As reported by the Telegraph, RBS chief Stephen Hester thinks that bank reform will take a generation.
Mr. Hester was specifically referencing the "culture" of banking in an interview in the bank's corporate magazine.
Regular readers know that the culture of banking could be easily changed overnight by requiring banks to provide ultra transparency and disclose on an ongoing basis their current global asset, liability and off-balance sheet exposure details.
Ultra transparency is needed so the bright light of sunshine can act as the best disinfectant to cleanse the banking system of the bad behavior exhibited in manipulating Libor, mis-selling interest rate swaps or gambling with taxpayer money.
It is amazing how fast the banking culture would change if everything bankers did today was known before the opening of business tomorrow.
Mr. Hester's observation is just another effort by the Blob (aka, financial regulators, bankers and their lobbyists) to use a myth to frame discussion of bank reform.
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