The Fourteenth Banker Blog

May 2, 2010

Oil Spills and Responsible Banking

Filed under: Uncategorized — thefourteenthbanker @ 12:46 PM

The Gulf Oil Spill is turning catastrophic.  What does this have to do with responsible banking?  Once, banks were a part of the community that worked on solving problems.  That is still the case in some places.  Our biggest banks don’t have time for that. We need a dialogue on what form of banking we should have to replace the form we have today.  Please read prior post.  If banks get involved in solving community problems with more than marketing jingo’s and disinformation, we will certainly be able to move forward more rapidly.

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1 Comment »

  1. The patter is unmistakable. BP has a long record of safety violations (some have termed it as having the worst safety record in the US).

    Why? As NY Times has reported the company cut down on routine maintenance to cut cost in aggressive pursuit of profit…

    http://www.nytimes.com/2010/05/09/business/09bp.html?pagewanted=2

    Clearly the executive has decided to align itself with shareholders at the expense of its employees (who lost their lives), an entire town in Texas and untold environmental impact from Alaska to Gulf of Mexico. It found easier to pay a fine of $500 M which works out to be 0.14% of its annual revenue in 2008.

    This is déjà vu once again – Enron, World Crossing, Lehman, Bear Stern, AIG (rescued), GS. This is result of a strong executive bias towards only one stakeholder or…am I barking up the wrong tree?

    Comment by alwaysnaive — May 10, 2010 @ 4:43 PM | Reply


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