When will the finance industry learn that it is all about the customer
The second half of 2008 will be long remembered as the period when the world's financial systems came close to collapse.
The reasons for this series of events are not yet clear and it may take both the passage of time and the efforts of historians before any real light can be shone on the subject. What is clear, however, is it is only the injection of tax payers' money which has saved the majority of financial institutions.
It is worth noting that financial institutions take much the same line as politicians; when times are good it is due to their valiant efforts, but when times are bad, it is always circumstances way beyond their control.
In the financial crisis of 2008, we even saw the invention of a new language to explain these “unprecedented” events. We had the term “toxic debt”, which replaced the terms “bad debt” or “reckless lending to people who were unlikely to pay it back”. It makes it sound as though it was accidental and the banks were somehow ...
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