This comes from one of this morning's FT emails:
Isn't it just time we recognised that the world's major banks were systemically corrupt? Why not say it? It seems glaringly obviously true and to admit it would then let us go forward in ways where we did not have to still presume that they are the masters of universe - which very clearly they have no right to be.
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It is also comprehensive evidence of systematic failure of a weak Executive in preventing “misconduct” and corrupt behaviour. Maybe G4S or SERCO could supervise the rehabilitation of offenders (si quis) if awarded contracts for privatised probation services.
What of the fining of banks — this is no punishment as it is our money.
Which country is benefiting most by acting first to levy fines [tariffs] for “misconduct”?
The Prime Minster talks of “individual responsibly” surely there is no better example where that principle should be applied with “offenders brought to justice” and “assets obtained through crime confiscated”. That might be a start. Bankers et al have lived in the “penumbra of vagueness and error” [Bertrand Russell] for too long.
This oligarchy of corruption and graft has to be toppled somehow. In this country 90% of savings are with the big 5 banks (hedge funds) whilst in Germany there is a massive network of local banks. It is thought that the fines imposed on banks create the unintended consequence of them contributing to the real economy!
Yes!
If only it were that simple. After all we’ve had all sorts of safe guards in place for years and if we drop the charade about bankers being ‘respectable’ and ‘masters of the universe’ we have to also drop the charade that regulators have been regulating – and consider what their real purpose was/is.