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Three Types of Bankers

Martin Taylor is the former CEO of Barclays, and he has a biting commentary on ft.com (here).  He starts with the following:

The late Eddie George was very fond of a little joke that went as follows. “There are three types of bankers: those that can count, and those that can’t.”

Taylor goes on to recount his view of the incompetence of bankers at some length.  Near the end of his discourse comes the following:

"...any industry that pays out in cash colossal accounting profits that are largely imaginary will go bust quickly."

And at the end:

"How depressing the shame and folly of it all is, when one considers that the system was brought down not because risk management was deficient (though it was), nor because greed was rampant (though it was), but because bankers could not count. Merry Christmas."

Read the entire article.  It is a gem!



Disclosure: No stocks mentioned.