Banks fall to the Peter Principle

You remember? How we all rise to our level of incompetence? Add in some hubris where bankers doing essentially very boring jobs look to diversify in order to add some excitement to their lives into businesses they barely understand and then when they make pots of money for a year or two think it is because they are brilliant rather than incredibly lucky and…bingo! Tailor made for disaster. I am sure it will happen again as it does in one way or another every generation and as it has ever since the Greeks ‘invented’ tragedy – hubris/nemesis.

Below is an excellent article from John Kay (FT)

Al B

http://www.ft.com/cms/s/0/861f8e84-91a3-11de-879d-00144feabdc0.html

 

 

This entry was posted on Wednesday, August 26th, 2009 at 8:19 AM and filed under Articles, Economics, Human Interest. Follow comments here with the RSS 2.0 feed. Skip to the end and leave a response. Trackbacks are closed.

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