The Great Debate UK
from The Great Debate:
- Matthew Bishop and Michael Green are the authors of "Philanthrocapitalism: How the Rich Can Save the World." They blog regularly at Philanthrocapitalism. Their views are their own. -
Bankers keep telling us how sorry they are for getting the world into the current economic mess, but the public doesn't seem to want to accept their apology. To show they mean it, the rich need to discover philanthrocapitalism and start to give back to society - for their sakes and ours.
Reckless financiers are public enemy number one and everyone seems to be enjoying the schadenfreude of watching them squirm in front of Congressional and Parliamentary inquisitions. Cathartic as these spectacles may be, it doesn't seem that the bankers are going to be let off the hook that easily.
Bonuses are already under scrutiny. But more swingeing, and damaging, action is being called for. How long will it be before public bloodlust demands convictions and jail time? Will governments be able to resist draconian regulation of the financial sector that will choke off financial intermediation and risk taking, and thus hobble the economic recovery?