Did greed, high CEO pay fuel credit crunch? (Pres, Ass'n of Chart'd Certif'd Acc't'nts)

... Over the last year, the Association of Chartered Certified Accountants has been keeping a close watch on the credit crunch and will shortly launch a global report titled "Climbing Out of the Credit Crunch'' ...

ACCA believes the credit crunch is primarily a failure in corporate governance. Regulatory boxes may have been ticked but fundamental principles of good governance have been breached ...

The last few years have certainly seen unprecedented growth in size and profitability of the global banking industry. Global banking revenues were 6 percent of global GDP and profits per employee were 26 times higher than the average of all the other industries ...

We have to question whether the relative share of banks' income paid as remuneration compared with dividends has been in the best interest of long-term shareholders ...

http://www.shanghaidaily.com/article/?id=375302&type=Opinion

They weren't happy until they had squeezed every last cent possible out of the public, including those who barely had anything. Now they want our Social Security and Medicare too.

Don't fall into the trap of easy generalizations. It's the way they wiggle out.

As in "I shouldn't have to stop smoking in the house when the air all over is so polluted."

just a symptom. The causes are deregulation and predatory lending.

...it's still worth documenting the facts.