The incorribility of the banking sector
Writing an article on the FInancial Transactions Tax (FTT) for Left Foot Forward, I've been struck again how the banking sector can seem incorrigible. The evidence is clear that it cannot reform itself and it cannot alone repair its relationship with the rest of society. The Parliamentary Commission has been almost incredulous in some of its comments. It was surprised that former HBOS directors continued to believe their experiences on the HBOS board had been positive. Meanwhile, just before his retirement, Bank of England governor Mervyn King reported that banks were lobbying government ministers against moves by regulators. It is almost as if the financial crisis never happened. Comments from the Nationwide chairman supporting pay increases for directors did cover an important point about how much we are prepared to pay people, but they also served to illustrate the disconnect between banking and the society in which it sits and which it is meant to serve.