QUOTE (A.steve @ Jul 17 2008, 02:38 PM)

It seems very wild-west to me... it rhymes with the sort of stories that remain from early western financial institutions (banks; stock markets - etc.)
Funny you should say that. The Venetians and Catalans took dodgy bankers and brokers very seriously indeed:
QUOTE
In Venice a guarantee of 3,000 lire was required in 1270 before a moneychanger banker was allowed to set up in business. In Barcelona, from 1300, book entries by credit transfer legally ranked equally with original deposits among the liabilities of bankers. Those who failed were foirbidden ever to keep a bank again, and were to be detained on bread and water until all their account holders were satisfied in full. In 1321 the legislation there was greatly increased in severity. Bankers who failed and did not settle up in full within a year were to be beheaded and their property sold for the satisfaction of their account holders. This was actually enforced. Francesch Castello was beheaded in front of his bank in 1360.
In the light of all that's gone on lately, perhaps having such a sanction might have served to keep the Applegarths of this world in line. Do you think that sort of legislation might be introduced retrospectively, as with car tax? Could it possibly apply to (ex-) chancellors also?
Perhaps the Pakistanis have the right idea.
(from Peter Spufford,
Power and Profit: The Merchant in Medieval Europe, London, Thames & Hudson, 2002 - a wonderful read, by the way)