“Since we have not more power of knowing the future than any other men, we have made many mistakes (who has not during the past five years?), but our mistakes have been errors of judgment and not of principle.” J.P. Morgan Jnr, 1933
A couple of months ago I was toying with the idea of writing a post about how the commercial finance sector in the UK and the US seems to be incorrigably broken as a result of the dominant sentiment that it’s only a crime if you get found out. I saw this as evidence of an over-reliance on the Individualist cultural worldview.
But it seemed too extreme. I didn’t want to promote a sweeping “indictment of banking as an inherently evil industry filled with shysters that are intent on fleecing anyone they can.” Surely they weren’t all corrupt. All generalizations are wrong, (especially this one, as the saying goes). Surely I was over reacting. So the post never got written.
Then the Barclays Libor scandal broke in London…