Wednesday 7 December 2016

Fed chief: bailouts 'unconscionable'

BANKS

Published 22/03/2010 | 05:00

Fed chief Ben Bernanke. Photo: Getty Images
Fed chief Ben Bernanke. Photo: Getty Images

US Federal Reserve Chairman Ben Bernanke has said government bailouts of big financial companies are "unconscionable" and must be ended.

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"It is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms," Mr Bernanke said in a speech in Orlando, Florida. "If we achieve nothing else in the wake of the crisis, we must ensure that we never again face such a situation."

Darling to resist giveaway budget

ECONOMY

UK Chancellor of the Exchequer Alistair Darling said yesterday that his annual budget would include measures to spur private investment in an effort to boost credibility with voters as opinion polls point to a hung parliament. Mr Darling reiterated that he would refrain from populist pre-election "giveaways" or further tax increases on the rich. Instead, Mr Darling pledged money to support corporate investment. "Government can't do it all, but government can make a difference," Mr Darling he told BBC radio's 'Sunday AM' programme.

Daimler investor won't boost stake

MOTORING

Aabar Investments PJSC, the Abu Dhabi fund that is the biggest shareholder in Daimler AG, put plans to boost its stake in the German carmaker on hold after the shares surged. Aabar in March last year paid $2.7bn for a 9.1pc stake in Stuttgart-based Daimler, the world's second- biggest luxury carmaker. The shares have surged 59pc in the past year; Aabar's shares are up 29 pc.

UK consortium in talks on Postbank

BANKS

A British consortium is in talks about saving Postbank, the joint venture between An Post and BNP Paribas. The Belgian group is in talks with the consortium, which includes a former Tory cabinet minister, the 'Sunday Tribune' reported yesterday. Such a move would save 130 jobs and give people more choice in banking.

Irish Independent

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