Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Bureaucracy indeed is the word I should have been using. Let's remember that a generation ago, before the age or the computer, banking was the epitome of bureaucracy, along with government. The image of the rond de cuir, the banking paper pusher, has only recently disappeared.

That's also why computers have increased productivity in banking so much : automating bureaucracy is what computers do best. From the point of view of the computer programmer in banking, the amount of bureaucracy going on is staggering ; most computer power is used to do daily, monthly, quaterly and yearly reports...

Also, the amount of money traders can put in their information systems is astonishing, compared to "industry", i.e. the real world. It feels that the IT teams could double in size overnight and it still would be felt. (I also will remember for quite sometime the sentence I saw in an email, saying 200k€ was less that a pen's width...)

As a side note about bureaucracy : it is now considered equivalent to government, a great victory of the neolib view. That's false and need to be repeated : bureaucracy still exists in the financial world. Indeed, I think our PDG is a dozen hierarchical levels above me... Successful companies can afford to be much more wasteful than any government, and often are.

Un roi sans divertissement est un homme plein de misères

by linca (antonin POINT lucas AROBASE gmail.com) on Sun Jun 24th, 2007 at 07:27:09 PM EST
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