‘Society no, more, community no more, compassion no more.’
The 1970s were characterised by an emphasis on the needs, if not rights, of the individual. Pension funds and their asset managers corrupted legal principles of fiduciary duties to justify an exclusive focus on short-term gains. Salaries and bonuses in the financial and corporate sectors started to spiral rapidly upwards, based on a voracious hunger for individual reward. Insider trading, if not condoned, was not yet criminalised.
Yet, bankers were still held up as exemplars of financial rectitude. If not quite hen-speckled, bankers were viewed generally as quaint. Somewhere between Old Etonian classicists with a vague but largely irrelevant skill set to modern banking and a Presbyterian-version of Captain Mainwaring.
Roll Back The Years, by Paul Q. Watchman