Bankers to Blame for Financial Markets Mess

Harry Wallop and Jon Swaine
Telegraph
September 19, 2008

Bankers are to blame for exacerbating the crisis in the financial markets because they were taking too many risks, the City regulator has said.

Callum McCarthy, the chairman of the Financial Services Authority (FSA), said bankers must learn the lessons of the financial crisis and prevent it happening again.

He added that they needed to apply “greater realism” about their capabilities.

“The present troubles have exposed the fact that very many of the best-regarded among the world’s financial institutions had risk management which was not up to the expectations placed upon it,” he said.

Banks must “understand the limitations, as well as the strengths, of ratings,” he said, warning that they should also “recognise that failures to conduct due diligence will have a price.”

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