This is an excellent, hard-hitting, editorial from the Observer newspaper on the latest UK banking scandal. Check it out!
Banking scandal: our whole society has been warped by the City | Observer editorial | Comment is free | The Observer.
I very much endorse the editorial conclusion, namely:
The values, culture and practices of finance, as they have developed since the “Big Bang” reforms of 1986, must be torn down, and a smaller, humbler, simpler world of banking built in their place.all
Personally, I think that the big problems in finance started when President Clinton repealed the Glass Steagall Act, which had strictly segregated investment and retail banking since the thirties. Following financial crisis of 2008, Germany and France wanted much stricter regulation but this was resisted by both the US and the UK.
So for me, the Observer’s conclusion needs to be applied globally.
What do you think?
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Hi yes we do read every now and then on scandals that are rocking the world of business. Whether it is Obama or anyone leader there is a lot of truth in what Alan Greenspan once said in an interview on the US sub-prime crisis “”It’s human nature, unless somebody can find a way to change human nature, we will have more crises ….”.
Nice post. Cheers!
Thanks, am glad that you liked the post