Report: Ethics of Banking

First off, it’s a shame we didn’t have more participants from the finance sector. Although they were 50% of the invitees. they were only 10% of the participants. Too scary? Come on bankers be braver next time. We considered over 150 ideas and opinions – here are the ones that got more than 70% support from the group

We call this the espresso report – the top responses.

GENERAL COMMENTS

  • Guess that the Anglo Saxon model of laissez-faire in financial institutions comes to an end in the near future / hopefully!
  • I am not sure if the laissez-faire model will come to an end. There are too many lobbyists in politics for that to happen.
  • Finance nowadays is far more than lending money. It’s an ex-territorial business of smart mathematicians who have no real ethics in mind.
  • Not only in politics but more simply bankers and their lobbyists directly or indirectly influencing the politicians
  • I feel the relationship between banks and clients has changed. It is no longer a supplier-customer relationship, customers have become somewhat dependent on their bank (unless you have loads of money) and banks pretend as if you should be happy they let you be a customer
  • It doesn’t help when the politicians are also the guys with lots of money – they have too much vested interest in preserving the status quo

ON BANKERS REACTION TO THE CRISIS

  • Did they ever accept responsibility and announce they would reform? It’s the arrogance that makes me want to blame them more
  • I scored totally because the real economy does not count any more, what counts are the financial games played to move richness in the hands of the few playing the game
  • It’s an interesting example of moral failure. Probably most of them didn’t actively decide to do harm, but they ignored the signs and hid from personal responsibility
  • nobody in charge really wanted to stop the rat race/ greed competition that took place and still is
  • Indeed, financial authorities have failed completely in all countries in the Western world.  Not in a single country they were able to make a significant difference
  • I am not even sure that the large  majority understood the risks associated with these new products/ derivatives
  • What shocks me is the attitude. Like it was just a big game or a joke. They seem very removed from the reality of the consequences of their behaviour

ON THE PROS AND CONS OF SELF REGULATION

  • Can’t see a pro from an ethical point of view.
  • Con. When someone shows they can’t be trusted and they have immense influence / power, why would you choose to carry on letting them do what they like?
  • Con. They cannot be allowed to persist in the view that the little people are irrelevant. That they can sit in their marble palaces and play with real lives. They need governance

Read the report

NG banking

 

 

 

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