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Russian MP Has Dirt on Western Banks
Andrey Kokoshkin, first deputy chairman of the State Duma Committee on Science and High Technology and deputy leader of the United Russia faction in the Duma, has declared that Russia should shed its “excessive piety” toward Western banks in light of the bankruptcy of Lehmann Brothers Holdings. In an interview with RBC, Kokoshkin emphasized that there are deep roots to the events in the United States. For the last 20-25 years, he said, the management of Western banks has engaged in increasingly risky projects, resulting in a heightened level of management of credit organizations.
Kokoshkin advised the Russian government to pay heed to the fact that the U.S. government did not come to the aid of Lehmann Brothers. Russia, he said, should become involved in the settlement process in the interest of the national banking sector. “It is a question of economics that goes beyond general politics,” he said.
The Russian government, Kokoshkin continued, should provide aid to Russian credit organizations to enable them to overcome the crisis in liquidity and prevent a general banking crisis in Russia. He noted that Russia has built up sufficient reserves to minimize the consequences of a crisis. Kokoshkin also stressed that it was necessary to consult with and exchange experience with Asian partners that have overcome their crisis.
www.kommersant.com
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