Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Opposition: Banks blackmail and dictate

Share this article

Opposition: Banks blackmail and dictate
Photo: DPA
11:39 CEST+02:00
Leader of the main opposition Social Democrat (SPD) party Sigmar Gabriel has written a position paper slamming banks for blackmailing and manipulating the state as well as aiding tax evasion, a newspaper reported on Saturday.

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.

“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

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university tackling the challenges of tomorrow

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement