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Article

2 Oct 2013

Author:
Aldo Caliari, rightingfinance

Rights abuses by US financial firms, hearing scrutinize

The application of Guiding Principles on Business and Human Rights…in the financial sector came under focus at hearings held in the United States…by the Working Group on Business and Human Rights…The US country…was framed by the ongoing repercussions of the 2008-09 global financial crisis…The Working Group met with banks, investors, and civil society organizations to discuss the implementation of the GPs in the financial sector…Four banks (Goldman Sachs, J.P. Morgan Chase, Morgan Stanley and Barclays) control 70 per cent of the global commodities markets…3 of the 4 banks are based in the United States…The financial sector cannot be treated just like any other sector in account of, firstly, the systemic repercussions of its activity…Second, its distance from the right-holder…Thirdly, the financial sector’s leverage over other actors is unique…