It appears to me that the best way to start clawing back from the abyss in the financial services industry, has to be the reclamation of business ethics. The scandalous bonuses paid to people who worship the buck at the expense of the industry and its clients
have to be brought back into line.
Stripping the market at any cost is not the best way to do business. Years ago I was warned by a respected Jobber on the old Stock Exchange floor that despite an opportunity to make a large killing I should leave something for the market. This was showing
respect for the trading floor and enabling more firms to take advantage. It is not possible to operate a strong and fair market if single people and firms are raping the business. Any farmer knows that you never over plough the field or risk its future rewards.
The banks have been guilty of chasing profits and keeping their shareholders happy by raping the market and employing some people of dubious character, willing to do anything to take home fat pay cheques. The banks are now reaping what they sowed and it's
difficult to find too much sympathy.
I have had a good career in the finance industry and have always undertaken business from the highest ethical position. I know that to protect my business and the industry this is the right and proper attitude. Unfortunately in recent times we have entertained
too many firms and given too much latitude to people only interested in doing business at the expense of all in the industry. The ridiculous ever rising bonuses has created a devil-may-care casino. Today the banks can see how traders have been playing a game
with no rules and no ethics, with their money and with their approval and now many firms have suffered, as a consequence. A new age for the finance industry must dawn, with ethics from a previous century.