In response to an FT article by Shawn Donnan and Sam Fleming on 6th May 2015, entitled 'Christine Lagarde calls for shake-up of bankers pay'
“What is needed is a culture that induces bankers to do the right thing, even if nobody is watching.”
Yes Madame Lagarde we do. We also need policy makers who realise that guaranteed taxpayer bailouts coupled with the suspension of the rule of law in the case of bankers...fuelled by QE and ZIRP...produces 'moral hazard'...and feeds the cultural values those policy makers are complaining about.
What we DON'T need are disingenuous and/or naive politicians, who either:
a) Think that they can get away with this hypocritical scam indefinitely, or
b) Are so blind to the consequences of their actions that they imagine themselves to be occupying the moral high-ground
People will wake up eventually Madame Lagarde...the clock is ticking