Poor old Wilsons

JayScottGreenspan

Alan_M wrote: »

Accountability is the issue......

There are a very large number of people on the outside looking in at what has occurred in the financial industries of the world, particularly London with a feeling of disbelief.

How could these professionals have got it all so badly wrong...we'll that's been chewed over quite a lot.

The problem is accountability, no one appears to have been held to task for any of this (unlike America where there have been some very high profile arrests).

Leaving aside Sir Fred Goodwin's financial compensation.....why has he not be asked to account for his actions? Or any other chief executive of any of these banks.....other than a "We're terribly sorry" in front of the parliamentary select committee or whoever it was why is there no accountability?

I own and run my company...if I get it wrong, the accountability I have is I lose my house, all my possessions and my ability to support my family...then my credit record will be tarnished in such a way that it will be constructively hard for me to try again.

What this does is concentrate my decisions to a high degree.

Boom and bust will continue whilst people are effectively unaccountable for their actions.

Yeah, totally agree. Most bankers had cash bonuses with no possibility of claw back.

If you're a banker making $10m profit for the company each year and taking a 10% cut of profits, after a few years you don't exactly care if your roll of the dice might bankrupt the shareholders (or better still, tax payers). You may as well just bet large and see what happens - and they did!