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Breakingviews

Breakingviews: Of God and bankers

Thursday, July 10, 2014 - 03:07

July 10 - Recent changes in the Vatican Bank can serve as valuable lessons for mainstream finance, says Breakingviews.

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Wall Street have a lot to learn from the Vatican says is that what Hassan and you PCs I've written on on the the -- can bank. -- comparing that -- meant to Wall Street's. What the central premise that well the central premises. Everyone's interest in the Vatican bank and once you figure out something to say about it and it yet I think I found that streak. You -- this is tiny little bank cut seven million of profits and you have to be Roman Catholic. Institution or have worked at the Vatican talk -- an exclusive. Two they have opened an account they are now. And yet it gets the tremendous amount of attention and why because administered scandals will be on the scale of the institution. It seemed it was God's banker is going really nuts. And the point here is that the Wall Street banks which institutions and big banks investment banks and I'm managed to have years of scandal also and have had a lot more trouble reforming. Yeah Vatican has had -- -- and let's quickly run through what the Vatican has achieved they -- they've put in place some pretty comprehensive financial reform and the game the close a lot of accounts yep. As I say you now have to really be very very Catholic more Catholic than the Pope practically to join up. They've put in a whole new -- directors senior management -- have to -- new management team new structure. And say they've basically taken the whole thing out. From where was and put in something completely different and that that seems to me to be the the the main difference with Wall Street this this this basic corporate structure which Wall Street has not managed to reform told to practice his goal was in many instances yeah I mean there in in. In the Vatican case we've had two popes who both wanted to do this you've had to reforming chief executives and third ones coming in now to the Vatican bank. They played one of the top flight cardinals to do to reform. I'm in Wall Street where you have instead is one guy goes another guy looks an awful lot like Kim Norton has the same kind of tainted past comes to replace them. You have a lot of professions. We're sorry we never do it again and yet as you on the -- case the dark bookcase there's still at a so that the kind of cultural change at the Vatican engineered putting in top people saying everything's got to change in meaning it. We just have -- -- the final question I terrorism is the -- one is YA is as the rescue message there that's where Wall Street has. I think actually has something to do -- -- the very low stakes for the Vatican there's nothing to lose a lot to gain from cleaning up the bank. At Wall Street is quite the opposite you're gonna lose a lot of profits a lot of high salaries and gain almost nothing except a better reputation which means a lot more to the Vatican and it does to -- -- parent off and so forth. I guess. It's britney's side of -- yes on the Vatican bank in front of these on the britney's website of course. I've you're watching US show -- studies and something that he -- -- axle problems is rice's.

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Breakingviews: Of God and bankers

Thursday, July 10, 2014 - 03:07

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