Highlights: Financial regulation from the WEF
DAVOS, Switzerland (Reuters) - Following are highlights on financial regulation from sessions and interviews at the World Economic Forum in the Swiss resort of Davos on Wednesday.
GEORGE SOROS, BILLIONAIRE FINANCIER
"To tax the banks when they are doing everything they can to get out of a hole is the exact opposite of the policy you are trying to pursue....
"Some banks will spin off their investment banks and they will be very substantial and they will be too big to fail....
"There are investment banks that are too big to fail and they all now enjoy implicit guarantee. And to claim that the guarantee is not there is not credible. It will only become credible after a number of years when actually banks are allowed to fail."
PETER SANDS, CEO, STANDARD CHARTERED
"The idea that banking is getting back to business as usual is a misunderstanding. Banking has fundamentally changed
"There is an acceptance that things will have to continue to change."
LORD LEVENE, CHAIRMAN, LLOYDS "We will have internationally coordinated regulation... But you can't just regulate. The answer has to rest with the industry. Industry has to deal with itself because that's where we are going to get a recovery. Continued...