Ethics and governance in the European Financial centers

“It is inexcusable that the entire market value of a financial institution can be placed at risk by such abject carelessness on the part of a leading European bank, that that institution failed to heed the warnings of a significant market counter-party and failed to learn the lessons that rogue traders have taught us about the checks, balances and controls that must be in place for risk to be effectively managed and controlled.”

Charlie McCreevy, EU’s internal market commissioner (Quoted by the FT)




It is all the more inexcusable than the bank like the other banks has beatiful web pages on risk management, corporate social responsibility, compliance, deontology, ethics... that turned out to be charade.

Banks are no longer reliable and trustable in their CSR that turned out to be charade.

Nobody raised the point : but we have competitors behaving as vultures.