When I first started in the Bank it was run by Bankers. Our Chief Executive had started off as tea boy and with guile, intelligence, and dedication he worked his way to the top. He understood Banking, the risks involved, the "nature of the beast".
When the new "Bankers" took over as CEO of top Banks they were not Bankers. They had no fear, they had not been Bankers during the last recession, they did not understand the basic principles of risk in Banking. This made them the "darlings" of the city, because they were not afraid of taking risks, of borrowing huge sums of money in order to buy market share at a loss, to expand beyond reasonable boundaries buy buying other huge corporations, by maxing out the "credit card".
This guy is a prime example;
Andy Hornby - Wikipedia, the free encyclopedia
These are the type of people who ruined the economy. They were driven by success, and huge bonus payments that would make most men embarrassed. They started to believe they were infallible, and morals quickly evaporated as they pursued greatness.
Two of the biggest Banks in the UK were Royal Bank of Scotland, and Halifax Bank of Scotland, the then Chancellor was G Brown, Scottish, the Prime Minister was T Blair, Scottish. Did the two most powerful men in our country get a little bit carried away with pride in Scotland and allow, support and encourage these two Scottish banks to try and take over the world?
The Bankers that complained about this excessive risk taking were ridiculed. For heavens sake, even the Chancellor of the Exchequer was backing the risk taking, and ridiculing those who said it was dangerous. (V Cable).
What goes around comes around, those responsible for this horrible situation will pay one way or another.
I can sleep at night. Can they?