Category: Raghuram G. Rajan

The personal checks and balances that most of us bring to bear when we are employed in other activities – we ask ourselves if we are producing a socially useful product – operate less well in finance because, with few exceptions, making money is the Raison d’être (reason for existence) for the financier

The picture of bankers slavering after bonuses soon after they had been rescued by government bailouts was not only outrageous but also pitiable – pitiable because they were clamoring for their primary measure of self-worth and status to be restored