“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.”