Wednesday 7 April 2010

"Just because we're a bank doesn't mean we're wrong"

This is a quote from CEO of a major American Bank. He also sends a dossier to every politician that he's going to visit in advance of the meeting. It contains such information as how many people the Bank employs in the lawmaker's home state and how much the bank pays in taxes.

No Mr CEO,it's not that you are a bank that makes you wrong. It's your callous pursuit of profits from your clients, be they retail or institutional regardless of the risks-to them, or to your own bank; it's your veiled threats of blackmail/bribery when you discuss the financial muscle your bank has; it's the fact that your and other banks played the "heads I win tails you lose" game to the hilt; frankly, it's your inability to understand how banks and government and the public are connected.

This same CEO was quoted as saying "Punishing whole industries, whether you were reckless or not, just isn't the way to do things." Well, the banking industry as a whole has inflicted a punishment essentially on the whole world, whether they were reckless or not.

Perhaps a little self-reflection is called for?

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