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From Sagar Chakraverty, Opalesque Asia:
When the 44th President of the US, Barack Obama, took the oath of office on 20-Jan 2009, the world was going through one of the worst economic crisis in decades. What followed was a series of bailout packages by US, Europe and China to put liquidity back into the markets, instill investor confidence and encourage spending. However, till now, not much was done to regulate the banks.
"We should no longer allow banks to stray too far from their central mission of serving their customers. In recent years, too many financial firms have put taxpayer money at risk by operating hedge funds and private-equity funds and making riskier investments to reap a quick reward. And these firms have taken these risks while benefiting from special financial privileges that are reserved only for banks," Obama said on Thursday last week - reported Forbes.
Taking forward the same, President Obama has called for ban on banks from owning, investing in or sponsoring private equity and hedge funds according to a press release on 22-Jan 2010 from Preqin, a research and consultancy firm focusing on alternative asset classes with offices in London and New York. ...................... To view our full article Click here
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