Re: Bankers' bonuses and pay

[JDPriestly]

My doctor and my lawyer owe me as a consumer a duty of care, of loyalty, and confidentiality. Why doesn't my banker?

I do not want the person to whom I entrust my meager life savings to be motivated by a bigger and bigger paycheck. I want that person to be motivated by providing me the best service that he or she can provide. I want the person to whom I entrust my money to be held to the same ethical standards as my doctor and my lawyer. They should put my interests above their own. This should be the law. Bankers should be licensed. Their conduct should be governed by boards of ethics just as is the conduct of other professionals. How do we change the law to require that bankers abide by codes of ethics?

I posted this in response to another post but am now posting this separately because I hope to encourage people to demand this standard in the banking sector. Why should bankers be subject to the same ethical standards as doctors and lawyers? Because we need their services and must be able to trust them. I think accountants may be subject to similar ethical standards. I'm not sure about that. Frankly, I think that teachers should also be subject to these ethical standards.