Gillian Tett
speaker
38 appearances
3 recordings
1 series
first heard Dec 2010
last heard Dec 2012
Gillian Tett’s voice in public audio — every appearance, attributed to the second.
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Appearances
However, there's a rather interesting catch.
If you look at the sheer size of the US economy and you look at the amount that's invested in elections, then actually the American number may not be so large after all.
And my other eye-popping statistic of the year was that the Americans actually spent $7 billion on potato chips this year, and they spent about $8 billion on the Halloween celebrations.
So there are some people who say, well, actually spending $6 billion on an election...
is not that bad, at least when you compare it to the other things that Americans could spend money on in a consumer culture.
Nobody knew where credit risk was going.
Nobody knew who actually held the loans.
And above all else, nobody actually knew who would be on the hook for loans if they turned bad.
And nobody had any incentive to keep monitoring who was actually lending to who and whether they'd be able to repay it.
The problem, though, as far as the bankers are concerned, is that although they weren't the only ones who screwed up badly, the bankers were the only ones who walked away with very large payouts.
Profit is just the thing.
Your bank seems profitable again.
But is it?
And what has your misadventure cost your fellow citizens?
This, Scrooge, is the British Bankers Association.
You are in the presence of banking yet to come.
Pressure on the financial industry to keep chasing every last dollar, every last pound.
To the very edge.
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