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The Dutch have come up with an interesting way to try to "restore the moral authority" of their...

The Dutch have come up with an interesting way to try to "restore the moral authority" of their financial sector: they're going to make bankers and insurers pledge an oath to put the interests of their clients first. The oath will come into force in Jan. 2013, just after Goldman Sachs (GS) will apparently open an office in the country. (see muppets)
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Comments (5)
  • bbro
    , contributor
    Comments (9852) | Send Message
     
    It seems to me clients need to be responsible for their own self interests too....ah victimhood...must feel great....
    15 Apr 2012, 04:11 AM Reply Like
  • bdarken
    , contributor
    Comments (451) | Send Message
     
    Oaths? That's cute.

     

    We have reams of laws and we can't even get an indictment in the biggest financial shakedown in world history.

     

    You want to end crazy-town in the financial sector? Return to partnership structures which make the general partners personally liable for their actions.
    15 Apr 2012, 08:10 AM Reply Like
  • hksche2000
    , contributor
    Comments (888) | Send Message
     
    Way to go! All gov'ts should do the same the world over, but especially here in the USA. Doctors swear an oath to "first do no harm", and are being held accountable for malpractice. Doctors and "Financial Experts", both can cause you irreparable damage or kill you.

     

    I also second bdarken as proposing an additional remedy.

     

    For bbro to find out "how great victimhood feels", just ask any of the millions of victims right here at home and elsewhere in the world that were taken, incl. "savvy" investors like Harvard, Calpers, and plenty of State Sovereign Funds. Yet, the ones who got hurt the most in this financial armageddon, as always, are the individuals and families who lost their jobs, homes, and livelihoods in this crisis. The vast majority of them without having engaged in speculation, just having been laid off, forclosed on or having their pensions/ health plans taken away.
    15 Apr 2012, 11:13 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2616) | Send Message
     
    Cuz oaths have worked so well in keeping government officials from being corrupt. Its a good plan, but the Dutch might also make the bankers pinky-swear too, just to be on the safe side.
    15 Apr 2012, 04:09 PM Reply Like
  • trustcamy
    , contributor
    Comments (5) | Send Message
     
    What if they specifically stated in the oath that they would never enter into a transaction where they have a conflict of interest?
    16 Apr 2012, 04:35 AM Reply Like
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