Abstract
The 2008 financial crisis is often addressed as the most serious economic crisis since the Great Depression. Although the origin of this crisis, that led to the collapse and subsequent government ‘bail-out’ of the banking giants Northern Rock, RBS and HBOS, has been related to a melange of macro-instabilities, micro-regulatory failures and growing financial innovations added to low interest rates causing rapid credit-growth and explosion of asset prices it can be argued that governance failures aggravated the financial meltdown. This paper discusses the corporate governance failures that can (partly) explain the UK financial crisis and provides possible remedies and recommendations.
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