Posts Tagged: banks


22
Jan 13

Where power now resides

Banks & the three p’s: press, public and political opinion

Guests at the Lorünser Hotel in Zürs pay the equivalent of the value of a “small car” for their stay, in the words of a former senior partner of Freshfields Bruckhaus Deringer, a prestigious international law firm. Yet the hotel, built in 1927 in the Austrian Alps, lacks the glamour associated with the Palace Hotel in Gstaad or the Grand Hotel du Cap in Cap Ferrat.

What distinguishes it is the combination of the gemütlichkeit atmosphere, excellent service and unchanging guests. The same families stay during the same weeks every year; sojourn in the same room; sit at the same table in the dining room. The only variables are due to births, deaths and divorce.

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18
Apr 12

Bank governance: rejecting the check list

Morality and psychopaths

We all have a guilty secret. Confession is good for the soul, so in this post-Easter period, let me come clean about mine. It happened in the spring of 2008.

Shamsad Akhtar, the outstanding governor of the central bank of Pakistan at the time, was under attack from the government and her reappointment for another three year term looked uncertain. In an attempt to bolster her position, while I was on a visit to Karachi, she insisted I interview her on Pakistan state television. For 40 minutes we were filmed discussing monetary policy, provisions for bad loans, interest rate increases and the like. This was broadcast that very evening in the fifth largest emerging market by population. Villagers in the lawless regions on the frontiers with Afghanistan, the military in their secure compounds and government ministers in their mansions all shared one sentiment only: paralysing tedium.