And we all appreciate the major drive globally towards strengthening the regulation and supervision of global financial markets. But let’s also appreciate the following crucial fact—at its core, the global financial crisis was about human beings. What human beings chose to do and what they chose not to do. At its heart, the global financial crisis was about ethics.
Ethics is not a financial term and conjures up difference images and responses by for different people and different responses. Some in the audience may be thinking: of course my institution is highly ethical—we have rules! Our legal team always ensures that we comply to all laws and regulations! We won a governance award the other day!