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UK's Miliband says banks face isolation

Friday, February 03, 2012 - 01:53

Feb. 3 - UK opposition leader Ed Miliband says he will step up his attacks on extravagant bankers' bonuses, warning that banks face intense public anger and isolation unless they change their ways. (No reporter narration)

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(ROUGH CUT - NO REPORTER NARRATION) (SOUNDBITE) UK LABOUR LEADER, ED MILIBAND, SAYING: "So this is a call for banking to recognise that continuing on its current path will lead to further isolation from society, greater public anger, and more years in which banking is a subject of lurid newspaper headlines." (SOUNDBITE) UK LABOUR LEADER, ED MILIBAND, SAYING: "The consequences of the reckless irresponsibility are now being felt up and down the country. Every time a library closes, every time a school can't afford a new book, every time a police man or woman has to leave the beat. These consequences are being felt by everyone in society. I think the banking sector needs to understand this. People who did not cause the financial crisis are paying the price, and many feel that those who did cause the crisis are not paying the price." (SOUNDBITE) UK LABOUR LEADER, ED MILIBAND, SAYING: "Three years on from the collapse of Lehman Brothers I think the debate on how we reform our banking system has only just started. Everyone can agree that the tug of war we have seen over the last fortnight over bonuses is bad for the reputation of the banking sector. Nobody in this country, neither the banks most staunch defenders, no their most outspoken critics will think a public argument between politicians, executives and the public about bankers pay is the right way for that pay to be set." (SOUNDBITE) UK LABOUR LEADER, ED MILIBAND, SAYING: "The banking sector in my view can either continue down the path that led us to big bonuses, busts and bailouts, or it can take a different path. I think there are signs of this happening in some cases, but we need to go a lot further."

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UK's Miliband says banks face isolation

Friday, February 03, 2012 - 01:53