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Opposition: Banks blackmail and dictate

The Local · 21 Jul 2012, 11:39

Published: 21 Jul 2012 11:39 GMT+02:00

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Banks are guilty of "blackmailing" and "dictating" policy to European states, wrote Gabriel in a preview of an eight point paper seen by the daily tabloid Bild on Saturday.

Banks have effectively forced governments to bail them out by threatening massive damage to national economies if they are allowed to fail, he wrote, and complained that this makes politicians seem "willing stooges of the banks and financial markets" in the public's eyes.

He went on to demand a Europe-wide bank insolvency law to ensure that banks can be left to go under without taking whole societies down with them.

Gabriel’s comments come just days after he criticized German banks for ripping off their customers with extortionate interest rates for overdrafts. In his paper he further accused banks of “manipulation,” for example by conning their customers into buying toxic assets. Not only do they pay their staff "obscene salaries," they also take risky gambles with their customers' savings, wrote Gabriel.

“Through their behavior a minority of bank managers risk massive damage to society daily and are responsible for a huge loss of trust in the whole sector,” he wrote.

He also accused banks of “aiding tax crime,” and demanded tighter laws allowing German authorities to bring legal cases against foreign credit institutes and their employees.

With the position paper, Gabriel said he has launched what will be the opposition's election campaign against the worst excesses of the financial sector.

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“The parliamentary elections in 2013 must be made into a decision over the taming of the banking and financial sector,” wrote Gabriel.

DAPD/The Local/jlb

The Local (news@thelocal.de)

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Your comments about this article

15:40 July 21, 2012 by Englishted
Everything he says is correct but the S.P.D. were in power not so long ago and did nothing to control the banks who were equally as greedy and dishonest as they are now,your party sold out to join the C.D.U. in partnership and I don't forgive or forget until you sack any member who was involved in that shameful episode,yes a good old fashioned purge is long overdue.
16:43 July 21, 2012 by Navigator_B
The SPD has given in to the blackmail as much as anyone else by voting for all the bailouts that effectively guarantee the banks bad loans to other EU countries. They have never demanded that the banks be dismantled as a condition for the bailouts.

Great words, Herr Gabriel, but are you really going to convert them into actions? 
18:20 July 21, 2012 by SynJyn Tweer
It is time that the criminal actions of the large thieving corporate banks are brought to an end. CEO¦#39;s and senior officials should queue in front of jails where they belong. There should be no option of a fine they have been stealing from an unprotected public for decade. Lets get some action, lets get proper laws to get the blood sucking criminal bankers behind bars.

Let small independent and competitive banks take over.
20:31 July 21, 2012 by puisoh
Dear Englishted n Navi-B,

It's election propaganda. They don't think beyond the next four years, all they care about is staying in power and in the limelight, the politician I detest most is Wolfgang Schüble, a true traitor, proposing to change the German Constituition to accomodate the terms of various bailout schemes said it all .. all conscience and ethics lost, it is sad.
08:02 July 22, 2012 by Englishted
@ puisoh

True but if we don't keep banging on the same drum people forget .
12:03 July 22, 2012 by Kennneth Ingle
In the opposition, the SPD are always ready to say what the people want to hear, when in government, they do just the reverse. This party has long lost its right to claim the role of a lance for social justice. Unfortunately the CDU is no better and is far from being Christian. The FDP have always been capitalists (not liberals), as they claim. The Greens and Links do so as if they are looking after the peoples interests, but this mostly at the cost of future generations. What is left over? The NPD and Pirates!

None of the parties seem to respect, or follow the words of the German written Constitution, which is one of the finest in the world, and all German governments cave in to blatant outside blackmail when the word Holocaust is mentioned.

It is no wonder that many Germans no longer bother to vote.
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