May 1997
Banana skins are good for you
Bankers like to wring their hands every time a competitor is forced to report a big loss caused by a rogue trader or poor controls.
They shouldn't. The banana skins that banks have a habit of treading on are entirely healthy. They are a sign that the financial industry is sufficiently creative and competitive. They also highlight to other institutions which dangers they too might face. And the banana skins are an efficient way of weeding out the poorly managed firms in the industry. Without small banana skins from time to time to keep the financial markets lean and efficient, a big disaster...
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