There is a bit of momentum in the US for this now that Washington has taken notice of voter anger over the bank bonuses. For now, the Dutch are leading the pack though we may be seeing much more of this in the coming months. It's unfortunate that the bankers failed to notice how fortunate they were to still have jobs despite driving their businesses and the global economy into the ground. As they always do, they viewed the bailout as a way to maintain their excessive lifestyle and as a confirmation of their superiority. ("We're so damned important and everyone knows it.)
Everyone has had enough and the Volcker plan to eliminate "too big to fail" may finally be making progress. Break them up and if they fail, tough luck, but we'll be fine. The global powerhouse ING is about to be broken apart. This better be the new trend.
The group said Monday that it had wrapped up talks with European Union officials that had led to its decision to separate its banking and insurance businesses, seeking to divest the latter over the next four years.
“Negotiations with the European Commission on the restructuring plan have acted as a catalyst to accelerate the strategic decision to completely separate banking and insurance operations,” the company said. “ING will explore all options, including initial public offerings, sales or combinations thereof.”
