Tuesday, February 10, 2009

Banks as mere utilities? What a wonderful concept

In a letter to the Financial Times, this guy hits the nail on the head!

Sir, You quote a senior banker as saying that with Barack Obama’s executive salary cap “we will return to being mere utilities, taking deposits and lending out money for minuscule fees” (“GE chief attacks remuneration cap”, February 6).

What a wonderful concept. We will then be able to expect reliable banking services as we expect reliable electricity, gas and water, without being pressed into a range of exotic financial services that will send us and the nation into bankruptcy.

Schoolboys and girls will no longer be enticed into becoming traders and bank executives as a quick path to riches; some of them may be encouraged to become scientists or engineers with a mission to develop solutions to the country's and the world's technological problems. They can aspire to become Bill Gates after they have invented some product or service that adds a new dimensions to our lives.

Andrew Blelloch,
Princeton Junction, NJ, US

No comments: