Tuesday, August 27, 2013
The Bank That Trust Built
Written by John Horvat II
In writing about economy, I have frequently denounced what I call frenetic intemperance. Frenetic intemperance is a term to describe a restless and reckless spirit inside certain sectors of modern economy that foments a drive to throw off legitimate restraints and gratify all desires. Such a reckless spirit is often found in the financial sector of modern economies as it engages in all sorts of monetary wheeling and dealing.
I admit that banks have their purpose in society by securing money and facilitating transactions needed to carry out business. However, so strong is the frantic idea of modern banking that I have often asked myself if I could provide concrete examples of banking without frenetic intemperance. It is not an easy task.
But in the business section of The Sunday Times of Ireland (7-21-13), I quite unexpectedly found a refreshing example. It involves a London bank called C. Hoare & Co. It is not your ordinary bank.