THE TELEGRAPH: Gordon Brown, the Prime Minister, has launched a damning attack on the behaviour of bankers in a speech to Wall Street financiers in New York.
The Premier accused bankers of operating “outside” everyday human values and principles in the run-up to the global economic crisis. He said that “avarice” had developed over the past few decades and now needed to be tackled.
Mr Brown is on a global economic mission ahead of next week’s G20 summit in London. Speaking in New York, he said that new international standards governing banking – and banking bonuses – would now have to be agreed by world leaders.
At a breakfast for business leaders, Mr Brown said that values such as “honesty, integrity and working hard” may have been absent from the financial system in recent years.
“The principles and values we apply in our everyday lives, you have got to ask did we apply them to the running of our financial institutions?,” he said.
“There is a sense that the global economy was outside these standards that we applied in our everyday lives… a world without standards is going to be a world without stability”.
The Prime Minister warned the Wall Street financiers that the major challenge they now face was to ensure honesty in financial dealings. He described it as an “epoch-making era”.
“Markets depend on morality in the end,” he said. “We are building for the first time not just a global economy but a global society.”
Among those attending the breakfast at the five-star Plaza hotel were the president of Citibank, directors of Morgan Stanley, the president of Nasdaq and the president of Goldman Sachs. >>> By Robert Winnett, Deputy Political Editor in New York | Wednesday, March 25, 2009
