severity of the '広大な／多数の／重要な 後退，不況' and the 知識人 distinction of Obama's 経済的な team.

Several members have 長，率いるd for the door 含むing 予算 director Peter Orszag and 長，指導者 経済的な 予報官 Christine Romer, who is off to the University of California at Berkeley.

の中で the 行政 of 経済的な 星／主役にするs only 財務省 長官 Tim Geithner remains. にもかかわらず his titanic 役割 in the 財政上の 危機 ? at the 連邦の Reserve Bank of New York ? he has been 設立する wanting in Washington.

What many, 含むing the '下落する of Omaha' 過密な住居 Buffett, believe is 行方不明の from the Obama team is 商売／仕事 know-how.

歴史的に, 大統領，／社長s in trouble have reached out to 塀で囲む Street to help 解決する 経済的な problems. This is not an 選択 for Obama because of the 深い 不信 of 銀行業者s.

反して much of Europe, admittedly with mixed success, is setting out 計画（する）s to を取り引きする 予算 赤字s the USis 簡単に drifting.

議会, looking ahead to 中間選挙s against a background of a still high 失業率 and a destabilised 住宅 market, is in a 窮地 about whether to keep Bush-時代 税金 削減（する）s (which run out at the end of th e year) and the Obama 'Making Work 支払う／賃金' 税金 credit in place. 税金 is 普通は an area where the US 財務省 leads.

But, as on 財政上の 改革（する）s, it is the 民主党員s on （ワシントンの）連邦議会議事堂 Hill which have been running things. The only thing that Obama has going for him is the 'Tea Party.' Its members are so dotty that disaffected 投票者s might 恐れる switching に向かって the 共和国の／共和党のs under whose umbrella they lurk.

But Obama needs the 財務省 to 掴む 支援する the reins of 経済大国 if he is to turn the tide of 経済的な hopelessness.

Organised 大混乱

HSBC's capacity for self-害（を与える） looks to be inordinate.

After keeping 分析家s and the markets waiting all day for the white smoke on the succession the much 漏れるd news that 財政／金融 director Douglas Flint would become chairman and 投資 banking 長，指導者 Stuart Gulliver finally 現れるd late in the evening - long after the London and Hong Kong 交流s were の近くにd.

分析家s dialled in at the scheduled time in the hope of learning more about a 大混乱／混沌とした 過程 only to find that they had been given the wrong code and the 施設 didn't work.

So much for setting off for a 週末 in the country in the best City tradition.