Better Bankers, Better Banks: Promoting Good Business through Contractual Commitment (Hardback)
  • Better Bankers, Better Banks: Promoting Good Business through Contractual Commitment (Hardback)
zoom

Better Bankers, Better Banks: Promoting Good Business through Contractual Commitment (Hardback)

(author), (author)
£21.00
Hardback 288 Pages / Published: 27/10/2015
  • In stock

Available

  • This item has been added to your basket
Your local Waterstones may have stock of this item. Please check by using Click & Collect
Taking financial risks is an essential part of what banks do, but there's no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks' risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn't there more change? In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior-dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street-came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people's money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced with large fines, penalties, and legal fees-which have exceeded one hundred billion dollars since the onset of the crisis-the banks (which really means the banks'shareholders) have paid them, not the bankers themselves. The problem also extends well beyond the pursuit of profit to the issue of how success is defined within the banking industry, where highly paid bankers clamor for status and clients may regard as inevitable bankers who prioritize their own self-interest. While many solutions have been proposed, Hill and Painter show that a successful transformation of banker behavior must begin with the bankers themselves. Bankers must be personally liable from their own assets for some portion of the bank's losses from excessive risk-taking and illegal behavior. This would instill a culture that discourages such behavior and in turn influence the sorts of behavior society celebrates or condemns. Despite many sensible proposals seeking to reign in excessive risk-taking, the continuing trajectory of scandals suggests that we're far from ready to avert the next crisis. Better Bankers, Better Banks is a refreshing call for bankers to return to the idea that theirs is a noble profession.

Publisher: The University of Chicago Press
ISBN: 9780226293059
Number of pages: 288
Weight: 570 g
Dimensions: 229 x 164 x 28 mm

You may also be interested in...

Fool's Gold
Added to basket
£10.99
Paperback
Tower of Basel
Added to basket
£12.99
Paperback
The House of Morgan
Added to basket
£16.99
Paperback
Making Money
Added to basket
£23.49
Paperback
The Money Machine
Added to basket
£10.99
Paperback
Paper Promises
Added to basket
£10.99
Paperback
Introduction to Banking 2nd edition
Added to basket
A Colossal Failure of Common Sense
Added to basket
FT Guide to Banking
Added to basket
£29.99
Paperback
Money and Power
Added to basket
£12.99
Paperback
The Last Tycoons
Added to basket
Leaving the Tarmac
Added to basket
£25.00
Hardback
One Good Trade
Added to basket
£50.00
Hardback
Banker to the Poor
Added to basket

Please sign in to write a review

Your review has been submitted successfully.