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28 July 2012

Comments

Man in the Street

Why not do the right thing now and use your voice to advocate re-regulation of the financial services industry. Strict separation of investment and commercial banking, bans on proprietary trading, making the board and chief executive responsible for compliance, etc.

David Eldon

Nice to know that someone thinks I still have a voice! Thank you.
I do what I can, but recognise that as someone who retired from full time employment in the financial services industry over 7 years ago, I suspect my "advice" falls on fewer ears these days.

Man in the Street

Note that Sandy Weill made front page news last week simply by stating that the repeal of Glass-Steagall was a mistake. It would be meaningful to see other former chairmen follow suit.

David Eldon

BIG difference between the attention paid to Sandy Weill and your humble blogger.
Also, I am not entirely convinced that I would go as far as to say that the repeal of Glass Steagall was entirely the cause of the problem. And I would point out that even if the Vickers report had been adopted 10 years ago for example, in terms of separation of investment banking and commercial/retail, Notthern Rock would still have happened, so would HBOS, and so on ...
Banks should be too strong to fail, not too big.
Nevertheless, happy to stick my oar in when possible.

Having A Go

Talking of sticking your oar in - can you tell my bank manager to find my stolen money without charging me for the effort of getting it back and quicker than the three months they advise it'll take to return?

In the broader sense of the culture of behaviour to which your post addresses both within banking and other service industries, it seems to me that this is a view shared by many and, encouragingly, by younger people as well. (I'm one of the younger people - just FYI.) I wonder whether social media has forced the issue and that, like men's fashion, change is coming via a return to the ways of the mid-twentieth century.

My youth prevents me from articulating my point as eloquently as you do yours, but I hope that makes sense.

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