December 07, 2016

Shame on you bank consultants! For a quick buck, you sacrifice the future of our children and grandchildren

Sir, Laura Noonan reports: “Post-crisis consultancy spending soars to $200bn”, December 7.

Clearly that must be the cause why otherwise brilliant consultants, like those of the high powered consultancy firm McKinsey & Company, keep absolutely mum on the fact that regulators, with their risk weighted capital requirements for banks, are dangerously distorting the allocation of bank credit to the real economy.

With it, banks no longer finance the “riskier” future but only keep to refinancing the “safer” present and past.

With it, banks finance basements where jobless kids can live with their parents, but not the SMEs and entrepreneurs who could create the jobs the kids need in order for them to have a chance to become responsible parents too.

Since those bank consultants must also have children and grandchildren to who they owe great responsibility, I can only say: Shame on you!