After the Lehman Brothers collapse in 2008 and the ensuing financial crisis, unscrupulous bankers must be held accountable. But one of Handelsblatt’s senior finance correspondents warns that some punishments can be counterproductive.
Eight years after the collapse of Lehman Brothers, the crucial question has still not been answered: How can greedy bankers be prevented from endangering the stability of their own institutions — and ultimately the stability of the entire financial system as well?
Governments and regulators have found quite diverse solutions to this question.
For two years now in the Netherlands, bankers have had to take a sort of Hippocratic Oath: “I swear that I will do everything within my power to increase trust in the financial sector. So help me God.” Whoever breaks this oath is subject to sanctions ranging from training sessions, financial penalties to banishment from the profession for three years.
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