Unions must be represented on boards.
That\’ll help, eh?
As should depositors.
Mutualisation needs state support to get it back on its feet.
Has Ritchie not bothered to look at the Spanish banking system? Where the banks that are falling over are the cajas, the mutuals, with union and depositor representation on the boards, plunged into a nightmare of over lending into the property boom?
He has? He hasn\’t?
And heads need to roll. Whole rafts of senior bankers need to leave the industry: their mentality is corrupt and has to be swept away. There will be decent people who can take their places: have no doubt about it. But it will take leadership from a new type of non-exec director dedicated ti making banking work again that will let this happen. Again, I think such people exist; they’re just the outsiders now.
And yes, I think that means what you think it means. Ritchie, Prem and Colin, Howard, the gang, get to be on the board of directors of the new banks.
To be honest I think I\’d prefer one of my cats to get the job. True, they are prone to licking their arses at inappropriate moments but they don\’t actually stick their heads right in.