Without the internal application of standards of prudence in
bank management, regulatory restraints will always be inadequate. A
complete theory of prudence is developed in these pages, covering
decision mechanisms and banking culture, using numerous specific
examples of actual bank imprudence. The theory is applied across
bank functions of credit, investments, funding, and management,
creating practical principles accessible to bank managers,
regulators, and all those dealing with banking issues in the public
domain.
The shortcomings of the regulatory approach to bank supervision
are discussed with particular attention given to recent acts of
regulation. Historical bank examples, mostly recent, of bank
imprudence are described. A strategy of decision-making, referred
to as Recursive Managerialism (which is inherently prudential) is
discussed in detail, and is prescribed as the preferred mode of
decision in banking. The role of balance in the risks of banking in
the pursuit of catastrophe avoidance is proposed as a negative form
of prudence. This concept is shown to be associated with public
interest issues, so serving similar goals to those presently sought
through regulations. This structure provides the basis to evaluate
decisions in specific areas of bank functions: credit, investments,
funding, and management. In the course of the chapters in Part II,
a positive version of prudence is advanced to complement the
earlier negative version, and specific areas of modern banking
issues--such as mergers and acquisitions--and the role of
interstate banking, are given prudential treatment.
General
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