Saturday, May 15, 2010

Banks and banks

I don't know how to link to this, but there's a table on page 5 of the May 15-21 Economist that lists the top 25 banks active in emerging economies. Eight are Chinese; others are from the UK, Brazil, Russia, Spain, Italy, Saudi Arabia, Singapore ... and exactly one, Citigroup, is from the United States.

So as you hear President Obama and the Congress attacking Wall Street and the banks and doing their best to put their heel on their throat - no, wait a minute, that was British Petroleum - just think: we can destroy our financial institutions, either by misregulating them or by fining and taxing them. Then the rest of the world can carry on. Do you really think that foreign banks will treat us better?

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