Pages

Pages

Tuesday, October 13, 2009

HYPOCRICY IN THE CITY


Church and the City: bankers are said to have lost their way, with the financial
crisis being partly blamed on a culture of greed




Banking, insurance companies and the myriad financial off-shoots that make up the City of London are central to the running of modern capitalism. They produce nothing of course but then neither do the industrial capitalist class. It is probably a bit unfair to say the City produces nothing. It certainly produces nothing useful, but it certainly produces hypocrisy in large doses. "As bankers last month began gearing up for a bumper bonus season, Rowan Williams, the archbishop of Canterbury and head of the Anglican church, bemoaned their lack of repentance.
“We haven’t heard people saying, ‘Well, actually, no, we got it wrong and the whole fundamental principle on which we worked was unreal, empty’,” Mr Williams told bankers in September. Such rhetoric echoes that of Lord Turner over the summer, when the chairman of the Financial Services Authority spoke in moralistic terms about the need for banking to become "socially useful" again. Hector Sants, his chief executive, has even explained his move to a regulatory job in terms of a sense of Christian “duty” to give something back to society after a 30-year career in money-making." (Financial Times, 7 October)
We expect Archbishops to utter hypocritical nonsense, after all it is their stock in trade, but when financiers rant on about "Christian duty" and banking becoming "socially useful" it is a bit hard to bear. Here’s to the day when banks and other financial institutes are part of our unlamented history along with all its apologists, both religious and secular. RD

No comments:

Post a Comment