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European banks to quit London if UK left EU: Goldman executive
Reuters ^ | Mon Sep 2, 2013 1:30pm EDT

Posted on 09/03/2013 9:53:52 AM PDT by Olog-hai

European banks would leave London “in very short order” if Britain voted to exit the European Union, a senior Goldman Sachs executive said in a newspaper interview published on Monday.

Michael Sherwood, a vice-chairman at the bank, said the prospect of a British withdrawal was a real worry given Prime Minister David Cameron’s plans to hold a referendum on the subject if re-elected in 2015. …

Goldman’s Sherwood predicted European banks would quickly relocate if Britain did sever its EU ties. “Forget what we would do. Every European firm would be gone in very short order,” he was quoted as saying. …

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Germany; News/Current Events; United Kingdom
KEYWORDS: albania; austria; belgium; bosniaherzegovina; brexit; bulgaria; cityoflondon; croatia; cyprus; czechrepublic; davidcameron; denmark; estonia; europeanbanks; europeanunion; eussr; finland; france; germany; goldmansachs; greece; hungary; iceland; ireland; italy; kosovo; latvia; lithuania; london; luxembourg; macedonia; malta; michaelsherwood; montenegro; netherlands; poland; portugal; romania; serbia; slovakia; slovenia; socialmarketeconomy; spain; sweden; turkey; unitedkingdom; youreapeein

1 posted on 09/03/2013 9:53:52 AM PDT by Olog-hai
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To: Olog-hai

I am not sure why. Their would still be money to be made by banking in Britain. This sounds like doom and gloom offered by someone who just doesn’t want Britain to leave the Euro.


2 posted on 09/03/2013 9:56:05 AM PDT by TheConservator ("I spent my life trying not to be careless. Women and children can be careless, but not men.")
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To: Olog-hai

Cameron promised referendum last election and broke that promise. Now he want us to believe him if he get reelected? What a liar


3 posted on 09/03/2013 9:56:10 AM PDT by 4rcane
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To: TheConservator

There, not their.


4 posted on 09/03/2013 9:56:54 AM PDT by TheConservator ("I spent my life trying not to be careless. Women and children can be careless, but not men.")
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To: Olog-hai

Sure - pulling out of the 2nd largest financial market in the world makes perfect sense. I’m sure Banco Santander and Unicredit would certainly be able to make up the revenue loss inside their own corrupt borders.


5 posted on 09/03/2013 9:58:27 AM PDT by Reagan Disciple (Peace through Strength)
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To: TheConservator

Britain never joined the euro or the eurozone; they still have the pound sterling. There is something really wrong if doing business with the City of London is contingent on the UK being in the European Union; very few profit-minded banks like the EU, and it’s only government toadies that want to stay with the EU.


6 posted on 09/03/2013 9:58:41 AM PDT by Olog-hai
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To: Olog-hai

They will stay as long as they can make money. And if the Euro Banks leave, others will pick up the slack.


7 posted on 09/03/2013 9:59:48 AM PDT by RoosterRedux
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To: 4rcane

This is Mr. Export Gay Marriage Around The World . . . highly unlikely he’d get back in after lying so much about his platform.


8 posted on 09/03/2013 10:00:10 AM PDT by Olog-hai
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To: RoosterRedux

I’m sure Chinese and Russian and Saudi banks will be more than happy to fill the void.


9 posted on 09/03/2013 10:01:17 AM PDT by dfwgator
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To: TheConservator

They need the Brits to bailout Greece.


10 posted on 09/03/2013 10:03:38 AM PDT by Rusty0604
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To: Olog-hai

The banks blow smoke and Cameron can’t be trusted in the end to even hold such a referendum.

The large business leaders all want “order” in the world with supergovernments at all levels while the rest of us would like sovereignty and freedom.


11 posted on 09/03/2013 10:04:40 AM PDT by Nextrush (BALANCED BUDGET NOW, PRESIDENT SARAH PALIN,CHANGE I BELIEVE IN)
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To: Nextrush

I don’t see how you really could be a businessman and want such overabundance of government. These have to be politicians masquerading as businessmen.


12 posted on 09/03/2013 10:07:12 AM PDT by Olog-hai
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To: Olog-hai

Banksters want special bailout privileges.


13 posted on 09/03/2013 10:09:55 AM PDT by Viennacon
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To: Olog-hai

And England would be the better or it.


14 posted on 09/03/2013 10:11:23 AM PDT by arthurus (Read Hazlitt's Economics In One Lesson ONLINE http://steshaw.org/econohttp://www.fee.org/library/det)
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To: Olog-hai

Some people are getting rich off the taxpayers dime in the world we live in today. They are in the lead when it comes to these international government notions.

I can also see the advantages of having the same planning and zoning laws in a unified county government where there are no local differences.

The same notions can be sold that unified EU or North American Union type governments make it easier to do business across borders.


15 posted on 09/03/2013 10:11:28 AM PDT by Nextrush (BALANCED BUDGET NOW, PRESIDENT SARAH PALIN,CHANGE I BELIEVE IN)
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To: Nextrush

The NSA databanks and those of other countries may be a huge source of the perfidy of some politicians. The pols don’t even remember the things the NSA knows and are unnerved when confronted discreetly.


16 posted on 09/03/2013 10:14:17 AM PDT by arthurus (Read Hazlitt's Economics In One Lesson ONLINE http://steshaw.org/econohttp://www.fee.org/library/det)
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To: arthurus

Yes, England would be a ot better off.


17 posted on 09/03/2013 10:20:50 AM PDT by Dante3
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To: Olog-hai

That’s why the referendum isn’t until 2015. Gives the elitists 2 years to jam this kind of scare propaganda down England’s throat.


18 posted on 09/03/2013 10:23:04 AM PDT by wolfman23601
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To: Olog-hai

First of all this is a Reuters story so you can absolutely believe exactly the opposite of what is being reported.


19 posted on 09/03/2013 10:38:04 AM PDT by FlipWilson
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To: Olog-hai

The EU is proposing a financial transaction tax, which the UK has rejected, and this banker thinks London would be finished as a financial center if the UK left the EU. Makes complete sense to me.


20 posted on 09/03/2013 11:33:24 AM PDT by Timocrat (Ingnorantia non excusat)
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To: FlipWilson

Well, I certainly don’t believe that the Goldman Sachs executive in question said the opposite of what is printed.


21 posted on 09/03/2013 11:44:59 AM PDT by Olog-hai
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To: Olog-hai
I don’t see how you really could be a businessman and want such overabundance of government. These have to be politicians masquerading as businessmen.

That is the needle in the haystack comment!

The banks that will pull out of London are those, like Goldman, who are crony capitalists. They are working the EU system to make a living.

London is better off without them.

Kick them out and then invite REAL capitalist banks to move in...they can feed off the EU without being a part of it.

22 posted on 09/03/2013 2:52:31 PM PDT by RoosterRedux
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To: Olog-hai; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

Thanks Olog-hai.
Michael Sherwood, a vice-chairman at the bank, said the prospect of a British withdrawal was a real worry given Prime Minister David Cameron’s plans to hold a referendum on the subject if re-elected in 2015.
Sherwood, but he ain't no Robin Hood.
23 posted on 09/03/2013 5:07:17 PM PDT by SunkenCiv (It's no coincidence that some "conservatives" echo the hard left.)
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Thanks again Olog-hai, some background from the FRchives:

http://www.freerepublic.com/tag/cityoflondon/index


24 posted on 09/03/2013 5:21:32 PM PDT by SunkenCiv (It's no coincidence that some "conservatives" echo the hard left.)
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