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The article is wrong in a couple of substantial matters. Firstly: "as far as I can tell, he is the only banker currently in jail for crimes committed during the
by osullivj 9y ago
The article is wrong in a couple of substantial matters. Firstly: "as far as I can tell, he is the only banker currently in jail for crimes committed during the financial crisis." Wrong - the Barclays Swap traders are doing time. @teamJayMerchant is in HMP Wandsworth. Secondly: "the ultimate people who drive behavior at banks are actually the shareholders." I own some banking shares and I wish I didn't. Long experience of working in the banking sector has convinced me that banks are run for the benefit of the senior management. Shareholders, like customers, are just convenient chumps to be gouged at every turn.
- viraptor 9y ago> I own some banking shares and I wish I didn't. I'm really curious what you mean by that. Is it just that they bring good money, or why don't you get rid of them?
- osullivj 9y agoI was a permie at BARC 2004-10 and bought shares in 05, 06, 07 using the employee discount system when they were around 700. I got one free for each paid, and the ones I paid for came out of pretax income, so effectively I paid ~30% of face price. But even at that entry I'm still underwater.
- 8bitsrule 9y ago"... are run for the benefit of the senior management." Replace the ellipsis with almost any organization - theocracies on down. I maintain that this feature is the real purpose of all human organizations. With some dither for the smallest.