George Soros has called for a radical break-up of banks which are "too big to fail".
He also backed US President Barack Obama's proposed reforms to limit the size of banks at the World Economic Forum in Davos, the BBC reports. Speaking at a private lunch, Soros told journalists Wall Street bankers opposing Obama's plans were "tone-deaf". Soros called the current economic crisis a "super bubble" that had been "generated by the system itself," and was the culmination of 25 years of "smaller bubbles" and misguided attempts to tackle them. However, Soros praised two UK regulators - Lord Adair Turner of the FSA and Bank of England governor Mervyn King - for understandin...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes