Derivatives and tax havens
Paul Jay speaks to Sony Kapoor at the Tides Foundation’s Momentum conference in San Francisco. Kapoor, a former investment banker, explains that the financial system over complicates its own products in order to prevent easy copying, to extract maximum profits, and to confuse its customers, to further extract profits. He also speaks about how much of the global economy is based on the financial sector evading taxes, and says how that must be changed. "We need more compartmentalization in finance, be it the Glass-Steagall Act, separating commercial banking from investment banking… risk should be borne by people who are best qualified to bare it, and they should be regulated differently, and everything should be watched by the regulator."
Transcript Not Available