Obama must redress system imbalances

Former White House adviser warns against choking entrepreneurism as government controls most of banking system

Canonbury Group founder Pippa Malmgren says the President-elect has won power on a major labour mandate and will therefore have to go about redressing perceived imbalances in the system. Speaking at the Investment Week US Investment Focus event, the former White House adviser said the fact the Government now owns much of the banking system and Wall Street will have a massive impact on the bonus culture of recent years. "Wages as a percentage of GDP are currently at record highs while profits as a percentage are at record highs," she added. "This has clearly influenced the American pub...