Bankers Hooked on Gambling Need a Capital Intervention: View
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Sept. 9 (Bloomberg) -- Would you give money to a compulsivegambler who refused to kick the habit? In essence, that’s whatthe world’s biggest banks are asking taxpayers to do.
Ahead of a meeting of the Group of Seven industrializednations’ finance ministers in Marseilles this week, bankers havebeen pushing for a giant bailout to put an end to Europe’ssovereign-debt troubles. To quote Deutsche Bank Chief ExecutiveOfficer Josef Ackermann: “Investors are not only askingthemselves whether those responsible can summon the necessarywillpower … but increasingly also whether enough time remainsand whether they have the necessary resources available.”