News

A year after Lehman Brothers’ collapse, which led to a global economic meltdown, UNI Global Union says there has been no fundamental change in finance industry regulation to ensure that another collapse isn’t on the horizon.



Next week UNI General Secretary Philip Jennings will be at the G20 meeting in Pittsburgh where he will push for a change in the global financial model that puts real financial oversight, job creation and the common good at the center of all recovery plans.



UNI’s finance sector unions are calling for a real overhaul to financial regulation that includes trade unions representing finance workers.



“The business-as-usual practices that led to this mess must end,” said Oliver Roethig. “We need to regulate the entire financial system with new global standards of openness, accountability and transparency. Financial workers have a major stake in these reforms and they must be included.”



Lax government oversight and overexposure to subprime mortgage assets sewed the seeds of Lehman’s demise. Lehman Brothers declared bankruptcy on September 15, 2008, after negotiations between the company, government officials and potential buyers collapsed. Lehman’s failure caused a crisis in stock markets around the world and sparked a massive collapse in the global financial industry.



UNI believes that real global economic reform must include financial reform.



UNI is calling for FAIR FINANCE: Global regulation that that ensures accountability and openness. Finance workers should be allowed and encouraged to give good advice that meets customers’ needs. Taxes must protect public finances. No more tax havens!



UNI is calling for a FAIR SHARE for workers: A change in corporate policies that benefit workers, not just shareholders and executives, and lets workers join unions and fight for their rights on the job.



UNI is calling for a FAIR FUTURE: We need to rebuild our economic system in a way that gives all people access to quality public services and decent employment to support themselves and their families.