Tuesday 16 January 2018

Bankers will be let off hook if we don't start to take ourselves seriously

IF the banking crisis was a child it would have started school this week. Five years later there is no comprehensive public reporting of the circumstances leading up to the crisis, and the decisions taken immediately afterwards.

Three reports have been written, one in fact a legal inquiry, but these haven't really gotten to the nitty gritty of who knew what – and when – and why they decided as they did.

The circumstances surrounded the collapse of investment bank Lehman Brothers were investigated within weeks. US taxpayers were free to peruse a 10,000-page report, which cost a few hundred thousand dollars, almost immediately after the crash. Regulators and legislators could act on its findings, and the public was reassured something would be done – however imperfectly – to learn from the mistakes of the past.

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