Saturday, Mar 14, 2009
It's not our fault guv', its them accountants over their's fault
The New York Times: Bankers Say Rules Are the Problem
"They say the problem, in short, is not that the banks acted irresponsibly in creating financial instruments that blew up, or in making loans that could never be repaid. It is that someone is forcing them to fess up."......just a bunch of little boys and girls blaming everyone but themselves, and these are supposed to be professional, responsible adults, give me strength.
Posted by bystander @ 08:01 PM (392 views) Add Comment
1 Comment
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1. paul said...
One of the defining characteristics of this crisis is its inequity.
It occurred to me the other day that the reason so many technical people at my last company were given the elbow was because the sales people couldn't sell enough. The sales people are mostly still there though (still not selling anything).
Looking at bank staff on LinkedIn, its amazing how many are recently hired ex-Lehman Brothers and RBS. These people are the Eddie The Eagles of the banking world and yet that doesn't seem to matter. Banks claim to hire only the best people but they gladly take in these people who have utterly failed at their jobs.
Long after this crisis, I think Fred The Shred will be emblematic of this malaise - an early pension of £700k a year for bringing about a 180 year old bank to its knees.
The biggest losers are the taxpayers - even during the banks demise! One can only hope that this self-serving culture will be overhauled for good in the process.