Group of 30 urges greater oversight of financial institutions

Increased oversight of financial institutions seems a certainty as world economies slide further into economic recession

Citigroup's revelation that it is to split in two and with Bank of America again going cap in hand to the US government for a further multibillion-dollar loan seems to validate recommendations made by the Group of Thirty that large banks need to be more closely regulated, and prohibited from participating in risk trading enterprises. Given their systemic importance to national and international economies, the report stated that such large banks should face restrictions on involvement in prop