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Things worth reading: 6th November 2012

Things we're reading today include …

 

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Stand by for the Telegraph campaign to bring the soft-soap message to help support Britain’s banking criminals! What always makes me laugh about banks like HSBC, Barclays, Lloyds, Standard Chartered, et al is how they make such a big issue about their ability to ‘manage risk’. When I used to work with Chris Skinner at a major IT provider in the late 1990s, we were always being told how efficient the big banks were at managing risk, and how they spent serious sums of money on hiring those people who could bring new designs of risk management tools and solutions to their stable. I used to try and make a contribution to this debate by seeking to devise a software product and procedures which would help these banks identify specific US-centric risks which could be of real danger to them. As a lawyer, I was only too well aware of the issues of US extraterritoriality, and how the US justice authorities conducted their investigations and prosecuted the crimes they discovered. I was aware also of the plea-bargaining mechanisms they adopted to encourage recalcitrant criminals to agree to plead guilty. I tried, vainly to encourage the big banks to see US market regulatory standards and procedures as a risk issue which needed to be managed, and I tried to get them to understand how to implement systems and controls to minimise those risks. All they did was laugh at me and say it wasn’t an issue for them! So, now I sit back and watch all these cases and think how much they could have saved themselves if they hadn’t been so arrogant. Pay up boys and look good about it and stop whingeing, ‘cos you had your opportunity and you blew it!