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Regulators such as Turner (2009) have identified excessive securitization, high leverage, extensive market trading and a bonus culture, as being major factors in bringing about the bank centered financial crisis of 2007-9. The core idea of this paper is that a lack of banking knowledge and history amongst bankers, shareholders, auditors, accounting bodies, rating agencies and regulators, was also deeply implicated in the crisis. Addressing this knowledge gap and its causes will be part of the solution to the crisis.
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