One senior British banker at an American investment bank equated proposals in the Walker Review, published on Thursday, to the provisions of Sarbanes-Oxley legislation in the US, which imposed strict new governance requirements on listed companies in the wake of the Enron scandal and the era of dotcom excess.
“There are real echoes of the Sarbox syndrome here,” he said.
“This is the dead hand of bureaucracy.”
I can only assume this senior British banker hasn't read the report properly - it's nothing like Sarbox.
“What purpose does this actually serve?” the CEO asked. “It is fundamentally wrong to whip up this hatred of bankers.”
Eh? What planet are you living on if you think this report is some kind of populist assault on bankers? Higgs was arguably more radical than this.