"One of the great differences between banking, financial services generally, and other activities, is that you can increase the profits of the outfit simply by changing the risk profile … And [you] will wind up short term with very big profits, and if you gear up the remuneration system appropriately, become rich quite quickly." Guardian
Note: fantastic "liberal sistem"...
Adair Turner calls for limits on speculation
THE chairman of Britain’s financial watchdog fired a fresh shot across the City’s bows last night, calling for tough limits on financial speculation by bank traders and hedge funds.
Arguing for a dramatic break with three decades of conventional wisdom, Lord Turner advocated a tax on financial transactions and said proprietary traders should face strict capital and borrowing rules. cityam