QOTD: Bankers Must Take Resposibility for Own Mistakes

November 10, 2009 2:30pm by Barry Ritholtz

How very British: Hector Sants, the head of Britain’s financial industry regulatory body, chides the industry for refusing to step up to the plate and mea culpa:

“There remains, I believe, an absence of the acceptance of collective responsibility for what has happened. I remained unconvinced that all senior management have taken on board the need to change and operate in a genuinely different manner.”

American capitalist never apologize — instead, they rationalize away their involvement, then grab a government bailout.

That’s a shame: A parade of disgraced CEOs — from Fuld to O’Neal to Mozilo — genuflecting and begging a 1,000 pardons, would be a delicious sight to behold . . .

Source:
Financial Regulations Chief Chides British Banks
JULIA WERDIGIER
NYT, November 9, 2009
http://www.nytimes.com/2009/11/10/business/global/10fsa.html

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