Talk Is Cheap: FSA Chief Bemoans Banking Culture

The banks that stayed afloat with billions in government bailout money are laughing, well, all the way to the bank. And Britain’s top financial services regulator says that’s got to change.
“There remains, I believe, an absence of the acceptance of collective responsibility for what has happened,” Hector Sants of the Financial Services Authority opines today. “I personally remain unconvinced that all senior management have taken on board the need to change and operate in a genuinely different manner.”
Well, why would they? Governments on both sides of the Atlantic have handed out the billions with nary a string attached. And they’ve continued to do so even as banks continue to behave badly.

Sants is simply trying to keep his agency from being broken up, as the party likely to be running the U.K. next year has demanded. And maybe the City and Wall Street would be wise to throw the saviors in London and Washington a bone, rather than take taxpayer money to fund bonuses. But Sants and his ilk have to make the banks mend their ways. They’re not likely to do it themselves, when the status quo + bailout bucks is proving so profitable.
Sants says banks failed to learn lessons [FT]

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51 Responses to “Talk Is Cheap: FSA Chief Bemoans Banking Culture”

  1. guest says:

    In the history books 20 yrs from now, guess what Goldman Sachs HQ is going to be known as – The New Bastille.
    Revolution is coming you Wall Street crooked panzies. You bought Obama out, touche for it.
    The next punch is from the “populist white middle america” & it will ensure that the “bankster rent seeker” class gets their comeuppance.
    Bankster’s new motto (Rhymes to the Marine’s motto) ” Form the hall of Wall Street to the Whore of DC – We’re stealing/bankrupting & conning everyone -Because is on our DNA. We are vampire blood suckers as is our birthright ”

  2. american bandersnatch says:

    @1 – May I recommend psychiatric counseling? Or perhaps getting a hobby / girlfriend?

  3. guest says:

    shitty post, sorry jon. love ya tho.

  4. guest says:

    Yuse and I are gunna play a little game I call rag doll. Yuse da rag doll. I’se the golden gloves boxer.

  5. guest says:

    wow – where did the Glen Beck crowd come from?

  6. guest says:

    @1 – I’d recommend not carrying the pitchfork and torch at the same time. Much too complicated.
    Sort of a “walking and chewing gum” thing, which I don’t think you should try either.

  7. guest says:

    Shazman – one wonders how the banks are “continuing to behave badly”?

  8. guest says:

    @1 – Your obese, Harley loving, mouth breathing gaggle of slack jawed troglodytes aren’t going to do shit. You’re going to post a few crazy things on the internet, read a chapter from the Sarah Palin book, masturbate to thoughts of shaving her unwieldy bush while her retarded son watches, and pass the fuck out in a diabetic coma after a day long orgy of Cheetos.
    Go fuck yourself.

  9. guest says:

    @1’s right kids. When unemployment hits 13% this winter and those bonuses are announced, shit will hit the fan. Far left or far right change will come, Obama’s already a 1 termer for being too cozy with the Street. Get out of NYC and listen to people.

  10. guest says:

    @8 – get a grip.

  11. guest says:

    @1- if that is how you feel then does reading dealbreaker really bring you any satisfaction?

  12. guest says:

    Shaz-diggity, please stop this shit immediately if not sooner. You’re really starting to annoy me.

  13. guest says:

    “You’re going to post a few crazy things on the internet, read a chapter from the Sarah Palin book, masturbate to thoughts of shaving her unwieldy bush while her retarded son watches, and pass the fuck out in a diabetic coma after a day long orgy of Cheetos.”
    Disturbing yet classic.

  14. guest says:

    Nothing gets the dealbreaker crowd more hysterically angry than some frank talk about how fucked up the current bailout socialized-loss privatized-gain banking shitbag industry is. You sound like a bunch of tea bagging psychos when someone dares to talk about bank excess. GFY.

  15. guest says:

    @14 – you’re right. Next we’ll talk about union corruption, the inability of government (or schools) to fire incompetent people, the inherently broken nature of social security, and tort reform.
    Government, social program, and welfare-entitlement society excess.

  16. NakedShort says:

    @14 but pulling the same kind of stuff with the auto industry, Fannie and Freddie and the chunk of the stimulus money going to refill the state coiffures and extend unemployment benefits, ect is OK right? Because thats what you think is best?

  17. guest says:

    @naked – nope, I agree with you on those issues. But back to what I was talking about face facts, the taxpayer’s been propping up the banking industry, they’re increasingly out of work, and the banking industry’s funneling that support right into their pockets. See any problem with that?
    Not @1 or TGFD

  18. InfiniteGuest says:

    Cue the world’s smallest violin playing the world’s saddest song for 1, 9, 14, 17 and fellow travelers.
    Good job staying on topic, though: talk really is cheap.

  19. NakedShort says:

    @17 sure its a problem. Thats why elections are held.

  20. guest says:

    @8 I wouldn’t mind taking a peek at Palin’s beaver – shaved or not. Don’t get mad just sayin’.

  21. guest says:

    @1: that’s when the whores move in.

  22. guest says:

    @1 – Matt Taibbi? How did you get on here?

  23. guest says:

    @1, yup, but the middle class is to passive so the banking pirates and Washington spendaholics continue to run amok. Obama ain’t our mama. (Neither are the right wing republicans, btw.)

  24. guest says:

    God damn, I thought we had gotten rid of the pointless FSA posts when Greg got fired. No one cares what the FSA says, Jon.

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  51. 7 day cruise says:

    When I was a kid, I tried to do the same thing and nearly killed myself.