If you want to work for an organization that is squarely focused on making profits, don’t work for a UK bank. That was the most recent message from FSA Chairman Adair Turner. The age of profit as the primary motive of financial institutions should be replaced by “social usefulness”. In fact, there may be some products out there so socially useless that they should be abandoned altogether, regardless of their ability to help repair roughed up British banks.
“Top management of banks — and in particular of any banks which are involved both in complex trading activities and in retail banking activities — need to operate within limits,” Turner told 300 financial-services executives and lawmakers late yesterday in London. “There are some profitable activities so unlikely to have a social benefit, direct or indirect, that they should voluntarily walk away from them.”
Welcome to the age of walking away from your problems solutions.
Banks Should Prioritize ‘Social Benefit,’ Turner Says [Bloomberg]
Thanks Greg for giving me a post at midday that i read about yesterday.
Greg,
I am going to hire you as a counselor so you can shower our campers with praise and teach them the virtues of a balanced diet and regular exercise.
David Ettenberg
Owner/Director
Camp Shane
Gregor lemme spell it out:
Look at the FB on that HH > UK banks
adair turner
struggling to save his career
all went down on his watch
taxi for turner
Greg, I’m going to steal your full trash bag and hide it in the dumpster.
-Jeff Macke
short banks, long HF’s
greg, i really think that both the content and the quality of your writing would be much more appropriate, and probably better received over at our autism-stricken cousin Going Goncern.
really.
Greg -
You have no known social benefit either. Can we eliminate you?
BLA
…NUS