Jess Daly, Davos, Financial Crisis discussed on A Closer Look with Arthur Levitt

Automatic TRANSCRIPT

The company's corporate image barclays chief executive jess daly is warning investors and business leaders that the mood at this year's world economic forum in davos is too similar to two thousand six when everyone thought there would never be another financial crisis he spoke about how to prevent the next financial meltdown with bloomberg's tom keene along with citigroup ceo michael corvette and harvard professor can rogoff calamity will leave this the last financial crisis in the damage that was done globally and i do think one thing that is different this time that we need to utilize i think the the connec 70 in the collaboration between regulators and academics and and and publicly firm an an investment firms and banks is that a whole nother level them than it was precrisis you go back in two thousand five thousand six bank would meet with the fed may be once every quarter uh uh today we have the the bank has been the pera aiding fca there in the bank every day in the british june this matter a more focused i'm going to call i think in both sides of the atlantic the degree of integration or or or work between the regulators and the banking community not only to fix what happened last time but now i think as most of the corrections through bank regulations have occurred it really is we need to work collaboratively with our regulators to witness crisis he'll on one level clean two thousand eight an an an and as an on the regulators were there just bear witness in it's something went on they would use their abilities to bring the big bang inordinate something in order to shut up uh course correct the economy uh realtime today the deep political body have told the regulators i want you to regulate the systems distressed after what not so you avoid the next financial crisis ill my some almost two years clear finance we never whether the next financial crisis it's so and so i think is incumbent upon banks and firms and academics is to work collaboratively with regulators triglav wanted the next financial crisis because lightly so the political cost of the banks have endured because of what happen 10 10 years ago been very high so i do think we all need to sit down and forums like this and.

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