Here is a snippet..

The financial service industry needs to rebuild trust. Without trust, the industry cannot stand. When a Goldman Sachs would sell financial derivatives products to its clients, and create a counter product to bet against them on the basis that they would fail and made billions of dollars, on the basis of its successful bet, something has fundamentally gone wrong with banking. The engagement of the US Congress with Goldman Sachs executives was very revealing. The Goldman executives tried to show that they did not break the law, that what they did was legally permissible. It does not matter. It is unethical. Goldman Sachs clients who bought the financial derivatives products that it sold trusted it. Goldman, by betting against its own product did not believe in what it sold.

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We like to have rules. Rules make it easy for us, they absolve us of responsibility. With a little bit of work, we can learn the rules and apply them. If we can show that we’re following them, we can prove that we’re doing our jobs. Unfortunately, we won’t be doing them very well. For a system of rules to be effective, it would have to be verifiable, internally consistent and complete. Unfortunately, that is a logical impossibility. Effective management isn’t about following rules, it’s about showing good judgment in the face of uncertainty.

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(P.S. If your Internet is slow, the trick is to press the ‘Pause‘ button until the red indicator below the screen has filled the bar. Then you can press ‘Play‘ and listen without any interruptions)

I would be grateful to know what thoughts this speech inspires in you!