Trésorier magazine - n°79 - 3ème trimestre 2012 - (Page 3)

We may well wonder whether the financial world has not gone completely mad. Day after day, new revelations come to light, each crazier than the last. It was five years ago in July 2007 that the sub-prime crisis broke. Since then we have discovered new scandals or collapses daily, of which Lehman Brothers was the most symbolic and emblematic. We might remember a certain Bernard Madoff and a number of Ponzi scheme emulators.We might almost forget these white-collar crooks since so many other more foolish and crude cases came to light after them.We should not forget Jérôme Kerviel and his French colleagues as well (we should note that French people have been at the centre of recent financial scandals), and more recently the ‘London Whale’ or the three traders involved in Liborgate. Few banks escaped at least one major scandal or significant losses on a product, or some malpractice or other. Iceland lost all its banks. Some countries thought they were rich and sound, but had a rude awakening.The Spanish banks whose dynamic provisioning had even been praised not so long ago by the IASB itself are now treated like pariahs.The aborted bank giga-mergers, nationalisations from a time that we thought long gone are again current practice; mega bailouts and limitless financial support; seeking profit at any price to make up for the scant revenues from traditional core business; the folly of disproportionate and ephemeral bonuses, parachutes that are more golden than the actions of their beneficiaries; the lack of internal controls worthy of the name; foolish and dishonest advice given to retail customers or local authorities; rogue traders going off the rails and reprehensible actions are too numerous to count. Have they all gone mad? Are we discovering something that we failed to see before? A whiff of folly seems to be floating in the air.What will tomorrow bring? Another dishonest yet overpaid banker? Some interest rate scam? Another speculator without control rather than uncontrollable? Gigantic fraud? And what will we read in tomorrow’s papers? It is truly time to get back to reason and cleanse the Augean stables of the financial world. Rather than regulate further what we need is better controls and more effective referees who will ensure that the existing rules are adhered to. From time to time we might well expect to see a supervisory body do its work and uncover a scandal or fraud.We have the impression that they come to light for a whole heap of other possibly good reasons, but these disco- EDITORIAL 3 Has the financial world gone mad?

Table des matières de la publication Trésorier magazine - n°79 - 3ème trimestre 2012

EDITORIAL - Has the financial world gone mad?
INTERVIEW - Tanguy du Monceau, co-fondateur CO2logic

Trésorier magazine - n°79 - 3ème trimestre 2012