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03 2012

Bankers and Hubris

Syndicated from: Paul Bridle

So Bob Diamond steps down at last and his COO Jerry del Missier who had recently been sent to Canada, followeds. Diamond a year ago told Parliament that the time for bankers to apologize had passed….oh dear, hubris….or just what makes a Banker these days? Fred Goodwin of RBS was named ‘Fred the Shred’ for very good reason. Hubris was a badge he wore with honor….but the time is up now. It is not enough to be doing the right thing….there has to be a genuine demonstration of empathy, of humility and a massive desire to change at all costs. The media talks about a “culture”. If anyone thinks that the culture will simply change when the CEO leaves, they are living in the land of the fairies. Many of the people working in the bank do not even know a different way of behaving! Their whole mindset is locked in one direction and one direction only…make money at all costs! Bankers and Government have to change their thinking about banking and financial services. Wealth creation and growth comes from manufacturing, mining, farming and other sectors. The mindset that money makes more money has to stop. I can’t even find it in me to blame the Bankers…they know no better. I despair with the Governments lack of decisive action on all these issues. Why are the Governments not putting a wall between retail banking and the casino part of the business? It seems to me that the ONLY ones that don’t want that wall is the Financial sector itself. When Bankers and Hubris are synonymous, there is a greater reason than ever for this to happen. We are in danger of seeing society starting to take action in some way to force Governments to make a move. If the public do start to rise up, it will turn very ugly and the result will likely be the wrong one for everyone. We live in dangerous times.

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