Sunday, September 15, 2013

ACCOUNTABILITY IS MOSTLY FOR THE POORS

The banksters are pretty much exempt and even dismissal leaves them as multi-millionaires.  This perception isn't limited to muck-raking journalists, even government reviews such as UK Parliamentary Committee on Banking Standards find that there is almost no accountability:
“Too many bankers, especially at the most senior levels, have operated in an environment with insufficient personal responsibility. Top bankers dodged accountability for failings on their watch by claiming ignorance or hiding behind collective decision-making… Ignorance was offered as the main excuse. It was not always accidental. Those who should have been exercising supervisory or leadership roles benefited from an accountability firewall between themselves and individual misconduct, and demonstrated poor, perhaps deliberately poor, understanding of the front line.”
I was reminded of all this by a remark I heard on the BBC World Service: the bankers seem to know who is responsible when bonuses are handed out but when things go wrong, almost no one is to blame.

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