P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Bankers Under Pressure Presentation by Duncan Goldie-Morrison 2016 P.R.I.M.E.

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Presentation transcript:

P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Bankers Under Pressure Presentation by Duncan Goldie-Morrison 2016 P.R.I.M.E. Finance Annual Conference 25 & 26 January, Peace Palace, The Hague

Bankers Under Pressure What happened leading up to 2008? Are there lessons to be learned? Do not confuse banking with BANKERS! Do the Political classes just want a scapegoat to take the attention away from themselves?

Don’t Confuse Banking with Bankers Banking is a valuable service to society. The jury is out on BANKERS. In good times Bankers subsidize banking. In bad time the state bails out both. Separating the two might be good but where do you draw the line? What happens to the cost of credit etc? In the end the public always pays.

Was anybody in charge? “We will keep dancing as long as the music keeps playing” “I would say X X is dumber than a door stop but that would give door stops a bad name” In a large and rapidly changing industry is anyone able to put on the brakes? If profits are to be believed who can say “STOP” and keep their jobs

Lines of defense, where were they? Line Management Senior Management The Board The Regulators The Auditors The Rating Agencies The Executive Branch of Government

Eight Years On. The USA TARP $700 Billion. Banks forced to take Government money. Billions of fines but banks able to absorb losses Rapid re-sizing of businesses Corporate and Investment Banking now a very different industry. Bank and Bankers have been rehabilitated it is yesterday’s news or is it?

Eight Years On. The USA The business model of Wall Street is fraud. That is what it is. Bernie Sanders. If The banks do not play by the rules I will break them up. Hillary Clinton. These big banks go around bragging about it (too big to fail). Marco Rubio. Would you bail out the big banks again?..Absolutely not. Ted Cruz.

Eight Years On. Europe Government bail out of failed institutions. (Should they have been liquidated?) Limited forced recapitalization. Limited downsizing, until recently. Europe still mired in it.

P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance 2016 P.R.I.M.E. Finance Annual Conference 25 & 26 January, Peace Palace, The Hague