WHO IS REALLY TO BLAME?

Why is it that the minute something goes wrong someone or something has to be blamed? It almost seems that as long as a "guilty" party can be found then we have done our duty and can simply forget about the problem ... until the next time.

This is currently the case in point in the brouhaha in the United States around the perceived failure of the regulators in allowing the current situation regarding systemic risk and market discipline to develop. The point is that there is first and foremost a responsibility on the players - all of them - to carry out their business and trading activities in a manner that does not place either themselves or the market at risk. And here, I am sorry to say it all breaks down.

If we want to blame someone then look to the Boards of Directors, the Senior Managers and other key staff of the financial institutions. They have yet to learn that profits do come at a price and that price is effectively managing the risks - ALL the risks. So let's put the blame where it really belongs.