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The Libor scandal has nailed the coffin of the banks’ reputations shut. After a huge financial crisis and a long list of scandals, banks are now viewed as incompetent profiteers run by spivs. Such disgust over what Paul Tucker, deputy governor of the Bank of England, has called a “cesspit” is quite natural. But disgust alone must not shape reform. Here are my seven suggestions of how best to respond.First, accept that misbehavior is going to happen, particularly where so much money is at stake. It is good that the public reacts strongly, since that will discourage managerial insouciance. But let us be realistic: bankers are in this for the money and, like it or not, always will be.
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