From Ian Fraser Blog
''During the 1980s British bankers changed for the worse. Having spent
most of the past three centuries as financial herbivores — solid,
reliable and rational members of the community — they metamorphosed into
wild, hungry carnivores. Fuelled by commissions, bonuses and greed,
they started seeing their customers as fair game.
Once respectable institutions were transformed into globally
ambitious financial supermarkets whose business models revolved around
selling as many financial products and services — including
stockbroking, pensions, insurance, mortgages, and estate agency — as
they could to as many customers as possible. Rent gouging corporates and
gambling on complex financial instruments that few of the bankers
actually understood added to the chimera of success.''
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