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Barclays President Robert Diamond on Financial Regulatory Reform

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Uploaded on Dec 15, 2009

Barclays PLC President Robert Diamond spoke at the New York office of the Council on Foreign Relations on December 14, highlighting what he considers the most important aspects of financial regulatory reform to ensure a sustained economic recovery and avoid another crisis. Diamond discussed wayward negative public sentiment about trading, noting that 98 percent of losses in the financial system have originated with loans, not trading. He also stressed the need for strong banks to play a vital role in transferring risk from those that seek to get rid of their risk and those that need access to risk, such as pension funds. On the responsiveness of financial institutions to the financial crisis, he said most of the big banks are not waiting for U.S. financial regulation and have already improved their capital reserves, lowered leverage, increased cash for liquidity, and openly supported the compensation guidelines of the Financial Standards Board.

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