November 15, 2007

And what about the composers?

Sir, John Gapper in “A bruising game of musical chairs”, November 15, beats up on some financial sector dancers like Citibank’s Chuck Prince but keeps totally mum about those composers in Basel who wrote the score of the “minimum capital requirements”, picked the conductors and the musicians, the credit rating agencies, who were to perform the music to which the bankers were ordered to dance. As much as I could object the generous severance checks to the dancers much more do I object that our bank regulators are not held accountable and are now almost expected to dig deeper in the hole we find ourselves and which can only lead to even wilder dancing.