Well, because he is a man of probity and is writing in the UK, where
the standards for libel are much lower than in the US, former Barclays
CEO Martin Taylor does not use the F (fraud) word, but that is
precisely the behavior he describes.
I know it is fashionable to depict the investment banking industry
as ever and always dishonest (as former SEC chairman Arthur Levitt
pretty much does today in the New York Times, indirectly), but
differences in degree are differences in kind. It is one thing to nick
your clients occasionally, when they might not notice, or when they are
making so much money they wouldn’t mind all that much if they did
figure out the bankster had arranged for a bigger cut than usual. It is
quite another to take every one every way you can at every available
instance. While neither is honest, one is petty cheating and pilferage,
the other is rape and looting.
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