“As another World Economic Forum comes to a climax, global leaders remain at odds over the role of financial regulation, and whether the industry has learned from the mistakes of the past.
“In a CNBC hosted seminar on the last day of the Davos event, Katherine Garrett-Cox, the CEO of investment and savings business Alliance Trust told an audience that 2015 will be a definitive year for the industry and wanted leaders to ‘step right up to the plate up’ and ‘stop talking about stuff and actually start doing stuff.’
“She added: ‘There is so much more we can accomplish, but we can’t do that behind the bars of a prison cell.’
“Garrett-Cox believes that finance hasn’t seen much of a culture change since the global financial crash of 2008, and said that the ‘bigger have got bigger’ by virtue of some banks failing. Therefore, she argued there is an increased the risk of another financial crisis.”
http://www.cnbc.com/id/102365767
It seems to me she just made the argument for locking up bankers. If the events leading to the 2007-2008 financial crash weren’t criminal in nature, then what is? We don’t want the bankers who caused our misery to “accomplish much more”; we want them to rot behind bars. They haven’t learned anything, and will do it again, unless we immobilize them. The idea behind jailing criminals is to take them out of circulation so they can’t continue to harm us. Don’t know which bankers to jail? Jail them all, to hell with due process, war isn’t fair either. Some situations call for arbi
trary emergency measures. The undemocratic and unaccountable power that bankers exert over our lives is a global emergency.