Charles Dallara knows he is not very popular these days. The head of the Institute of International Finance, a lobby group representing many of the world’s biggest banks, offered up some advice for Group of 20 heads of states gathering in Washington this weekend — along with a measure of humility.
“I’m not sure that a message from the global bankers is exactly what is on the top of their wish list to receive before the meeting, given the role that financial institutions have played in this crisis,” he said at a press conference.
Dallara’s group wants government to back off from the private sector as soon as the financial crisis permits, but bristled at suggestions that banks have not done enough to acknowledge their part in the crisis or accept the need for tighter regulation.
“We’ve been rather brutal in our own industry self-criticism that some of these practices were not at all compatible and consistent with sound banking practices,” he said. “I don’t know what else we could do other than to get up here with some whips and take turns with lashes.”