The Lunacy of Modern Finance Theory and Regulation by Les Coleman Law Library HG 1601 .C65 2015
This provocative book provides insight into a finance industry that is run for the benefit of banks and service providers who rely on Beatles-era theories and regulation which are totally unsuited to the modern world. The author blends a rich understanding of finance theory and practice to unravel the investment industry’s structure and show how banks and other finance institutions privilege themselves at investors’ expense. The book highlights the fact that finance industry’s self-regulation is so weak that it is virtually impossible to successfully prosecute even the most blatant and egregious offenders. The book closes with the simple suggestion that corporations’ regulations be altered to introduce the strict liability offence of being a director or officer of a large bank that becomes bankrupt. This follows the strategy of legislation that has been effective in cleaning up the environment, making workplaces safer and reducing crime by punishing those responsible for an offence.
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