Hubris and Nemesis – The Fall of the Co-operative Bank…
In ancient Greek mythology, the sin of hubris – excessive self-praise and over-weaning pride – was punished by Nemesis, the goddess of indignation. It is a metaphor sometimes used to describe how the giants of the banking industry were destroyed by market forces in the great recession that began in 2008. Their inflated egos allowed banks to lose the run of themselves, investing in assets that were vastly over-valued and which the bankers often didn’t even understand. It would be …
