January 28, 2010 Soros Endorses Obama’s Plan on Banks By JULIA WERDIGIER DAVOS, Switzerland — The billionaire investor George Soros said on Wednesday that he supported President Obama’s proposal to limit the size of banks. But he warned that it was too early to put such a plan in place and that it did not go far enough. Mr. Soros’s comments at the World Economic Forum here clashed with those made earlier in the day by the president of Barclays, Robert E. Diamond Jr., who said that the effects of shrinking banks “on jobs and the economy would be very negative.” “There is no evidence that shrinking banks is the answer,” Mr. Diamond said during a panel discussion. Mr. Obama’s plan is becoming a focus of discussion among conference participants. Among the measures Mr. Obama presented last week was one to prohibit banks that hold deposits from owning or investing in hedge funds or private equity funds. While some banking executives fear that such rules would hamper earnings and li...
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