Truce for Bankers at Davos

Policymakers and bankers seemed to agree after a week of bickering at Davos that global financial regulation of some sort is required to right the economy and prevent further financial calamities. Said the head of Deutsche Bank, “There was better dialogue between business leaders, political and regulatory leaders than ever before.” Massachusetts Representative Barney Frank was one of the politicians present at the World Economic Forum to remind bankers that the world's will may have turned against them. “The big banks, if they think they’re in a position to stop the regulation, they’re deluding themselves,” Frank said before meetings began. “They have no political support.” Afterward, Frank said bankers had "got the message." According to the Financial Times, leading bankers say they are prepared to pay a global tax to help with economic recovery efforts.