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World Economic Forum hits back at overregulation

The World Economic Forum has this week seen chief executive after chief executive step forward to condemn the ongoing increase in regulations in the worldwide financial sector. This is the first time we have seen banks publicly fight back together in what is becoming something of a witch hunt around the world.

Only recently Pres Obama introduced a very heavy tax levy on the US banking system and this has been followed up by Gordon Brown's pursuit of a "Tobin tax" on each and every financial transaction around the globe. Despite the fact that regulatory costs and funding issues have increased the base cost of each and every financial institution in the world, there would appear to be more pain to come in the short to medium term.

The fact that financial institutions are now starting to fight back on a collective basis now puts both parties at the opposite ends of the spectrum. At some stage we will need to see some give and take on both sides but at this moment in time these two parties could not be further apart on their short-term objectives. Will we see some kind of compromise in the short term?

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