Forum Post: Bankers & Professional Liability
Posted 13 years ago on Oct. 12, 2011, 3:34 a.m. EST by wanker
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I have often heard bankers calling themselves “Professionals”. I am an architect, I am a professional, and with that comes legal liabilities and accountability. We architects fear every little detail because we are held accountable for the injury or inaccessibility of any users of our buildings. If Bankers want to call themselves Professionals so much, let’s see them take on the same liabilities that other professionals take (doctors, lawyers, accountants, architects…etc.). It’s time to change the small print.
Let them pay the proportional damages when they make the wrong choices since they get rewarded that way when they succeed, it should be a two-way deal. This will filter out those that are incompetent or were never honest to begin with.
Let them lose their licenses to practice in their field should they behave unethically, intentionally misinform or misrepresent their clients.
Let them be regulated on par with the strict standards of other professionals. There must be consequences for the wrong actions!
Yes, that's exactly what needs to be put into law. Without liability, bankers and fund managers have no reason to NOT be self-serving. Right now they have unlimited funds to gamble with (even the government is printing out monopoly money for them to play with), taking the winnings and walking away from losses at our expense. This needs to be a two way street if it's ever to work.
Bankers desire outrageous salaries/bonuses for their "disservice", well, work for it and take on the same level of risk and liability other professionals do! How can there not be ONE high level exec guilty of any financial crime even years after the crisis? We are living in LaLaLand.
An interesting comparison. Financial malpractice lawsuits?