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 . . .
Financial Regulations Chief Chides British Banks
NYT, November 9, 2009