the visible hand

it is the theory which decides what can be observed – einstein

“Wake up, gentlemen”

Posted by ecoshift on December 9, 2009

After a certain age, financial rewards must lose their glitter…


Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker – Times Online

One of the most senior figures in the financial world surprised a conference of high-level bankers yesterday when he criticised them for failing to grasp the magnitude of the financial crisis and belittled their suggested reforms.

Paul Volcker, a former chairman of the US Federal Reserve, berated the bankers for their failure to acknowledge a problem with personal rewards and questioned their claims for financial innovation.

On the subject of pay, he said: “Has there been one financial leader to say this is really excessive? Wake up, gentlemen. Your response, I can only say, has been inadequate.”

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