Are Bankers Good or Bad for Society (download)
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Are bAnkers good or bAd for society?
Chris Skinner, www.thefinanser.comGresham College, 26th October 2009
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Socially useful?
“Some of it is socially useless
activity”Adair Turner
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“Banks have chased short term profits by introducing complex products of no real use to humanity”Stephen Green
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“Don’t have headlines saying
banks are ‘socially useless’, because
they ain’t.”Victor Blank
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“As society, we have benefited hugely from innovation and financial services is at the forefront.”Win Bischoff
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AgendAbAnking is essentiAl for society
bAnkers role in societybAnkers morAls And ethics
bAnking for good or for bAdbAnkers todAy
bAnkers tomorrow
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ww
w.b
alat
roltd
.com
revolutions
Formalising commerce – the first time
agriculture
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ww
w.b
alat
roltd
.com
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A Babylonian shekel coin minted much later under Persian rule (c. 300BCE).
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http://www.josephinemaisonet.com/Photos/Goddesses/Inanna.jpg
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AgendAbAnking is essentiAl for society
bAnkers role in societybAnkers morAls And ethics
bAnking for good or for bAdbAnkers todAy
bAnkers tomorrow
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“The most common communicatio problems that create stress in a marriage are usually related to finances and sex”www.divorce.com
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AgendAbAnking is essentiAl for society
bAnkers role in societybAnkers morAls And ethics
bAnking for good or for bAdbAnkers todAy
bAnkers tomorrow
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My house was designated a house of prayer;You have made it a hangout for thieves.
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UsUry
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AgendAbAnking is essentiAl for society
bAnkers role in societybAnkers morAls And ethics
bAnking for good or for bAdbAnkers todAy
bAnkers tomorrow
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leverAge
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risk
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herd
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Lex Pompeia
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complexity
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AgendAbAnking is essentiAl for society
bAnkers role in societybAnkers morAls And ethics
bAnking for good or for bAdbAnkers todAy
bAnkers tomorrow
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My role is to “find the chinks in the regulators’ armour”
Salomon’s General Counsel, Donald Feuerstein
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“In our view, derivatives are financial weapons of mass
destruction, carrying dangers that, while now
latent, are potentially lethal.Warren Buffet
Berkshire Hathaway Annual Report, 2002
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“It is not that humans have become any more greedy than in generations past. It is that the avenues to express greed have grown so enormously.”
Alan Greenspan
July 2002
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“It is not that humans have become any more greedy than in generations past. It is that the avenues to express greed have grown so enormously.”
Alan Greenspan
July 2002
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complexityherd
leverAgerisk
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complexity
leverAge
networked
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Banks have written off $1.6 trillion so far
Bloomberg
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Our regulators were “asleep in the back shop
while there was a mugging
out front”John McFall
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“A British bank is run with precisionA British home requires nothing less!
Tradition, discipline, and rules must be the toolsWithout them - disorder! Chaos!
Moral disintegration!In short, we have a ghastly mess!”
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AgendAbAnking is essentiAl for society
bAnkers role in societybAnkers morAls And ethics
bAnking for good or for bAdbAnkers todAy
bAnkers tomorrow
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“For people to have been selling products
which they neither knew or understood –
or, worse, did know and none the less did sell – is a profoundly
moral issue.”
Ken Costa
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“To restore trust and confidence, we will
need to recognise the moral dimension of
what has happened, and to restore a proper
sense of values in our corporate lives”
Stephen Green
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Victor Blank“You have to find where the problem lies ... Investment banking”
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“Financial services innovation must be performed with foresight and regulation.”Win Bischoff
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http://thefinanser.co.uk/fsclub/2009/02/the-new-eu-regulator-and-liquidity-risk.html
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The Value of Bank Brands2009
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conclUsions
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“If this crisis leads to a genuine reassessment of the role of ... banking ... it may come to rank as
one of the great turning points in history.”
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“The financial sector that is emerging from
the crisis is even more riddled with moral
hazard than the one that went into it.”
Martin Wolf
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“Be greedy when others are fearful and fearful when others are greedy.”
Warren Buffett
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Are bAnkers good or bAd for society?
Chris Skinner, www.thefinanser.comGresham College, 26th October 2009