October 10, 2016
Sir, Harvey Clark Greisman, when discussing Gillian Tett’s “Clawbacks emerge as a vital weapon in finance”, September 30, argues: “The only penalty that will concentrate bankers’ minds is prison”, October 10.
And what about regulators? If ever submitted to public shaming, could that suffice?
How do we keep them from doing such insane things as regulating banks before clearly defining the purpose of the banks?
How do we keep them from imposing capital requirements in order to make banks safe without one single empirical study on what has caused major bank crises in the past?
How do we keep them foremost concerned with doing no harm?
How do we keep them from committing the list of horrendous mistakes contained in the following aide memoire?