Greed is good, risk brings reward and more regulation is rubbish: is this music to your ears after weeks and weeks of being told you’re terrible to work in finance?
Embattled bankers have received some words of solidarity from Coalition small business spokesman Steve Ciobo. He’s ridiculed the Rudd Government plan to bring in more regulation for the finance sector.
“As a policy maker with a passion for the philosophy underpinning our way of life, I would suggest it is not risk taking, nor indeed the level of risk, that requires regulation. Rather, it is the pricing of risk and the markets’ revision of risk pricing that is at the epicentre of the global economic tumult,” says Ciobo (The Australian).
Do you concur with Ciobo’s concerns? Is Rudd set to over-regulate? Will he remove too much risk taking? And if Ciobo is so clever, does he have a viable alternative to weathering the financial crisis?