Davos, Switzerland, 27-31 January 2010,

Breaking a vicious cycle of recklessness and greed

The crisis generated by the reckless pursuit of risk and profit in the banking and
finance sector has cost ordinary taxpayers, workers and citizens hundreds of billions of
dollars in bailout money as well as tens of millions of job losses. Yet without the slightest
compunction, banking management and CEO’s are once again racking up massive
profits and bonuses at a time when job losses in the real economy are causing immense
suffering and unemployment is pushing the world to the brink of a far deeper recession.
The financial sector has already launched its campaign of opposition to the plans
announced by US President Barack Obama for banking and financial restructuring and
regulation, even as public anger mounts over the indifference shown by so many in the
sector to the plight of those who are bearing the brunt of the crisis.

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