Community

en route to the first 1,000,000,000 euro/lire note.

George

Thats an interesting analogy and one I've heard before. There's a fundamental difference with a payment at Bank of America and the Fedex parcel -  the parcel never leaves Fedex's control therefore it's very easy to see where the parcel is.

The Bank of America solution gives a snapshot of the payment whilst in Bof A's system, it doesn't, and can't, give a picture of a payment outside its control.

(PS My companies system does give timelines and status even though the payment is in a counterparty system).

Regards

Marvelous, off with his balls. While they're at it can we include the present incumbents of the Cabinet?

David - an excellent article and one that I can only concur with. Having done 20 years working in various banks I recognise the model so very well and as testament I have a well worked thick paper down back of trousers routine for bringing bad news to senior levels; and as my bonus's never amounted to much it's clear that no matter how well parceled you can't push shit uphill.

Your grandad was a grand old chap.

Regards

The whole process is a charade. The Government took the step of creating the FSA and giving it it's remit which has proved to be innadequate. The Government itself is throwing stones in a glass house as it already pays large bonuses to Civil Service mandarins for running inneficient and loss making processes. As for the Bankers, pleading that they and their cronies lost money on the shares they were given as part of their bonus is risible considering their £1m salaries.

This is not the first time that bank chiefs have ploughed on even though they did not understand the underlying product and risks; remember junk bonds?

As one of those Brits having suffered at the hands of the US Customs entry queue - hurrah for pointing this out.

Is it just me or do the statistics of this survey shock you? This article states that 85% of respondents say they have reviewed, or are in the process of reviewing, their risk procedures. Yet only 42% of respondents have a plan to make fundamental changes to their risk processes. Does this mean that the 43% who are going to do nothing post reveiw believe their risk processes to be up to the job, does this mean that this same percentage have been untouched by the current economic travails and that their current processes helped them avoid any of the write downs so prevalent in the industry. Where do the Regulators go with this? I thought they were in the process of jumping all over the banks (maybe they haven't jumped very high?) to beef up their approach in this area and yes if this percentage is true its a very weak response. As for the 45% who say their board lacks risk expertise; I think the shareholders will be most interested to find out which banks are which. Having said that the report then states that 78% of respondents want to improve the way risk is measured and reported, thank heavens for that, there is a light at the end of the tunnel it just needs to reach the upper echelons of the banks decision making tree.

Pete - I remember this pub by it's fond handle of 'the urinal'; so named after the former downstairs bar which was wall to wall white tiling,

Maggie - looking at your photo - of course you weren't old enough to see Tomorrows World.

Maggie - Can you recall some of the predictions from the 70's as to what we would all be doing today (Tommorows World)? We would all be driving Sinclair C5's, and wearing lycra thermal suits etc.

Speaking from my draughty dimly lit office I find the Asimov style visions were so wide of the mark and I doubt the new batch will bear much relation to the future either.