Greed, reckless behaviour and the financial crisis: a timeline

Greed, reckless behaviour and the financial crisis: a timeline

Four years on from the collapse of Lehman Brothers and its devastating fall-out, we look at how weak oversight and a lack of transparency contributed to the financial crisis. This crisis was not just the result of a few rogue traders placing reckless bets. Corruption, in the form of fraud and a ‘no holds barred’ pursuit of profits, bonuses and growth, infected the whole financial system.

Transparency International believes that not enough has been done to change the culture of greed and reckless risk-taking. The collapse of MF Global, the huge trading losses suffered by JPMorgan Chase and the ever-expanding LIBOR scandal are witness to that. The financial system is still highly opaque, riddled with skewed incentives and dominated by “too-big-to-fail” institutions.

These are precisely the conditions that allow corruption to flourish. To counter this, we need more transparent and accountable financial institutions that are responsive to the needs of consumers, investors and the wider economy. The freedoms that the financial sector has enjoyed under the banner of deregulation have too often served the financial elite.

The challenge to policy-makers and civil society is to ensure that the current wave of “re-regulation” serves the greater public interest – otherwise the privatisation of gains and socialisation of losses that were the hallmark of the financial crisis could occur again and again. We are not there yet.

The following selective timeline highlights key moments in the past two decades when lapses in accountability caused financial havoc. Could this happen again? You judge.

For any press enquiries please contact press@transparency.org

Latest

Support Transparency International

Support Us

مؤشر مدركات الفساد 2019

كشـف مؤشـر مـدركات الفسـاد للعـام ً 2019عـددا ً صادمـا مـن الـدول التـي تقـوم ً بقليـل مـن التحسـينات أو لا تقـوم أبـدا بأيـة تحسـينات فـي سـبيل معالجـة الفسـاد، ويقتـرح تحليلنـا بضـرورة تخفيـض مقـدار الأمـوال الطائلـة التـي يتـم انفاقهـا علـى السياسـة، وضـرورة تعزيـز عمليـات صنـع القـرار السياسـي كونهمـا ضروريـان للحـد مـن الفسـاد

IPC 2019: Analyse mondiale

L’Indice de Perception de la Corruption 2019 révèle qu’un nombre impressionnant de pays ne montrent que peu ou pas de signes d’amélioration dans la lutte contre la corruption. Notre analyse suggère également que la réduction de l’influence de l’argent en politique et la promotion de processus de prise de décision inclusifs sont essentielles pour lutter contre la corruption.

CPI 2019: Global Highlights

CPI 2019 reveals that a majority of countries are showing little to no improvement in tackling corruption. More than two-thirds of countries score below 50, with an average score of just 43.

Индекс восприятия коррупции 2019: Восточная Европа и Центральная Азия

Регион имеет сложности с ограниченным разделением властей, злоупотреблением государственными ресурсами в избирательных целях, непрозрачным финансированием политических партий и конфликтами интересов.

Corruption Perceptions Index 2019

The Corruption Perceptions Index ranks 180 countries and territories by their perceived levels of public sector corruption, according to experts and business people.

الشرق الأوسط وشمال إفريقيا

وبنفس معدل الدرجات البالغ ً 39خلال العام الماضي، كان هناك تقدما ً ضئيلا في تحسين السيطرة على الفساد في منطقة الشرق الأوسط وشمال إفريقيا

IPC 2019: Afrique Subsaharienne

Tandis que les Seychelles sont aux prises avec des affaires de blanchiment d’argent, dimension qui n’est pas pris en compte dans le calcul de l’IPC , plusieurs lois anti-corruption, notamment une loi récente sur l’accès à l’information et une commission anti-corruption créée il y a peu, ont contribué à renforcer le cadre de la lutte contre la corruption dans le pays.

Social Media

Follow us on Social Media