Several newspapers of the CH Media group of Switzerland, including Luzerner Zeitung, St. Gallen Tageblatt and Aargauer Zeitung, ran an article by Washington correspondent Renzo Ruf on the battle for the Glass-Steagall Act starting again in the United States on April 10. This was on the eve of the three-days joint Parliament session on the banking crisis in Switzerland, and had certainly an impact on the debate, which we have earlier covered. NB: Ruf is also correspondent for the Neue Zürcher Zeitung, which belongs to the same publishing group, but the internationally known financial daily NZZ did not run his article!
The article headline announces: “Back to the Future: Is the U.S. Again Facing a Debate on Breaking Up the Banks?” It adds: “New impetus for an old idea: After the recent turmoil, some Democrats and Republicans in Washington are again calling for the introduction of a bank separation system. Could the split of commercial banks and investment houses prevent the next crisis?
