The Moneychangers - Arthur Hailey

[chrissa1]

I am just re-reading The Moneychangers by Arthur Hailey some 34 years since I first read it.
It is uncanny how the story mirrors what is going on in the banking world right now. Greedy banks putting profit first, a "run" on a bank, (Northern Rock), credit card fraud and false accounting leading to banks having to be bailed out.

Unthinkable 35 years ago!! He always wrote a good yarn.

[VHG]

These sort of financial scandals are nothing new.

See the South sea Bubble for one from the 1700s

http://en.wikipedia.org/wiki/South_Sea_Company

[chrissa1]

Very interesting VHG. Thanks for that.

[sue11]

Another good one is Fools Gold which tells the story behind the recent banking collapse (due to the sub prime mortgage lending in the states).
This sort of boom and bust seems to go in cycles over the years, the labour government when it got back into power assured us all that they would put measures in place to stop this happening and look what's happened, exactly the same again! I am sure that in another 15 to 20 years we will have another one as we go through another cycle.
Anyway, try the book I would recommend it as a good read.
Cheers Sue

[chrissa1]

Will do Sue.

[jake-the-peg]

Of course the othe way of looking at it is that he wasn't 35 years ahead of himself but 40 years behind!

[chrissa1]

Eh?