[DOC] The Monster under the Bed: Financial Services and the Ruggie Framework

Author: Mary Dowell-Jones (University of Nottingham Human Rights Law Centre) & David Kinley (University of Sydney), Published on: 1 January 2011

The work to develop the ‘protect, respect and remedy’ Framework…together with its ‘operationalising’ Guiding Principles, has coincided with one of the worst financial crises to hit the global economy and financial system in many decades. The social and individual welfare impacts have been wide-ranging and devastating…a raft of human rights have been threatened or undermined, including rights to food, water and an adequate standard of living, to health, education and adequate housing…as well as health and safety in the workplace and the right to work itself. In the advanced economies, the ‘socialisation’ of financial sector losses through State bailouts has...[lead] to...savage budget cuts which could undermine human rights...Lying between financial sector failings and the adverse human rights impacts they generate there are layers of financial complexity…as well as the long extra-territorial reach of financial activity, that even regulators have struggled to monitor...The globalisation of financial services has not been accompanied by sustained attention to their impact on the global poor...[also refers to J.P. Morgan and Citigroup]

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Related companies: Citigroup J.P. Morgan (part of JPMorgan Chase) JPMorgan Chase