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May 15, 2009

International banking does a self-audit.

Banking as the industry that failed. See this week's The Economist and "Rebuilding the Banks". Excerpts:

There is still great uncertainty about the nature and extent of the support that governments will end up offering to their banks. But governments are now deeply embedded in banking systems.

The popular perception of bankers as Porsche-driving sociopaths obscures the fact that many of the industry’s staff are modestly paid and sit in branches, information-technology departments and call-centres. Job losses in the industry have been savage. “Being done” used to refer to hearing about your annual bonus. Now it means getting fired.

Posted by JD Hull at May 15, 2009 12:44 PM


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