G20 Summit: Barroso Blames Eurozone Crisis On US Banks
THE GUARDIAN: EC president says European leaders have not come to Mexico to receive lessons on how to handle the economy

The opening day of the G20 summit was threatening to deteriorate into a fractious row between eurozone countries and other non-European members of the G20, notably the US, as EU commission president José Manuel Barroso insisted the origins of the eurozone crisis lay in the unorthodox policies of American capitalism.

As Europe's leaders came under intense pressure to act decisively to cure the euro's ills, and a campaign gathered pace to relax some of the austerity programmes laying waste to countries burdened with unsustainable debt levels, Barroso insisted that Europe had not come to the G20 summit in Mexico to receive lessons on how to handle the economy.

When asked by a Canadian journalist "why should North Americans risk their assets to help Europe?" he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.

"By the way this crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market." » | Patrick Wintour in Los Cabos, Ian Traynor in Brussels and Helena Smith in Athens | Monday, June 18, 2012

The Scum of the Earth!
Eight Wall Street bankers were force fed large slices of humble pie on Capitol Hill as congressmen lined up to vent populist outrage over high living, lavish bonuses and gross incompetence on Wall Street.

Photo of US bankers courtesy of The Telegraph
The heads of Goldman Sachs, Wells Fargo, Citigroup, Bank of America, Morgan Stanley, JPMorgan Chase, Bank of New York Mellon and State Street all wisely took the train or drove to Washington rather than boarding private jets.

But that did not quell the demands for them to show the contrition expressed publicly by their British counterparts.

Barney Frank, chairman of the House of Representatives Financial Services Committee, addressed them and said: "I urge you strongly to cooperate," and respond to questions "not with mumbo jumbo but with reality".

The eight men behind the witness table did their best to placate him.

"It is abundantly clear that we are here amidst broad public anger at our industry," said Lloyd Blankfein, CEO of Goldman Sachs. "In my 26 years at Goldman Sachs, I have never seen a wider gulf between the financial services industry and the public." >>> By Toby Harnden in Washington | Wednesday, February 11, 2009

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