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Friday, January 29, 2010

Don't Feel Sorry For Yourselves

I cannot but help chuckle at Alistair Darling's comments directed to the bankers (ex "Masters of The Universe"), where he told them "don't feel sorry for yourselves".

Before he went into a meeting at Davos, with eight UK and foreign-owned banks, he held a press conference at which he said:

"My message to the banks is that it is in their interests to get off the front pages.

The banks should do what they are supposed to do, provide credit to the economy. They must know that changes are necessary. They can all see that the regulatory regime needs to be more robust and more intrusive.

Don't feel sorry for yourselves. Work with the government to see how you can improve the situation
."

That almost is an admission that the tripartite system set up by Brown hasn't worked!

Regarding the banks, he is to some extent correct. Wallowing in self pity is not a pleasant spectacle to behold, not least when the "wallowers" are universally despised (rightly or wrongly).

The banks, like it or not, need to address their lamentable reputations if they are to have any hope of trying to set the agenda for regulatory changes etc.

It seems, for the moment, that the banks haven't quite realised that yet. They exclude themselves from being taken seriously at the discussions at their own peril.

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