Monday, October 13, 2008

Credit where it's due

One of the most widely touted causes behind the current crisis in banking has been the failure of shareholders to control the companies that they own, in either their own interests or those of society as a whole, insofar as the two can be the same thing.

From what I can see, this has been Tom's central point for a long time now - and it's something that I've not really read anywhere else until recently.

I'm not saying that no-one else is saying this stuff consistantly (and thinking about what the consequences of his views are in some detail). But I am saying that I've not seen it anywhere else...


BruceK said...

I think 'Stumbling and Mumbling' has written about this - the credit crunch as a crisis of ownership.

John Meredith said...

Actually, Will Hutton has been on about it for some time too. When was 'The State We Are In' published? I am pretty sure this was a theme of that book.

Paulie said...

Weeeeeell.... Will Hutton made *similar* points at the time, but not as pointedly or in the kind of practical detail.

And Chris at S&M has acknowleged this issue forcefully, but it's not his main focus, I don't think.

Not that you should think that any criticism of either of them is implied by this post.