Thursday, 19 March 2009

Fools or frauds?

Much of recent comment implicitly (at least) suggests that all bankers of recent times are fraudsters. But here's one stat that suggests they were merely fools:

"The net value of purchases for all bank directors in the six month’s since Lehman’s collapse was £95,700, a 91pc slump from the £1.1 million that they bought in the previous six months."

That 1.1 million is probably now worth a fraction of that amount. People are angry, and want to throw around accusations, but it would be great if we could get angry at the right things: stupidity, ignorance and arrogance.

Many of the critics of bankers unfortunately demonstrate many of the same traits.

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