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Bankers lambasted as unrepentant over crisis

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by David Masters
Bankers lambasted as unrepentant over crisis

An ethical banking expert claimed this week that the mainstream banking sector has failed to show sufficient remorse for its role in the financial crisis.

Charles Middleton, chief executive of the UK branch of ethical bank Triodos, said bank leaders have yet to take responsibility for their wrongdoings.

Speaking ahead of a conference on ethical finance in Dublin, Middleton said he understands the anger felt by the public at the banks being bailed out.

“I understand why there is a desire to try and get things moving again the economy needs that and people in Ireland need that,” he said.

“Having said that there has to be some sense of responsibility for what’s happened and I think the critical issue is that banks are just not allowed to go forward as if this never happened and revert to status quo.

“There has to be some acceptance of the moral responsibility for what has happened and the fact that they are being bailed out by taxpayers.”

Speakers at the Dublin conference explored how inherent flaws in the financial models used by banks doomed them to failure, and explained how ethical banking can be more profitable and better for society than traditional banking.

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News posted: October 7, 2009

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