Abstract

Bankers have been slow to claim responsibility or apologise for the seismic damage of the 2008 financial crisis. How is this shortcoming to be spelled out? One possibility is by saying that the bankers failed to display what Susan Wolff calls "the nameless virtue" --the disposition to take responsibility for untoward events that occur in one's area of influence, even if we did not intend them or directly cause them. I think this diagnosis is unduly generous to leaders of banks at the centre of the crisis. Even where the nameless virtue has arguably been displayed, it is no substitute for submitting to criminal proceedings for recklessness in financial markets.