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Let’s take a quick look at the enormous pay checks of all those in the banking sector who were committing massive open fraud in the run up to tanking the global economy in 2008.
When you drill into it o ny a tiny percentage of bankers were acting fraudulently. The cause of 2008 wasn't fraud, it played out perfectly within the rules. The rules, or effective lack of them, were the problem.
Stonehedge-
it played out perfectly within the rules
The players pushed to have those rules changed to their benefit, knowing it could put others at unfair disadvantage or put the system at risk. The Glass-Steagal Act was 70 years old when it was repealed, and not a decade later the exact thing it was designed to prevent from reoccurring, occurred.
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If you mean “the full extent of the fraud has been swept under the table in cosy arrangements with settlements and fines” then, yes, I totally agree. And sure, lots of bankers won’t have been directly involved in trading the junk that precipitated the whole catastrophe, so sure I can believe that many of them were caught unawares. But for sure most of the people peddling trash CDOs were fully aware that they were taking massive risks and engaging in misselling, they just didn’t give a fuck. And to be fair to them, they totally got away with it, so they were right to not give a fuck.
Eseman
Eejit
Why can’t they carry on receiving a wage that puts them comfortably in the top 5% of earners and still be banned from having second jobs (with special dispensation for CPD for anyone with an actual profession)? Why does banning second jobs have to come with a pay rise?
Paying massive salaries doesn’t necessarily attract “talent” nor does it do anything to ensure incorruptibility. Let’s take a quick look at the enormous pay checks of all those in the banking sector who were committing massive open fraud in the run up to tanking the global economy in 2008.