Our parents always told us not to be like everyone else. Deutsche Bank may not have taken that advice so well.
“By encouraging a culture in which compliance with detailed regulations is a defence…bankers and regulators have colluded in a self-defeating spiral of complexity.”
The End of Alchemy should be required reading for any serious student and practitioner of modern day banking and economics.
It is an elegant, thoughtful work of great expanse and depth that avoids blame, invites reflection, and gives valuable insight into the whys of our last financial crisis.