The remuneration system continues to attract executives that are focused on short term remuneration and cash. The fact that the United States did not even regulate this issue except for the banks they bailed out as long as they were bailing them out, made the European, British and Swiss efforts difficult to implement without risks of losing the global competitive battle.

New regulations penalize long term loans or investments by financial institution. Their role at the service of the economy is impaired by those provisions, especially in infrastructure financing. This is true especially for insurance companies who have been wrongly targeted by regulators using banking risk tools for a totally different industry.

No efforts have been made to make top executives accountable. Board Members have not even been looked at. There is no accountability at the top: only at the bottom of the pyramid. Some CEOs fight to remain Chairmen while their equity is being decreased by fines for wrong doing in the tens of billions of dollars.

The level of competence and seniority of parliaments, governments and regulators remains well below the necessary level to address the complexity of the “unintended consequences” of their actions. The fire administrative measures that are ineffective while they do not touch the core of the problems. Corporate lobbying makes sure that they will not be threatened by the legislative and regulatory proposals. Sometimes they even write the legislative proposals. This level of incest between finance and governments has been sufficiently demonstrated, but the FIFA crisis certainly demonstrates the impotence of the public sector to promote ethical behavior.