Submitted on Wednesday 3rd August 2011
Published on Wednesday 10th August 2011
Current status: Closed
Closed: Friday 10th February 2012
Banking Reform a modern 21st century to Glass-Steagall
We ask the Coalition to reject the weak propostion of Ring Fencing put forward by bankers-The Banking Commision. We demand a 3 point plan of action.
1) Breaking up the banking system which goes beyond the simple To Big To Fail TBTF proposal. Hence, this petition is asking for a returning to a modern day Glass-Steagall via 21st a century legislation that creates new fire walls. Moving beyond a simple separation between commercial and investment banking and create a system that can accommodate—and separate—the many different kinds of financial operations now in existence.
2) Banning Investment, Commercial banks & broker dealers from doing any kind of short-term borrowing. This would make the financial system less interconnected, and less prone to chain reactions. .
3) Finally, Retail banks should not offer any form of collateral, underwriting or loan that finances any exotic financial instruments & stocks or shares.
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