For those who think that Banking sector has learnt anything from the recent crisis, the head of the FSA - Lord Turner - will put you right. From today's FT:
Bankers and regulators are already showing signs of forgetting the lessons of the ”biggest financial crisis in the history of market capitalism”, Adair Turner, the City’s top regulator warned on Tuesday. Lord Turner said he had noticed ”aggressive” hiring of traders by investment banks had resumed, raising new fears of irresponsible pay deals.
The chairman of the Financial Services Authority also claimed there were signs that some countries were losing their zeal for radical regulatory reform. ”There’s a real danger we don’t seize the opportunities of this crisis,” he told the Commons treasury committee.”Internationally we could fail to be radical enough to respond to what has occurred.”
Asked whether the City was returning to ”business as usual” with big pay and bonus packages, he said: ”I’ve some concerns that may be the case.
The bubble will return......
3 comments:
The city is definitely hiring.
Surprise, surprise.
Why would these people want it any other way?
A crack addict is not going to rest until he finds some more crack. Crack hunt now over: stimulus crack coming hard: time to smoke it and snort it. No wonder the City is back on top. Learned lessons? That's for fairies who believe there is an underlying morality or decency to the UK's economy: there is none: it is screw or be screwed. We are entering a screwing phase again.
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