This week marks the first anniversary of the collapse of Lehman Brothers, when the world’s biggest bankruptcy plunged the financial markets into freefall, with more than £50 billion wiped off the FTSE 100 index in a single day. Some mainstream commentators raised the spectre of the end of capitalism as we know it.
Economic Armageddon has been avoided. As stability has been returning to the financial markets, the temptation is to hope that with a little fine-tuning of the banking system normal service will be resumed. We should resist that temptation.
The banks that nearly brought down our economy were structured on the traditional corporate model — limited companies run by a board of shareholders and executives.… Seguir leyendo »