Tuesday, 18 January 2011

Inside Job



Chris Blackhurst reported in last night's Standard the screening of the Inside Job documentary, organised by the FT and Pi Capital. The audience were not dreadlocked trustafarians and crusties but City professionals. He concludes:
What was it Diamond said last week? That the time for banker "remorse" is over. This is what Ferguson said: "Even in my private and off-the-record conversations with financial executives I've not encountered a single honest expression of remorse or shame or guilt. I raised this too with Dominique Strauss-Kahn at the IMF [International Monetary Fund] and with the French finance minister Christine Lagarde - they both agreed that they've yet to hear any expression of regret."
Said the film-maker: "Those responsible blame 'the system'. Or they blame the bubble caused by irresponsible borrowers. Some of them blame low interest rates. In a grim way it's actually amusing to watch them blame anyone except themselves."
Please see his film.
If fellow bloggers are up for organising a screening in London, I'm in. Drop me a line and I'll see what I can arrange. 

5 comments:

Blue Eyes said...

Maybe the Capitalists@Work could do the organising :-)

Weekend Yachtsman said...

Maybe I'm missing the point here, but I've never heard a "single honest expression of remorse or shame or guilt" from any politician either.

Who's surprised?

Jackart said...

Which bankers are to blame. Not me, I'm a private client stockbroker, as much a victim as my clients of the crash. Not investment bankers busy raising capital for companies - they can argue they saved many companies. What about the people trading debt? They as traders are going to be short-term focussed, and risk management is up to risk managers. What about the risk-managers then? - we're getting close to a blame here, but what risk levels could be taken were strictly controlled and regulated by....

...you guessed it...

Government.

'Bankers' are a nice, handy class of people to blame, but very few people could actually be declared responsible for the crisis.

Anonymous said...

Jackart - I get that. The last Labour government let regulation run amok. Why? Coz they wanted the tax receipts (amounting to 25% of all monies received into the exchequer) from the financial institutions to pay for the battallions of pen-pushers (read hired Labour voters) they hired. All 618,000 of them. Labour's house of cards fell down when they thought it would last forever. Stupid bastards!

Coney Island

Gordon the Fence Post Tortoise said...

@Jackart

If you haven't seen it / read it I can recommend Too Big to Fail - to a certain extent one can sympathise with some further down the food chain - but what I read there, combined with observation of subsequent events leads me to blame bankers...

Maybe they're not "real bankers" but they were happy to wear that mantle when the going was good. Some of the utterances from some of the players are breathtaking , really.

Forgive them Lord, for they know not what they do.... nah.. no chance.