http://thisismoney.co.uk/money/comment/article-2512052/RUTH-SUNDERLAND-Floats-coming-fashion.html
What happens in bank collapses is that probes are announced, which makes it look as though dramatic action is being taken. But then the various inquiries queue up behind one another, like aircraft in a holding pattern, with regulators claiming they are not able to start until someone else has finished.
And so it takes aeons before any directors, regulators or politicians are castigated, if ever.
maxwellisation - the process by which people criticised are given a chance to answer back
All sorts of legalistic reasons are put forward to justify why these inquiries take such an unconscionable length of time. But do they really have to take so long? After all, the British Parliamentary banking commission managed to produce its conclusion, that HBOS involved 'catastrophic failures of management, governance and regulatory oversight' rather more quickly.
Where there is a will to drive investigation and punishment, it does not need to take years, as US regulator Benjamin Lawsky demonstrated with Standard Chartered over its sanctions-busting.
Who benefits from these long-winded inquiries? Not small shareholders or customers.
Subscribe to:
Posts (Atom)
Popular Posts
-
It seems that Business Strategy for most companies have essentially become how to con their customers. Making money by hook or crook is the ...
-
A vote for the LibDems is a wasted vote in this election! LibDems are the third wheel dancing on the political fringes, who will never gai...
-
my brief notes, quoted verbatim from this blog post: http://rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-201...
-
The FT has always been a mouthpiece of the establishment/elites who term anything against their vision as populism . I don't completely...
-
In trying to please those wanting to defeat the biggest mandate the British electorate has ever given, do they (British government & opp...
-
This election is all about Brexit. The party that gets it right will win, and the rest will be consigned to the dustbin of history. Politici...
-
The global financial crisis was nothing more than a " Crisis of the banksters, by the banksters, for the banksters ". Their ivory ...
-
I suspect we might never learn any lessons from this or any other financial crisis. Or rather we might, but never put into practice. The gre...
-
There seems to be a view that the financial crisis was a failure of the free markets. But we have never had free markets yet. Powerful marke...
-
Continuing my review on this series [1] … Their next article is mostly bankster propaganda and their wants, penned by anonymous ;) I try pi...