Why Turner Got It Wrong - Stephen Platt, Compliance Monitor, June 2009

Chapter 1 of the Turner Review devotes itself to the question ’What went wrong?’ The answer is critical to the identification of the changes that need to be made within the banking industry to prevent future crises of similar or greater magnitude. Worryingly, says Stephen Platt, the answers Turner provides (under the headings:The global story: macro trends meet financial innovation; UK specific developments; Global finance without global government; and Fundamental theoretical issues), ignore the key causal factors of the credit crisis.As such Turner fell at the first hurdle. His recommendations need to be judged in that light.

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