‘In reality the financial sector is not out of control, it is beyond control’

This is a quote from an excellent piece in the Guardian by Juris Luyendijk.  His analysis of the financial sector is from an anthropological perspective and looks at the involvement of credit rating agencies and accountancy firms, as well as bankers themselves.

Anthropologists have provided more useful insight than most professions into the behaviours that have damaged the lives of so many across the globe.  It was reading Gillian Tett’s early articles on credit default swaps in 2007 that made me realise, with a sinking feeling, that things would never be the same again and that any ‘return to normality’ has probably gone for good.

Meanwhile Andrew Tyrie’s Parliamentary Commission on Banking Standards (the nearest thing yet to the sort of ‘truth commission’ that this website has been advocating since 201o) as published its long awaited report.  While the language is stronger than past similar reports from the Treasury Select Committee and others, it seems that we will still need to wait a long time before the recommendations are put into effect.




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