Tuesday, July 24, 2012

Former HSBC chairman Lord Green: banking industry not 'corrupt'

As reported by the Telegraph,

The Trade Minister and former HSBC chairman [Lord Green] acknowledges "failures" at the bank under his stewardship but denies the industry as a whole is corrupt.
Between money laundering and the Libor interest rate manipulation (and a long list of other scandals), it is abundantly clear that the industry as a whole is corrupt and not to be trusted.

With money laundering for drug lords and terrorists, the banks have shown just how pervasive the corruption is.

With Libor, the banks have shown that it is standard operating procedure to lie.  Lying to make money is okay.  Lying to present the bank's financial condition in a more favorable light is okay.

What remains a great mystery is that policymakers and financial regulators continue to listen to former or current bankers who rose to their positions in the banking industry in the last ten years by thriving in an environment dominated by corruption and lying.

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