9 quotes from the Bank of England Open Forum that say it all

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Posted in:Banking and Finance|November 12, 2015 | Join the mailing list

Banking misconduct should be seen the same as shoplifting from WH Smith; a crime

“If you go and shoplift at the local WH Smiths you go to prison. But if you’re the market trader on the trading floor
of a big investment bank, and you rip off people to the tunes of millions of pounds, there are no criminal offences to deal with you.”
George Osborne

More criminal charges should have been brought

"Some criminal charges have been brought, but not as many as would have been the case if the laws were better…it turned out we didn’t have the laws
on the statute book to deal with that scandal" George Osborne

Anger directed at bankers following the crash is understandable

"There was a lot of totally understandable anger [at bankers in part responsible for] the biggest single economic crash of our lifetimes".
George Osborne

We can’t simply pretend it didn’t happen

"The idea that just a couple of years on. you can go. ‘Oh well, let’s forget about all of that’ and move on is a bit optimistic. It’s going to take
time and the financial services sector, and indeed in the regulators and the politicians responsible, have to prove to the public that things really have changed."
George Osborne

Things are changing…

"The era of heads-I-win; tails-you-lose capitalism is drawing to a close"
Mark Carney

…but further reforms are needed

"Tougher laws and tougher regulation, and people who commit crimes go to prison, that the banking system if it gets into trouble or individual banks
that get into trouble will be bailed out by their creditors rather than by the taxpayers, and that there will be openness and transparency".
George Osborne
"There are [still financial bad apples], but the system is changing so that they’re going to be held to account." Mark Carney

Banks should be treated like any other business

"If things go wrong, you bear the consequences of that…That hasn’t been the case in the financial industry"
Mark Carney

You won’t see Mark Carney hugging a banker any time soon

"I don’t think you want your Governor giving [David Cameron’s’ hug a hoodie’] advice, so I suspect neither I, or my successors, will be hugging a
banker" Mark Carney

The banking scandals have tainted our markets

"Markets lose their social acceptability if they’re not viewed as being effective, not working well, that’s the first aspect…They also lose that social acceptability if they’re
viewed as not having integrity. If there’s a series of scandals, there’s a perception of ethical drift…There was widespread misconduct in certain parts of markets, which tainted markets more”
Mark Carney

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