Analyst compares bank regulation to chokehold, titles note “I can’t breathe”

Discussion in 'Politics, Religion, Social Issues' started by LizKat, Dec 10, 2014.

  1. LizKat macrumors 601


    Aug 5, 2004
    Catskill Mountains
    Here is the link to the related Bloomberg news article

    A London-based banking analyst at Investec used “I can’t breathe” as the headline for his note criticizing US bank regulators’ treatment of Standard Chartered Plc. Standard Chartered is a bank that had settled with regulators in 2012 for doing business with Iran, but has now been notified that US investigation of additional possible prohibited transactions will continue, and the bank will be overseen for another three years. Investec’s note took exception, saying the move exerted “disproportionate control” over Standard Chartered when it has no material business inside the USA.

    The compliance department of the analyst’s banking group saw the note beforehand but let it go out. Investec has now apologized to the top New York financial regulator, who had tweeted that he thought the note was “terrible” and “should be disavowed by Investec.”

    Doesn’t seem like anyone thought to apologize to Eric Garner’s family or the protestors now taking their own lives in hand to decry police use of chokeholds.

    According to the Bloomberg piece, the analyst admitted that in hindsight, his note’s headline could be considered inappropriate. But he was also quoted as saying this:

    “On the one hand you’re talking about an incident where someone has died, and on the other hand you’re talking about a bank,” he said. “There might be a presumption that I’m being flippant about the first issue, which I’m not.”

    Seriously? These finance guys live in one hell of a bubble.
  2. TechGod macrumors 68040


    Feb 25, 2014
    New Zealand
    What a display of ignorance, dumbassery, and a lack of respect for the deceased.
  3. aaronvan Suspended


    Dec 21, 2011
    República Cascadia
    Typical for Brits working in the City. Come Friday night, he'll be laying facedown in a puddle of his own sick.
  4. citizenzen macrumors 65816

    Mar 22, 2010
    They do.

    But once these things get out into the public they take on a life of their own.

    While it may have been in poor taste and unprofessional, I can't work up much more than an eye roll.

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