Wednesday 21 January 2009

Greed and stupidity are not crimes

There has been waves of outrage concerning the way some bankers - in particular Sir Fred Goodwin of the Royal Bank of Scotland - have been able to cause such havoc within the industry whilst at the same time walking away from the wreckage with pensions intact, knighthoods etc etc.

In it most extreme form this outrage (as heard yesterday on the Jeremy Vine show) has including calls for criminal prosecutions to be undertaken ( on what grounds I haven't a clue - for all his faults Goodwin is not a Madoff), his knighthood stripped and so on.

I understand the outrage - lives have been wrecked due to the actions of these people - but the calls for criminal actions are misguided.

If greed and stupidy were criminal then the jails of Britain and the world would be overflowing.

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