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The Resource Better bankers, better banks : promoting good business through contractual commitment, Claire A. Hill and Richard W. Painter

Better bankers, better banks : promoting good business through contractual commitment, Claire A. Hill and Richard W. Painter

Creator
Author
Contributor
Summary
Taking financial risks is an essential part of what banks do, but there's no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks' risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn't there more change? In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior<U+0127> �dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street<U+0127> �came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people's money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced with large fines, penalties, and legal fees<U+0127> �which have exceeded one hundred billion dollars since the onset of the crisis<U+0127> �the banks (which really means the banks'shareholders) have paid them, not the bankers themselves. The problem also extends well beyond the pursuit of profit to the issue of how success is defined within the banking industry, where highly paid bankers clamor for status and clients may regard as inevitable bankers who prioritize their own self-interest. While many solutions have been proposed, Hill and Painter show that a successful transformation of banker behavior must begin with the bankers themselves. Bankers must be personally liable from their own assets for some portion of the bank's losses from excessive risk-taking and illegal behavior. This would instill a culture that discourages such behavior and in turn influence the sorts of behavior society celebrates or condemns. Despite many sensible proposals seeking to reign in excessive risk-taking, the continuing trajectory of scandals suggests that we're far from ready to avert the next crisis. Better Bankers, Better Banks is a refreshing call for bankers to return to the idea that theirs is a noble profession.--
Language
eng
Work
Publication
Extent
279 pages
Contents
  • Introduction Part I: The Problem 1 Irresponsible Banking 2 How Banking Became What It Is Today 3 Explaining Banker Behavior Part II: Solutions 4 Law and Its Limits 5 Covenant Banking 6 Responsible Banking Conclusion Acknowledgments Notes References Index
Isbn
9780470499344
Instance
Label
Better bankers, better banks : promoting good business through contractual commitment
Title
Better bankers, better banks
Title remainder
promoting good business through contractual commitment
Statement of responsibility
Claire A. Hill and Richard W. Painter
Creator
Contributor
Author
Subject
Language
eng
Summary
Taking financial risks is an essential part of what banks do, but there's no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks' risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn't there more change? In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior<U+0127> �dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street<U+0127> �came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people's money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced with large fines, penalties, and legal fees<U+0127> �which have exceeded one hundred billion dollars since the onset of the crisis<U+0127> �the banks (which really means the banks'shareholders) have paid them, not the bankers themselves. The problem also extends well beyond the pursuit of profit to the issue of how success is defined within the banking industry, where highly paid bankers clamor for status and clients may regard as inevitable bankers who prioritize their own self-interest. While many solutions have been proposed, Hill and Painter show that a successful transformation of banker behavior must begin with the bankers themselves. Bankers must be personally liable from their own assets for some portion of the bank's losses from excessive risk-taking and illegal behavior. This would instill a culture that discourages such behavior and in turn influence the sorts of behavior society celebrates or condemns. Despite many sensible proposals seeking to reign in excessive risk-taking, the continuing trajectory of scandals suggests that we're far from ready to avert the next crisis. Better Bankers, Better Banks is a refreshing call for bankers to return to the idea that theirs is a noble profession.--
Assigning source
Provided by Publisher
Cataloging source
ICU/DLC
http://library.link/vocab/creatorName
Hill, Claire A
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/relatedWorkOrContributorDate
1961-
http://library.link/vocab/relatedWorkOrContributorName
Painter, Richard W.
http://library.link/vocab/subjectName
  • Banks and banking
  • Banks and banking
  • Banks and banking
  • Banks and banking
Label
Better bankers, better banks : promoting good business through contractual commitment, Claire A. Hill and Richard W. Painter
Instantiates
Publication
Bibliography note
Includes bibliographical references (pages 195-266) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Contents
Introduction Part I: The Problem 1 Irresponsible Banking 2 How Banking Became What It Is Today 3 Explaining Banker Behavior Part II: Solutions 4 Law and Its Limits 5 Covenant Banking 6 Responsible Banking Conclusion Acknowledgments Notes References Index
Control code
FIEb17776648
Dimensions
24 cm.
Extent
279 pages
Isbn
9780470499344
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
System control number
(OCoLC)927961761
Label
Better bankers, better banks : promoting good business through contractual commitment, Claire A. Hill and Richard W. Painter
Publication
Bibliography note
Includes bibliographical references (pages 195-266) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Contents
Introduction Part I: The Problem 1 Irresponsible Banking 2 How Banking Became What It Is Today 3 Explaining Banker Behavior Part II: Solutions 4 Law and Its Limits 5 Covenant Banking 6 Responsible Banking Conclusion Acknowledgments Notes References Index
Control code
FIEb17776648
Dimensions
24 cm.
Extent
279 pages
Isbn
9780470499344
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
System control number
(OCoLC)927961761

Subject

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