When we look at history, banks and scandals have not been uncommon in the British past. Even in recent history, in the 1980s and 1990s, there were major scandals like BCCI, Barings and Johnson Mathey. But the size and scandals in 2007 onwards were to surpass all. In spite of these, the teaching and research in accounting and finance by and large stayed at a technical level and in fact got more sophisticated. History and experience were removed from student memory in the training of bankers, lawyers and accountants.