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Dutch Bankers Swear To God As Trust In Lenders Slumps

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http://www.bloomberg.com/news/2014-02-05/dutch-bankers-swear-to-god-as-trust-in-lenders-slumps-to-record.html

“I swear that I will do my utmost to preserve and enhance confidence in the financial-services industry. So help me God.”

The oath, the first of its kind in Europe, became binding on board members of Dutch banks last month as the government sought to rein in an industry with assets more than four times the size of the country’s economy. All 90,000 Dutch bank employees must take the pledge, or a non-religious affirmation, starting the second half of this year. They’ll be punished should they break new ethical rules, Banking Association Chairman Chris Buijink said in an interview in Amsterdam.

Dutch bankers who fail to abide by the new rules may be blacklisted, face fines or suspensions, Buijink, 59, said. The revised code will be completed within months and disciplinary sanctions will be applied at the start of next year, he said.

Bloomberg becoming the Daily Mash?

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"Dutch bankers who fail to abide by the new rules may be blacklisted, face fines or suspensions,"

So the penalty for thieving away the countries savings is early retirement. That will really make them think next time.

Looks like we still follow the Fred the Shred model of banking.

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That's a very disturbing video. There's no frame of reference. For all we know, they may be going to visit his rather conservative parents for example, who they hope will act as BoMAD for their new house purchase :D

I note later in the comments, that the website specifically says it is aimed at young women. Men can bujjer off somewhere else with complaints about their lying, scheming, manipulative partners. Of course, making any attempt to find out if they are lying, cheating and scheming (for example, having a quick peek at their phones) is abusive in itself. Catch-44 (twice as sticky as Catch-22).

I promise I will never die

Edited by Tonkers

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Why not do something simple like make the bankers personally liable for any losses if their banks need to be bailed out?

No need for Oaths to non existent superbeings, nor for porn addled regulators- just align the personal incentives of the banksters with the wider interests of society and the problem solves itself.

Why is it that an industry so acutely attuned to the incentives of their employees at bonus time finds it so hard to deploy this same insight when it comes to the matter of promoting ethical behavior in those same employees?

Ok- we all know why- because an ethical banker is a waste of space in an industry that makes it's profits from the propagation of fraud as a business model.

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