PARIS, Sep. 1 (EIRNS)—Pierre-Henri Leroy, a senior banking expert, who had been on the “honorary advisory council” of Jacques Cheminade’s 2017 presidential campaign and participated in public events organized by his Solidarité et Progrès party on the urgent need for separation of depository and merchant banking à la Glass-Steagall, released a book in May 2020 to argue for such a policy. While not endorsing Cheminade’s policy for a full bankruptcy reorganization, which would shut down some of the worst speculative banking outfits, Leroy analyzes with great force the intrinsic conflict of interest in the neo-liberal model of “universal banking.”
On Aug. 28, Le Journal de l’Économie ran an interesting review of Leroy’s book La conjuration bancaire: Pour une refonte du système bancaire et monétaire (The Banking Plot: For Recasting the Banking and Monetary System).
This “thick book by the founder of Proxinvest, the largest French shareholder voting advisory agency, is, true to the author’s style, polemical. Structured, documented, implacable, this book will not be recommended by professional economists who, with few exceptions, need to survive off the breasts of the major banks and insurance companies. For this imprecator, a true Torquemada of the current banking system, the latter is guilty of multiple misdeeds and is not worthy of the privileges granted by the regulations in France, as in the rest of the Western world.
