Banking and financial services constitute the backbone of the modern global economy. In their traditional role, they are entrusted with the savings of people and, after due diligence, are required to lend funds to businesses that generate employment and provide goods and services to the community.
However, as banking institutions moved away from this basic role and started making money from ever more opaque financial instruments, a moral rot set in among those that were entrusted with the effective functioning of the global economy on which we all are dependent. Banks now routinely put their own interests ahead of the responsibility they have towards the communities they serve.
After the global financial crisis, sparked by their reckless behaviour, it was hoped that some sense of responsibility and the threat of effective regulation will restore ethical behaviour among bankers. But it turned out to be a false hope.
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