John Kay (1) (1948–)

John A. Kay is an economist, an emeritus fellow of St. John’s College, Oxford, and a writer. His academic area of interest includes the relationships between economics and business.
Other Peoples Money is about banking. He considers that investment bankers do not add value to corporate dealings, but extract large fees that support the large incomes earned by traders and senior employees at investment banks. He says that investment banking involves “bezzle” in the senses of the difference between the current market value of an asset and its true long-term worth, and the time between when a confidence trickster has stolen money from a unsuspecting person and when that person realizes the money has been stolen.
Most people need banks to deposit funds and draw funds. Banks that lend depositers’ funds to fund investment transactions put depositers’ funds at risk. Changes in banking culture have made complex bank regulations almost pointless.… (meer)