Davos: Bankers challenge the Magic spell

Bankers have been the target of the financial crisis. It is widely believed that the financial industry's speculative excesses, weak regulation, bonus culture and the accounting tricks used have pushed the global economy to the brink.　　　　The bankers and investors in Davos have raised a lot of objections to the government's regulatory policies. US stern regulation as the focus of the French President Nicolas Sarkozy said at the opening of the January 27 meeting that financial Regulation must be strengthened to curb speculation and protect the long-term interests of countries, and that the financial system had been "completely crushed" without previous strong government intervention.　　But bankers at the meeting said that over-regulation would dampen the recovery in the global economy. U.S. President Barack Obama on January 21 issued tougher regulatory rules: the government plans to increase financial regulation, limit the size of financial institutions and trading practices.　　This has led bankers to worry that differences in financial regulation in the US and other countries could lead to a surge in financial risk. In the European and American governments after the fist, the Forum on the scholar's attitude seems more conservative and rational.　　Rubini, a professor at NYU, says the new rules of financial regulation that Mr Obama represents are in the right direction, but it is not enough to cut the size of the banks, there should be other measures.　　La Goulamai Rajan, a professor at the University of Chicago's business school, argues that policymakers and regulators will focus too much on peripheral issues such as pay and bonuses in the financial sector after the crisis, ignoring the most important issue that should be addressed, namely, enhancing bank transparency and strengthening risk management. Big bankers talk like "choke" in the face of high regulatory pressure from the government, bankers are "up in the Davos" forum, not letting go of any chance of questioning.　　About 60% of bank chiefs are "extremely" or "fairly" concerned about the risks of over-regulation, a survey published by PricewaterhouseCoopers in Davos. Robert Daimond, president of Barclays Bank of England, said: "There is no evidence to make all banks more small to avoid triggering a new financial crisis; If the ' big ' equals ' bad ', and thus the size of the bank is scaled down, then employment, the economy, especially the global trade and economy, will be adversely affected. "Does splitting up big banks help revive the economy?" The answer is clear-No. "said Sands, chief executive of Standard Chartered Bank of England.　　Deutsche Bank chief executive Ackerman also warned that "all people will be losers" if the regulatory measures are too draconian. Blackstone CEO Stephen Schwarzman's remarks were sharper. If politicians continue to "axe" the financial sector, he says, and regulatory uncertainty is too long to be removed, banks will be reluctant to lend, endangering economic recovery. "Financial institutions will feel besieged and they will opt to retreat." "Schwarzman said:" Because they do not know how much tax will be paid in the future, do not know how much the total assets limit, do not know what business can be allowed to do. The uncertainty is too great. The uncertainty in the real economy is less serious. "Soros: Banks should repay aid funds first although" very supportive"The Obama administration plans to limit the size of banks," Soros said, "but the timing is wrong".　　Mr. Soros said at the forum that it was too early for governments to take stringent regulatory measures, and that the Government should not implement the exit plan prematurely because it would not help the economy out of its predicament. "The Obama administration's new proposal to levy banks runs counter to the policy objectives pursued by the government," Soros said. "The call for tougher regulation of big banks is now too early, and too draconian measures may make banks more cautious about lending, which is bad for the US economy out of the woods." He said that in the financial crisis, the U.S. government poured money into the bank to stabilize the market has played a huge role in the economic stimulus policies to bring the world economy back to the path. After the financial crisis, from the economic point of view, the bank should first repay their aid funds, then the Government to take measures to reduce liquidity, reduce the fiscal deficit, the government can not adopt a number of stringent policies.