Yes, you heard right...

Well, the hope and expectation that some financial bosses would apologize for their part in fueling the economic crisis (see post from 27 January) were not, it seems, misplaced. According to this article from the BBC, two former heads of UK banks said "sorry" today, before the UK Parliament's Treasury Committee. More importantly, perhaps, they also identified specific mistakes they made that led to the collapse of their banks and highlighted changes that must be made across the banking sector if risks are to be reduced in future, including changes to staff bonus schemes that "do not reward the right kind of behaviour". Now we need a bigger discussion about the kind of behaviour we do want to see across the financial sector (and there's been precious little on this line of enquiry from the US administration so far). Behaviour that's more ethical, more socially responsible, with less emphasis on rent extraction... perhaps?