regulators that suck

  • 09 Nov 2009 at 12:12 PM

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.

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