The financial system, Mr. Haldane observed, has mirrored the fortunes of the fisheries, for many of the same reasons. Since the start of crisis many banks have seen their market capitalization fall by a significant amount- the fisheries equivalent of collapse. But what took marine eco-systems two hundred years to achieve has been delivered by financial engineers in two!!
Intermediating these funds to borrowers... only to be faced with collection issues gives rise to conflicted interests. We can point to internal checks and balances but what better mitigant is there than practitioners who shun unacceptable behavior and practices. In my view, developing a broad and deep pool of practitioners should mean more than the 200 individuals completing governance courses a year.