While American International Group (AIG) was thrown a buoy by the US Government in the shape of a $85bn (£48bn) facility with the Federal Reserve Bank of New York, the US Treasury's plan to buy-up distressed assets from Wall Street banks is not being met with the same level of political support.As we watch the race for the White House enter a new dimension in the US, and the Labour leadership question begin to revolve around who is best placed to manage a recession, the reality is setting in that what happens on Wall Street impacts directly on the High Street.The political focus in both the US and UK is now on the consequences of more than 30 years of capitalism without boundaries. If there are to be calls for a reassessment of regulation, and a hard-line approach to the markets, this will have to be conducted on a global scale, with multi-lateral treaties adding teeth to the lip-service of government control.But how will lightly-regulated offshore jurisdictions fare in such a global exercise?
October 08, 2008 at 10:23 PM
1 minute read
The original version of this story was published on Legalweek
Tim Corfield considers how Guernsey is placed to deal with the financial turmoil affecting global markets
More than 150 years of Wall Street hegemony stood for little as Lehman Brothers sank into the shallow tide of Chapter 11 of the United States bankruptcy code.
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