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| America's Banks: "An Ethics Free Zone"? |
"Moral Capital In Secular Decline"
- John Plender
Financial Times - 6/10/2014
"And still the revelations come. Leading banks pay yet more record fines for egregious behavior ranging from sanction-busting to facilitating tax evasion. Their involvement in rigging markets now extends beyond Libor, the rate at which banks lend to each other, to foreign exchange and the gold market. It appears to be a pervasive rather than occasional phenomenon. "
"All this corporate wrongdoing is combined with the immense personal enrichment and a paucity of prosecutions of people at the top.... the financial system appears to have an ethics-free zone."
"As long as incentives are at odds with ethical requirements, common decency will be a minority pursuit. Scandals are inevitable...."
STILL "B-OINKING" THE PEOPLE...
...WITHOUT CONSCIENCE, NOR REMORSE.
4 comments:
Don't usually comment on the intelligence of comments... and will, with some difficulty, continue to resist that temptation.
Would note that credit unions do definitely "get ahead of ourselves" sometimes, definitely not always the fountain of strength and purity, but have never seen CUs written up in the FT for fully-admitted, fully-confessed global criminality.
Comparing CUs many faults to banking's "optional ethics" which "appear pervasive rather than occasional," is attempting to compare a parking meter violator to a serial killer.
..and the serial killer remains at large - unrepentant and unprosecuted.
Diogenes can now stop his search! He must have shined his lamp on Jim Blaine.
Not quite. Know him personally and he is "subject to low wattage episodes" at times... more bluntly, occasionally a "dim bulb" for sure!
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