The economic decline of the West: Part 2.3 - Banks

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Uploaded by on Dec 7, 2009

Jon Moynihan, Chairman of PA Consulting Group's keynote speech to the MIT Club of Germany in Frankfurt on October 10, 2009, covering financial crisis, causes, implications and desirable actions. Follow on from Jan 22 speech in London.

Part 2.3: The banks

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  • The first law that a company with shareholders has to observe over all others is to maximize profit for those shareholders. Think of that just for a moment; profit over all other laws. Does that sound like a basis that a moral and or good business practice as in the end it has led us here. If a company or cooperation sees itself as an integral part of a community it does that community no harm; but rather we have owners who are multinational and don't care about you and me.

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