The Barclays LIBOR Fallout in Quotes
5. Private Banks Have Failed
Only if the largest banks are broken up, the part-nationalised outfits turned into genuine public investment banks, and new socially owned and regional banks encouraged can finance be made to work for society, rather than the other way round. Private sector banking has spectacularly failed, and we need a democratic public solution.
— Seumas Milne, columnist and associate editor, The Guardian, in his column "Private Banks Have Failed -- We Need a Public Solution."
Source: The Guardian