November 13, 2012, by Maggie

The Flaw: what happens when the rich get richer?

Tonight Philip Augar will be introducing David Sington’s documentary The Flaw, the second film in our annual series at the Broadway Cinema, Nottingham. 

This is the latest film to explore the credit bubble which caused the financial crisis.  David Sington moves away from the ‘greedy banker’ and ‘incompetent regulator’ arguments – to consider why the US and the UK became so convinced of the inexorable rise of property prices.  His documentary attempts to show how excessive income inequality in society led to economic instability outlining how the top 0.1% richest Americans earn 12% of its total annual income and such systemic inequalities in wealth distribution lead to the spiralling debts of average Americans.

Philip Augar is a British author and a former Group Managing Director at Schroders plc, he has been described as the definitive insider.  He was a member of the team that negotiated the sale of Schroders’ investment bank to Citicorp in 2000 but left the industry at the time of the sale in order to write.  He has written five books and is best known for those on finance. 

In addition to his five books, Philip Augar has written many articles for the Financial Times and other publications. He was a non-executive board member at the Department for Education from 2004-2010, a position he now holds at the Home Office. He was a member of the cross-party Future of Banking Commission chaired by David Davies MP in 2010 and the same year advised the Scottish Parliament’s inquiry into the banking crisis.

He is an advocate of the segregation of banks, clear and unequivocal regulation and cultural change – but is realistic about the challenge these changes present. 

I am looking forward to hearing his introduction to the film and to reading your comments afterwards. 

By Maggie Royston, Business Development & Centre Manager of the ICCSR, Nottingham University Business School

If you would like to join us this evening tickets are still available.  For University of Nottingham staff and students these can be reserved via Lesley.bukraba@nottingham.ac.uk until 4pm today.  For everyone else tickets for the film and introduction can be purchased directly from the Broadway box-office. 

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